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 … [Read more...]

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 life of the bond -ten years; (b) the time schedule of the -to be issued on or before the … [Read more...]

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 regular buy or sell at much faster frequency. 1. Capital Gains When … [Read more...]

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 we carry Forward that Loss to be set off against STCG u/s 111A? Pls Inform soon.Pauravi, Mumbai Set off of loss from one … [Read more...]

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 gainsAn updated post should be read … [Read more...]