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...

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

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

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 ,...