Posted Date : 03-Apr-2012 , 10:57:29 am | Posted By CA Akshay Joshi

  2(22)(e) – A Long standing Dispute between Income Tax Department and Assessee:   Background of the Section:   It’s a regular practice between closely held group companies to transfer monies to meet their fund requirements (other than for regular bu...

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Category : Income Tax | Comments : 0 | Hits : 684

Posted Date : 03-Apr-2012 , 07:26:46 am | Posted By Anjali Arora

    ITR 1 Who can use this Return Form This Return Form is to be used by an Individal whose Total Income for the Assessment year 2012-13 includes: (a) Income from Salary/ Pension; or (b) Income from One House Property (excluding cases where lo...

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Category : Income Tax | Comments : 0 | Hits : 4249

Posted Date : 02-Apr-2012 , 05:38:13 pm | Posted By CS Shilpi Bhardwaj

  The Real Meaning of Peace "Once there was a King who offered a prize to the artist who would paint the best picture of peace. Many artists tried. The King looked at all the pictures. But there were only two he really liked, and he had to choose between them. One picture wa...

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Category : General | Comments : 1 | Hits : 466

Posted Date : 01-Apr-2012 , 02:55:47 pm | Posted By CA Akshay Joshi

Certainty is integral to rule of law. Certainty and stability form the basic foundation of any fiscal system. Tax policy certainty is crucial for taxpayers (including foreign investors) to make rational economic choices in the most efficient manner...”     The Supr...

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Category : Income Tax | Comments : 0 | Hits : 549

Posted Date : 01-Apr-2012 , 01:00:45 pm | Posted By CA Akshay Joshi

  Overseas investors have pumped in about Rs 8,381.10 crore ($1.68 billion) in the Indian equity market in the month of March, taking the calendar year to date total to a whopping Rs 43,950.70 crore ($8.89 billion). During March, Foreign Institutional Investors (FIIs) were gross buye...

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Category : Shares & Stock | Comments : 0 | Hits : 317

Posted Date : 31-Mar-2012 , 11:00:45 am | Posted By SHIKHA SONI

  While we all do tax planning and have become well versed with many provisions of the I-T Act that are relevant to us, there are many beliefs that may not necessarily be facts. These are perceptions that have been formed through opinions of friends, colleagues and other self-profess...

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Category : Income Tax | Comments : 1 | Hits : 424

Posted Date : 30-Mar-2012 , 07:35:02 pm | Posted By Kshitij Nijhawan

  Steps-to-be-taken-when-your-income-tax-refund-stuck-with-department.   Unfortunately in our country, many honest tax-payers have pending income tax refunds. Whether it’s the Income Tax (I-T) department’s lethargy or the growing number of tax ...

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Category : Income Tax | Comments : 0 | Hits : 820

Posted Date : 30-Mar-2012 , 02:48:40 pm | Posted By Pardeep Makkar

Chartered Accountancy is a profession that is as desirable as the Engineering and Medical ones. The corporate sector of the industry is always in a need of chartered accountants and with the booming economy, this need is only going to increase. Where to study this prof...

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Category : Students Zone | Comments : 0 | Hits : 995

Posted Date : 30-Mar-2012 , 08:41:00 am | Posted By SHIKHA SONI

  In this article we will take a look at some common myths and misconceptions about personal tax: Gifts received: Gifts received from specified relatives are exempt from income tax, and there is no upper limit also. Similarly, gifts of any amount and from anyone received du...

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Category : Income Tax | Comments : 0 | Hits : 457

Posted Date : 29-Mar-2012 , 03:32:55 pm | Posted By CS Shilpi Bhardwaj

  TDS on Transfer of property TDS on Transfer of property- a bombshell   In order to ensure that the real estate transactions come within the tax net, the Finance Bill presented along with the Budget 2012 proposes to insert new section 194LAA with effect from 01.10.201...

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Category : Income Tax | Comments : 0 | Hits : 569

Posted Date : 28-Mar-2012 , 11:39:15 pm | Posted By Nikhil Mohan Jhanwar

    BURNING ISSUES IN DIRECT TAXES   The present Budget has made various amendments and changes in respect of income taxpayers. Here is the critical analysis and impact of the major changes in Budget 2012 in respect of personal Income Tax:     ...

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Category : Income Tax | Comments : 0 | Hits : 440

Posted Date : 28-Mar-2012 , 03:30:45 pm | Posted By CS Shilpi Bhardwaj

Story of the Day   THE BRICK   About ten years ago, a young and very successful executive named Josh was traveling down a Chicago neighborhood street. He was going a bit too fast in his sleek, black, 12 cylinder Jaguar XKE, which was on...

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Category : General | Comments : 2 | Hits : 403

Posted Date : 28-Mar-2012 , 02:50:13 pm | Posted By Ankur Kumar Gupta

OVERVIEW The Pay and Accounts Office (PAO)/District Treasury Office (DTO)/Cheque Drawing and Disbursing Office (CDDO) are required to file Form 24G as per Income-tax Department Notification no. 41/2010 dated May 31, 2010. In case of an office of the Government, where tax has been paid to the ...

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Category : Income Tax | Comments : 0 | Hits : 3532

Posted Date : 27-Mar-2012 , 09:40:58 am | Posted By Yogesh Gupta

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Category : Income Tax | Comments : 0 | Hits : 429

Posted Date : 26-Mar-2012 , 12:37:25 pm | Posted By CS Shilpi Bhardwaj

  Promise Yourself  To be so strong that nothing  can disturb your peace of mind.  To talk health, happiness, and prosperity  to every person you meet.  To make all your friends feel  that there is something in th...

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Category : General | Comments : 3 | Hits : 471

Posted Date : 26-Mar-2012 , 09:43:34 am | Posted By SHIKHA SONI

  This article is about the basics of investing in shares. It is a well known fact that the markets have outperformed other asset classes such as property over time. Investing in shares offer tax benefits, diversification, flexibility and control over your own financial future. Buying a ...

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Category : Finance | Comments : 2 | Hits : 480

Posted Date : 25-Mar-2012 , 09:19:11 pm | Posted By Kshitij Nijhawan

 Budget 2012 Changes for common Man Other than tax slabs Finance minister, Pranab Mukherjee, has increased exemption limit by Rs .20000/- & have a litter saving for common man , However where total income of person is more than 8 lakhs then saving is maximum benefit to females assess...

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Category : Income Tax | Comments : 0 | Hits : 574

Posted Date : 25-Mar-2012 , 09:16:32 pm | Posted By Kshitij Nijhawan

Capital gains tax from sale of agricultural land by a Hindu undivided family (HUF   Capital gains on transfer of land which, in the two years preceding the year in which it has been sold, has been used for agricultural purposes by assessee or his parent,...

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Category : Income Tax | Comments : 2 | Hits : 635

Posted Date : 24-Mar-2012 , 07:39:06 pm | Posted By SHIKHA SONI

     Think of passing the exam not failing it. Face the challengeyou are confronting and suppressthe fear of possible failure. There are many ways to improve your studying and reduce the stress before exams. Rationallyanalyze the situation you are faced with Take a pen a...

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Category : Students Zone | Comments : 2 | Hits : 395

Posted Date : 24-Mar-2012 , 09:29:21 am | Posted By Kshitij Nijhawan

  Under the existing provisions of clause (vii) of sub-section (2) of section 56 any sum or property received by an individual or HUF for inadequate consideration or without consideration is deemed as income and is taxed under the head “Income from other sources”.&n...

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Category : Income Tax | Comments : 1 | Hits : 669