CAclubindia Articles

Home Loan the best way to save Tax!!

Posted by CA Nikita 25 September 2007 7051 Views

Home loan the best way to save taxTax planning, a legitimate exercise, should not be confused with tax avoidance or tax evasion. Good tax planning comprises tax compliance and availing proper tax benefits, coupled with proper analysis of the financia

Scepticism on ethics all-pervasive

Posted by CA Nikita 25 September 2007 4830 Views

Whenever in the classroom I discuss contemporary principles and methods for the preparation and presentation of financial statements, with executive and students, I always see discomfort gripping the participants. They express concerns that current p

F A Q ON ITR FORMS BY INCOME-TAX DEPARTMENT

Posted by CMA Gul S 25 September 2007 15397 Views

1. What are the forms that should be used for e-Filing? Answer: The Forms that are currently available for e-Filing for A.Y. 2007-08 are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, & ITR-8. For A.Y. 2006-07 For A.Y. 2006-07, the e- return could be

Some more Questions on ITR

Posted by CMA Gul S 25 September 2007 11548 Views

31. The assessee who is under presumptive taxation scheme i.e. "no accounts case", what he should write for sundry debtors, sundry creditors, stock in trade, cash balance, gross profit as he may not have all these details since he is not maintaining

Tax Benefits available to Senior Citizens

Posted by Ravikumar.G 25 September 2007 4246 Views

There are not many Exclusive deductions available to senior citizen . A person becomes senior citizen under Income Tax Act in any year after attaining the age of 65 even for one day. Once he attains 65 years, his status as senior citizen in that FY,

Fringe Benefit Tax(FBT): Employers Get Time

Posted by CMA Gul S 25 September 2007 5127 Views

With rules for payment of fringe benefit tax on employee stock options yet to be finalised, the Central Board of Direct Taxes (CBDT) on Wednesday extended the last date for payment of the first two instalments of advance tax to December 15 this year.

What Is the Meaning of Dependant for Claim of deduction u/s 80DD?

Posted by Ravikumar.G 25 September 2007 6933 Views

What section 80DD says "80DD. (1) Where an assessee, being an individual or a Hindu undivided family, who is a resident in India, has, during the previous year, (a) incurred any expenditure for the medical treatment (including nursing), training and

Income Tax Issues And Solution

Posted by CMA Gul S 25 September 2007 5297 Views

WS Bhakti: I am doctor retired from MCGM three years ago. Presently, I am looking after a training program of foreign medical students in Mumbai for which I get professional fees every month from a US-based NGO in the form of dollars. The dollars are

NRI Tax

Posted by Ravikumar.G 24 September 2007 4200 Views

Who is a resident of India?A person who meets either of the following Basic conditions is considered a resident:The person should have been in India for 182 days or more during the previous year ORShould have been in India for 60 days or more during

FBT applicability of Trusts

Posted by Ravikumar.G 24 September 2007 4793 Views

Section 115W(a)(iii) of the I T Act specifically exempts funds ,trusts or institution eligible for exemption u/s 10(23C) or registered u/s 12AA of the I T Act . The Board vide circular no 8/ 2005 clarified under question number 4 as follows :Whether