Posted Date : 22-Apr-2012 , 02:25:04 pm | Posted By CA Ramesh K Chhajer

  TDS ON DIRECTOR REMUNERATION As per current provisions of Income Tax Act 1961, an employer has to deduct Tax at source on the salary paid to employees as per the provisions U/S 192 of Income Tax Act 1961, and in the scope of the term employee, it also includes Managing Director and...

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Category : Income Tax | Comments : 0 | Hits : 3644

Posted Date : 19-Apr-2012 , 04:59:43 pm | Posted By CA Ramesh K Chhajer

CONCEPT OF ALTERNATE MINIMUM TAX As per the current provisions of income Tax Act , 1961 Companies are liable to par MAT (Minimum Alternative Tax) on their Book Profits and the LLP (limited Liability Partnership) are liable to pay AMT (Alternate Minimum Tax) in substitution of normal Income Ta...

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Category : Income Tax | Comments : 0 | Hits : 1064

Posted Date : 10-Apr-2012 , 04:11:46 pm | Posted By CA.Khurana Vivek

  Census is an activity which is carried out in India every decade. The aim of the census is to take a count of the population of the country, understand the detailed demographics and use this for detailed planning of future activities and resource distribution.   India Cens...

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Category : Income Tax | Comments : 2 | Hits : 6547

Posted Date : 07-Apr-2012 , 05:31:55 pm | Posted By CS Shilpi Bhardwaj

  Dear friends,   In a recent AAR ruling it was held that Only a genuine buyback is excluded from definition of 'dividend' by section 2(22)(iv) & exempted from DDT under section 115-O and a colourable buyback will attract DDT.    Ruling...

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Category : Income Tax | Comments : 0 | Hits : 363

Posted Date : 06-Apr-2012 , 01:35:42 pm | Posted By CS Shilpi Bhardwaj

Dear friends,    RBI further takes initiative to liberalise & rationalise  Overseas Direct Investments and allow an  Indian party  to open, hold and maintain Foreign Currency Account (FCA) abroad for the purpose of overseas direct investments subject...

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Category : Income Tax | Comments : 1 | Hits : 303

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 : 681

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 : 4248

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 : 547

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 : 422

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 : 818

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 : 454

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 : 567

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 : 438

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 : 3524

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

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Category : Income Tax | Comments : 0 | Hits : 423

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 : 573

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 : 634

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 : 668

Posted Date : 22-Mar-2012 , 01:17:55 pm | Posted By CA Akshay Joshi

  ARE DIRECTORS LIABLE TO SERVICE TAX AND TAX AUDIT AS PER UNION BUDGET 2012-13?   Till the date of budget, there is always confusion on treatment of director’s remuneration. There is conflict about whether it is salary income or it is a business income chargeable unde...

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Category : Income Tax | Comments : 0 | Hits : 512

Posted Date : 17-Mar-2012 , 10:54:05 pm | Posted By Kshitij Nijhawan

  Income Tax Department facilitates a PAN holder to view its Tax Credit Statement (Form 26AS) online. Form 26AS contains 1.        Details of tax deducted on behalf of the taxpayer by deductors  2.     &nb...

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Category : Income Tax | Comments : 0 | Hits : 283