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 : 315

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 : 260

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 : 639

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 : 4206

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 : 502

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 : 377

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 : 770

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 : 401

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 : 524

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 : 401

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 : 3481

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

                                                 &nb...

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Category : Income Tax | Comments : 0 | Hits : 377

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 : 528

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 : 593

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 : 620

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 : 471

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 : 236

Posted Date : 16-Mar-2012 , 06:14:43 pm | Posted By PRITI P CHIPLUNKAR

BUDGET HIGHLIGHTS-2012-13                                        D.T 16/03/2012   Followi...

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Category : Income Tax | Comments : 0 | Hits : 315

Posted Date : 16-Mar-2012 , 04:58:24 pm | Posted By CS Shilpi Bhardwaj

General     1. GDP next year to be around 7.6%. 2. Expect inflation to be lower. 3. FM acknowledges subsidies a problem, says it will be brought down to 1.7% of GDP in future. 4. Disinvestment target in 2012-13 is 30,000 crore. 5. Efforts are on to arrive a...

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Category : Income Tax | Comments : 0 | Hits : 148

Posted Date : 16-Mar-2012 , 02:12:11 pm | Posted By Siddharth Jain

Hi Friends, Union Budget for 12-13 is Out. Key Features are:- 1. Major changes have been in Indirect tax as compared to Direct tax. 2. Slab rate for individual has been raised from Rs. 180000 to Rs. 200000. 3. New Slab is under:- T/income from 0-200000 - Nil Above 200000 to 500000 - 10%...

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Category : Income Tax | Comments : 0 | Hits : 559

Posted Date : 09-Mar-2012 , 10:41:51 am | Posted By SHIKHA SONI

  Increase in the Basic Income Tax  Exemption Limits for Individuals – To compensate partially for rising inflation it would be right move if govt. increases  basic exemption limit from the current Rs. 180,000 to Rs. 3,00,000/-.  The edu...

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Category : Income Tax | Comments : 2 | Hits : 425

Posted Date : 05-Mar-2012 , 08:13:55 pm | Posted By CA Akshay Joshi

  SURVEY, SEARCH AND SEIZURE SURVEY Preliminary The relevant provisions are contained...

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Category : Income Tax | Comments : 0 | Hits : 269

Posted Date : 05-Mar-2012 , 07:51:53 pm | Posted By CA Akshay Joshi

  I. APPEALS   Section Appellate Authority Time Limit Filing fees ...

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Category : Income Tax | Comments : 0 | Hits : 653

Posted Date : 05-Mar-2012 , 12:50:11 pm | Posted By Yogesh Bhardwaj

Foreign Citizen Category of Applicant Proof of Identity Proof of Address Citizen of India located outside India at the time of application for PAN. ...

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Category : Income Tax | Comments : 0 | Hits : 426

Posted Date : 05-Mar-2012 , 12:47:53 pm | Posted By Yogesh Bhardwaj

Indian Citizen Document acceptable as proof of identity and address as per Rule 114 of Income Tax Rules, 1962, for individual and HUF applicants Sr. No. Proof of Identity (Copy of) Proof ...

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Category : Income Tax | Comments : 0 | Hits : 558

Posted Date : 05-Mar-2012 , 12:25:31 pm | Posted By Kshitij Nijhawan

The perception of a stock is dependent upon the expected price movement of the stock and the company’s dividend payout policies, which can be in the form of cash dividends or stock dividends , commonly known as bonus issues. A company’s ability and willingness to pay steady dividends ...

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Category : Income Tax | Comments : 0 | Hits : 428

Posted Date : 02-Mar-2012 , 09:47:24 pm | Posted By Kshitij Nijhawan

The Income Tax Department has  released a good press note that tax returns filed by senior citizens above 60 years and small taxpayers with gross total income of less than Rs. 10 lakh will not be scrutinised in a routine manner.The Criteria for selection of cases under scrutiny in other...

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Category : Income Tax | Comments : 0 | Hits : 1306

Posted Date : 29-Feb-2012 , 12:07:55 pm | Posted By SHIKHA SONI

  PAN should be quoted on all: 1.    Income-tax / TDS / TCS Returns 2.    Correspondence with tax department, 3.    Tax challans, 4.    Correspondence, bills, vouchers and other documents which are...

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Category : Income Tax | Comments : 1 | Hits : 315

Posted Date : 09-Feb-2012 , 07:24:50 am | Posted By Mrattunjay

“The Collector of Stamps, NCT of Delhi” has recently issued notices to various companies regarding the non-payment of stamp duty on allotment of Equity Shares/Preference shares/Bonds/Debentures/ Promissory notes, payment of consolidated stamp duty on all previous allotments ...

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Category : Income Tax | Comments : 0 | Hits : 3294

Posted Date : 07-Feb-2012 , 12:09:24 am | Posted By Mrattunjay

In respect of Capital Goods removed after use, there was an issue as to Whether the entire credit taken initially has to be reversed since the capital goods are not removed 'as such' and the value of capital goods would have depreciated over the years. In certain cases, the am...

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Category : Income Tax | Comments : 0 | Hits : 1585