Special Tax Rates For Addition u/s 68 to Section 69D

Finance Bill 2011-12 has inserted a new section 115BBD to check the black money . Previously , readers were made aware about the new provision to treat share premium as deemed income ,  tcs on cash purchase of bullion , onus of proving share capital on on private companies were explained to readers. Now ,...

Onus to Prove Source of Capital is on Private Company

As a measure to fight black money , the value of unjustified share premium is proposed to be treated as deemed income u/s 56(2) in hands fo private company as per Finance Bill 2012-13 . Yet another amendment proposed by finance bill which is related to rasing share capital by private companies is amendment of...

Presumptive Income Scheme u/s 44AD Debars 3 Businesses

It was clarified in blog posting that presumptive income scheme under section 44AD does not cover profession as referred in section 44AAof the Income Tax Act. Now , Finance Bill 2012-13 has proposed amendment retrospectively by which it is not  only clarified that persons carrying profession as per section 44AA can not avail presumptive scheme...

Senior Citizen Age for 80D ,80DDB & 197A Reduced !

Only few days ago , the anomaly in age factors of senior citizens was highlighted on this blog. Finance Bill 2012-13 has  now proposed to rectify the anomaly .The fact is that The Finance Act, 2011 amended the effective age of a senior citizen being an Indian resident from sixty-five years of age to sixty...

TDS on Property Sale From 1st October 2012

TDS on property sale is another bad news out of Budget 2012 proposals . The earlier bad news  from Budget 2012 was about imposition of  Alternate Minimum Tax on almost  everyone.Now , the fine print of Finance Bill 2012 shows that government has provided by inserting section 194LLA effective  from 1st October 2012  that  every...

Who is Senior Citizen ? 65 or 60 Years Old for Tax Purpose ?

Who is senior citizen for income tax  is a controversial issue  , because the Finance Act 2011 provided a separate tax rates for individuals having age of sixty years . So , general public took the announcement in last budget that under the Income Tax Act , the senior citizen age is now 60 years...

Section 80D Deduction: One Mistake You Should Avoid !

Section 80D deduction of Rs 15,000 in aggregate is allowed to individual and Hindu Undivided Family for expense on buying insurance premium on health or for contributing to CGHS for self, spouse ,children ,parents and dependent persons.Higher  deduction of Rs 20,000  for premium on insurance of health of parents who are senior citizen are allowed....

Intimation, Refund, or Rectification Order : How to Ask to Reissue it?

Income tax procedure made easy ! Many time , you may require income tax intimation for any other purpose , but a copy of which might not be available to you. Previously , one needed to visit income tax office for such small work and used to spend hours in income tax officer’s ward to...

SC : Face value of DEPB Taxable in the Year of Receipt, Profit on it Taxable in the Year of Sale

Supreme Court in Topman Exports vs CIT vide its order dated 8 February 2012 has allowed a number of SLP filed against the order of Mumbai High Court in which the High Court favoured Income Tax Department  overruling the decision of the  Special Bench of ITAT Mumbai  on the issue of nature of income with...