5 Year prison term to ACIT in Bribery Instance

The Special Court for CBI , Mumbai has pronounced guilty Sh. Rajiv Kumar the then Assistant Commissioner of  Income Tax Circle 27 (1) Piramal Chambers Lal Baugh, Mumbai in a bribery case and ruled him to undertake 5 years rigorous  imprisonment with fine of Rs. 30,000 / -.

A situation was registered on 25.03.1998 against Shri Rajiv Kumar, Asst. Commissioner of Income Tax Under Area 7 & 13 (2) r/w 13 (1) (d) of PC Act, 1988 on the allegation that he had actually demanded Rs. 25,000 / – from plaintiff for settlement of Income Tax Assessment for the year 1995-96. CBI placed a trap and the implicated was jailed while requiring and accepting a kickback of Rs. 25,000 / – from the plaintiff.

REC Zero Coupon Bond Notified! What is the Taxation Rule of Redemption or Sale of The Bond?

CBDT has notified on 8/4/2010 the Zero coupon Bond to be issued by Regional Electric corporation in coming months as bond for the pupose of section 2(48) of the I T Act which defines what is Zero Coupon Bond. The summary of the issues as per notification is as under

(a) period of

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Basics Of Mutual Fund Taxation !

I want to know the tax calculation of mutual fund. How the tax calculated and what is capital gain. Sunil Prajapati The mutual fund transaction by any one can bring two kinds of income 1. Capital Gains or loss if you are showing bought units as investment 2. Trading gains if you are actually doing

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Can Short Term Capital Loss On Shares Taxable U/s 111A Be Adjusted With Short Term Loss On Land?

If I ‘m having STCL u/s 111A (i.e. transaction in which STT had been paid) & STCG on land (or any other asset on which STT need not be paid), then can I set off that loss against STCG on Land?? & if we can not set it off, then for how many years can…

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Which Date-Booking or Possession or Registration -Is Important For Capital Gains Tax?

For the purpose of transfer of flat from a builder or anyone, the question ceratinly hounds mind of tax payer when he sits to decide whther the gain from sale of the house is short tern capital gains or long term capital gains An updated post should be read at http://taxworry.com/allotment-date-or-booking-date-of-flat-not-possession-date-or-registartion-date-is-important/ .For deciding the nature of gains ,…

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How To Make Tax Planning For Long Term Capital Gains?

I am a SENIOR CITIZEN. I sold my property which is a LAND and had a Long Term Capital Gain. I could not utilized the Capital Gain Amount BUT before submitting my Income Tax Return deposited the Capital Gain Amount of 19 lakhs with the SBI under the Capital Gain Account Scheme (Fixed Deposit) for…

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Can Short Term Capital Loss Be Adjusted First With Long Term Gains Instead Of Short Term Capital Gains?

Can ST Loss arising from transactions, which do not include Security Transaction Tax be adjusted against Long Term gains, which attract 20% tax rate, assuming there are some Short term gains as well?. e.g If I have 10000 in ST Loss, 5000 as ST Gain, with security Transaction tax; and 10000 as LT Gain@20%. Can…

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Tuition Fee Covers All Payments for Education of Child

WIll the amount paid towards term fee, computer fee, enrollment fee, Exam fee, Laboratory fee, Material fee & registration be eligible for deduction if it is given in the receipt apart from the explicit tuition fee? Your Email : rajendra.panditrao@tat.comWhether Tuition fee includes the fee paid towards Computer fee, Annual fee, Admission fee, Term fee….

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