| Income Tax Provisions related to presumptive taxation under Sections 44AD, 44AE and 44AF in a brief Posted: 13 Jul 2010 09:05 PM PDT Sections 44AD, 44AE and 44 AF cover special provisions of computing profits on a presumptive basis. All the schemes are optional at the discretion of the assessee. Conditions and manner of computation common to all three sections are given at the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Law on Taxability of Gifts under the Income Tax Provisions Posted: 13 Jul 2010 08:56 PM PDT Generally, gifts received are not regarded as Income chargeable to Tax. However, by virtue of section 2(24)(xiii) r.w.s. 56(2)(v) after 1-9-2004, any sum of money exceeding Rs. 25,000 (Rs. 50,000 in respect of gifts received in or after 1.4.2006),... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Provisions of Section 50C of Income Tax Act, 1961 In Respect of Land and Buildings Transactions Posted: 13 Jul 2010 08:18 PM PDT Section 50C containing very harsh and controversial provisions is one more attempt by the Government to bring to revenue the unaccounted portion of the property transactions. Earlier, we had Chapter XXA from 5-11-1972 to 30-9-1986 providing for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Rates of Depreciation as Per Income Tax Act for A.Y. 2010-11 Posted: 13 Jul 2010 08:13 PM PDT Block of Assets :-The expressions Assets and Blocks of Assets w.e.f. 1-4-1999 shall mean a group of assets falling within a class of assets comprising:–Tangible Assets being buildings, machinery, plant or furniture;Intangible Assets being knowhow,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Income Tax provisions related to income from salary, including allowances and perquisites Posted: 13 Jul 2010 07:51 PM PDT Salary is chargeable to tax on "due" or "receipt" basis whichever is earlier and includes wages, annuity or pension, gratuity, fees, commission, perquisites or profits in lieu of salary, advance salary, leave encashment, etc. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Independent directors in charge of audit committees in companies may be held responsible for actions taken by the management Posted: 13 Jul 2010 07:44 PM PDT Independent directors in charge of audit committees in companies may be held responsible for actions taken by the management [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Professionals earning over Rs 10 Lakh to file Online Income Tax Return Posted: 13 Jul 2010 07:36 PM PDT Professionals, including doctors, lawyers and chartered accountants, earning over Rs 10 lakh annually will be required to file income tax returns electronically, the Finance Ministry said today. Besides, all business entities and Hindu undivided... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| New Pension Scheme (NPS) has a tax edge, but watch out for annuities Posted: 13 Jul 2010 07:31 PM PDT The New Pension Scheme (NPS) is likely to get a makeover if the revised Direct Tax Code is implemented. However, the government is doing its bit to lure investors to take a close look at the NPS. Recently, the government announced the 'Swavalamban'... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Ulip-holders have to pay up to Rs 6,000 if they want to discontinue a policy within first four years Posted: 13 Jul 2010 07:27 PM PDT Insurance regulator Irda on Monday said Ulip-holders will have to pay up to Rs 6,000 if they want to discontinue a policy within the first four years. The Irda (treatment of discontinued linked insurance policies) regulation, 2010, released by the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Service tax applicable on all cashless mediclaim transactions from July 1 2010 Posted: 13 Jul 2010 07:23 PM PDT A new 10.3% service tax has been introduced on all cashless mediclaim transactions from July 1, to be paid by Third Party Administrators (TPA) to hospitals later. What does this mean for consumers? According to lawyer and consumer activist Jehangir... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Income-tax Ombudsman Guidelines 2010 Posted: 13 Jul 2010 07:13 PM PDT I. The Ombudsman shall have the powers to –(a) receive complaints from taxpayers on any matters specified in clause 9;(b) consider such complaints and facilitate their satisfaction or settlement by agreement, through conciliation and mediation... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| SEBI circular on Applications Supported by Blocked Amount (ASBA) facility in public issues Posted: 13 Jul 2010 06:54 PM PDT It has been decided to make ASBA bid-cum application forms available for download and printing, from websites of the Stock Exchanges which provide electronic interface for ASBA facility i.e. Bombay Stock Exchange (BSE) and National Stock Exchange... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| ICAI Announcement regarding The Student's Journal Posted: 13 Jul 2010 06:43 PM PDT Students under PCC stream are sent Student's Journal, free of cost, for a total continuous period of three & half years (42 months) from the date of commencement of articleship. They will continue to receive the Student's Journal even after... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Changes to the original draft of the direct taxes code will cost taxpayers Posted: 13 Jul 2010 06:39 PM PDT The changes to the original draft of the direct taxes code are going to cost taxpayers, with the government planning to significantly alter the slabs. While the slabs are yet to be reworked, officials indicated the highest one could be in the range... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Satyam fraud: Promoter and family members wrongfully gained Rs 2,743 crore Posted: 13 Jul 2010 06:34 PM PDT B Ramalinga Raju, the disgraced founder of the erstwhile Satyam Computer Services , and his family members wrongfully gained Rs 2,743 crore (Rs 27.43 billion), the Central Bureau of Investigation (CBI) said.For the first time, the premier... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Tips to make your computer run faster Posted: 13 Jul 2010 06:24 PM PDT There could be several hardware-related reasons for a slow computer. For example, the processor, the brain of your computer, may be too slow to run today's demanding software. It may drag along if you have several programs running simultaneously.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Taxability of Construction Service –New Provisions – A Discussion Posted: 13 Jul 2010 06:01 PM PDT For the purposes of this sub-clause, construction of a complex which is intended for sale, wholly or partly, by a builder or any person authorised by the builder before, during or after construction (except in cases for which no sum is received from... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Director's Responsibility for Dishonour of Cheques? Posted: 13 Jul 2010 08:39 AM PDT We need not go into the background concerning the usage of cheque and it is a reality now that the payments through cheque have become an indispensable part of the mercantile community and even the public in general. In fact, payments through cheque... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Infrastructure finance companies can issue only 25 percent of incremental investment as tax-free infra bonds in a year |Tax Guru [del.icio.us] Posted: 13 Jul 2010 12:44 AM PDT An infrastructure finance company can issue only 25 percent of its incremental investment as tax-free infra bonds in a year, says the finance ministry. âThe volume of issuance (of tax free bonds) during this financial year will be restricted to 25 percent of the incremental infrastructure investments ma  |
| Former CCIT Dave exits KPMG, Will advice income tax department in Vodafone case |Tax Guru [del.icio.us] Posted: 13 Jul 2010 12:39 AM PDT Digital Signature, Hindu Undivided Families, HUF, individuals, Tax Audit, tax audit under section 44AB  |
| CBDT notifies mandatory e-filing of return with digital signature for companies |Tax Guru [del.icio.us] Posted: 13 Jul 2010 12:33 AM PDT In a recent Notification No. 49/2010 dated 9 July 2010 (Notification) issued by the Central Board of Direct Taxes, modifying the permitted modes of filing return of income (ROI) for (i) companies and (ii) individuals and Hindu Undivided Families (HUF) which are liable for tax audit.  |
| Taiwan and Indiaâs DTA negotiations look positive, says Envoy |Tax Guru [del.icio.us] Posted: 13 Jul 2010 12:32 AM PDT Taiwanâs ongoing negotiations with India on a Double Taxation Agreement (âDTAâ) look set to be concluded in the near future. âI can only say that things are moving very well. We are finalizing the details in the very, very near future,â sai  |
| Government notifies 'Kumar Housing Corporation Limited, Pune' as an undertaking and the project u/s 80-IA of the Income-tax Act, 1961 Posted: 13 Jul 2010 12:27 AM PDT Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), has framed and notified a scheme for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Display at Airports / LCS about prohibition of import / export of Indian currency notes of denomination of above Rs.100 in India and in Nepal Posted: 12 Jul 2010 10:05 PM PDT As you may be aware, the export and import of currency notes of Government of India and Reserve Bank of India notes (other than notes of denominations of above Rs.100 in either case) is not allowed to and from Nepal and Bhutan in terms of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
