Income Tax Articles

ESOPS AND ADVANCE TAX PAYMENT

Posted by Ravikumar.G 20 September 2007 6072 Views

The Finance Act, 2007 introduced Fringe Benefit Tax (FBT) on securities or sweat equity shares transferred or allotted by employers under Employee Stock Option Plans. The FBT is to be paid on the Fair Market Value (FMV) of the shares on the date of v

Dividend from joint venture

Posted by Sadhuanj 20 September 2007 8007 Views

Ours is a indian company registered under companies act, has a joint venture with Saudi Arabian Company with a 20% Share capital of Saudi Arabian company. The indian company receives net dividend regularly from the saudi arabian company for the share

HOUSING SOCIETIES TRANSFER FEES TAXABLE

Posted by CMA Gul S 17 September 2007 24164 Views

HOUSING SOCIETIES in the city that disputed the applicability of income tax on transfer fees - collected by a society when a flat is sold by a member - may have to pay up. The Income-Tax (I-T) Department has begun issuing notices to such housing soci

Tax Benefits for Senior Citizens

Posted by CMA Gul S 12 September 2007 7488 Views

What are the deductions admissible to a Senior Citizen? K G menonThere are not many . 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 citi

Powers Of A.O u/s 142(1) & 143(2)

Posted by CMA Gul S 12 September 2007 22619 Views

I have the following queries?1. Is there a time limit for issuing notice u/s 142 (1) ?2. Can a notice u/s 142(1) be issued after a notice under 143(2) has been issued? If, yes what is the rational behind issuing such notice as powers under 143(2) are

Reassessment Notice

Posted by CMA Gul S 12 September 2007 10338 Views

Can assessing officer issue notice u/s 148 on the basis of report of investigation wing. Is reassessment u/s 147 valid despite the fact he has given the reasons of opening case that investigation department has carried out investigation and found tha

Doing Business in India: Budget 2007-2008

Posted by CA Nikita 11 September 2007 6542 Views

Archana Rajaram and Daksha BaxiNishith Desai Associates, Mumbai ________________________________________The Budget presentation by the Indian Finance Minister ('FM') is an important annual fiscal event for the nation. It not only narrates the fiscal

Wealth Tax Amendment

Posted by CMA Gul S 10 September 2007 4725 Views

Wealth-tax (First Amendment) Rules, 20077 August 07Wealth-tax (First Amendment) Rules, 2007 - Amendments in rule 4A, substitution of rule 4AA and Form DA; insertion of Form DAANotification No. 216/2007 [F. No. 142/11/2007-TPL], dated 7-8-2007In exerc

Inconsistencies in the TDS/TCS return

Posted by Admin 08 September 2007 6258 Views

Directorate of Income Tax (Systems) has sent letters todeductors giving the details of inconsistencies in the TDS/TCS returnfiled. The details pertain to the first three quarters of F.Y. 2006-07.The following explains the various possible problems in

Nil TDS return

Posted by RAJAN GUPTA 08 September 2007 7255 Views

If there is no deduction in a particular quarter, should I file the NIL etds statement?The answaaykarbhavan group er is no,The filing of a NIL statement is not mandatory.As per section 200(3)Any person deducting any sum on or after the 1st day of Apr