Direct Tax Code likely to miss its April 2012 implementation deadline

In another blow to the Government, the Direct Tax Code is once again most likely to miss its already extended deadline of April 2012....

Money forfieted or received for termination or cessation of agreement

Readers must be aware that the courts and Tribunal has regarded the forfeiture of amounts of share or debenture application money as capital recipt....

Shocking ! Direct Tax Code 2010 deems 5 years old liability as income...

There are umpteen number of cases where the liability in the books of accounts are carried for years. Under the present income tax Act...

When can income of a non resident exempt even if he becomes resident in...

Any income accruing to an individual outside India, in a financial year from a source other than a business controlled in or a profession set up in India, if the individual— (a) has been a non-resident in India in nine out of ten financial years preceding that financial year; or (b) has during the seven financial years preceding that financial year been in India for less than seven hundred and thirty days

How Direct Tax Code restricts Non Resident Indians’ stay in India ?

# Do not stay for more than 60 days in a year in India if in previuos four years , he was in India for more than 365 days. If he was not, he can stay in India , safely upto 182 days. # Also please go through the Double Taxation Avoidance Agreement signed between India and your country and find that what are the income which are taxed only in your country. For example , salary income earned in USA of a resident of USA is to be taxed in USA only even if he also becomes resident of Indi under I T Act.

8 businesses which exempt you from maintaining and audit of accounts !

The scheme of presumptive taxation is also continuing under Direct Tax Code 2010. Schedule 14 of the Direct Tax code contains eight business for which you can just pay tax at specified rates . The benefit attached to such presumptive tax scheme is that there is no obligation to either maintain books of accounts or getting your accounts audited . Here is the scheme:

Explanation to Section 73 is no more from 01/04/2012!

Direct Tax Code 2010 has good news for companies Section 73  of the I T Act is about setting of losses of speculative business....

How one simple change by DTC 2010 affects practicing C.As instantly !

The Direct Tax Code has changed the rule for getting accounts audited and tax audited. The good news for everyone , except the Chartered Accountants whose profession will be effected , is that the limit i.e gross receipts or turnover , exceeding which the income tax law requires tax audit have been incresed as under :

What is the major change in definition of owner of house property ?

At present , a person who takes a house on lease exceeding 12 years are deemed owner for the purpose of income from house...

One new provision under Direct Tax Code that will affect you most !

Here is another shocker. The payments by life insurance companies are brought under TDS provision . Readers are already  told  that the payments from life insurance...

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