Income-tax is levied on an assessee's total income. Such total income has to becomputed as per the provisions contained in the Income-tax Act, 1961. Let us go step bystep to understand the procedure of computation of total income for the purpose of l
Tax-saving is a year-long business. This is because the returns matter as much as the tax saved through the investment. Death and taxes are a certainty. But, financial planning takes care of both. As far as taxes go, major tax-saving instruments are
It is very common for people to receive gifts from friends and relatives. In some cases, gifts are also received from NRls. Let us consider the latest provisions of the Income Tax Act, 1961 regarding gifts, and analyse how individuals can achieve com
NEW DELHI: Valuation guidelines for fringe benefit tax (FBT) on employee stock options (Esops) may be tweaked slightly. Companies listed on select international stock exchanges may get to follow the norm meant for listed companies in India as the go
Five key issues in FBT guidelines on ESOPsThere are at least five niggling problems with the new norms issued for ESOP (employee stock option) valuation, says Mr Vikas Vasal, Executive Director, KPMG. "First, in the case of unlisted companies, no par
Will the proposed review of foreign institutional investor (FII) regulations about issuance of ODIs (offshore derivative instruments) have any income-tax implications in India for the foreign investors? The answer appears to be in the affirmative."Th
Last fortnight, the 61st International Fiscal Association (IFA) Annual Congress was hosted by the IFA's Japan Branch in Kyoto. Attended by over 1,200 tax and fiscal experts, comprising academicians and revenue officers from across 50 countries, IFA C
Divorce is probably not an easy subject to confront in regular conversations. Writing about it is all the more difficult. But increasingly, many couples are parting ways. While some couples are financially well-off to take care of themselves, others
No consistency in PE income attribution There has been a debate on the taxability of turnkey contracts where portion of a contract is executed outside India. In Ishikawajma-Harima Heavy Industries Ltd case, the Supreme Court, in 2006, ruled that mere
A fool judges people by the gifts they give him, says a Chinese proverb. The proverb would not stand its ground in India, thanks to the taxman extending his cold fist towards gratuitous amounts dropped in your pocket. Over the past years, India has w
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