Income Tax Articles

Are Director Liable to Tax Audit & Service Tax as per Budget

CA Prashant Gupta 21 March 2012 at 12:18

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 directors remuneration. There is conflict about whether it is salary income or it is a bu

Vodafone 'Refund' Amendment - Possession is 9/10th of the law

ANANDH SUNDAR 20 March 2012 at 12:11

The Budget of FY12-13 dropped a tax bombshell by introducing a retrospective change in law from 1962, directed at Vodafone and other simillar cases. While my esteemed seniors will doubtless analyze or litigate this change in law, I thought it fit to

How Much "Convenience Tax" You are Paying?

Prof. Bajaj 20 March 2012 at 12:09

"Convenience Tax? When was this tax imposed? Government has no other business than to impose new taxes everyday?" might be a normal reaction after reading the title. Well, the good news is, this tax is not really levied by the Go

Manufacture by Job

Vijay Kalia 14 March 2012 at 13:54

Manufacture by Job-worker Availing Exemption-Allowability of Cenvat Credit: The issue dealt herein is with respect to the availability of cenvat credit for inputs or input services to a job worker who utilizes such inputs for manufacture of goods

Capital gains exemption u/s 54EC of Income tax Act, 1961

Amit Bajaj 12 March 2012 at 11:00

Section 54EC of Income Tax Act, 1961 provides an option to save tax on capital gain arising from the transfer of long-term capital asset subject to fulfillment of certain conditions. Provisions of section 54EC are being discussed herein below for the be

Understanding Section 14A Impact With Case Laws Part-II

Manish Kumar Agarwal 09 March 2012 at 16:31

The Income tax department (ITD) now a days become very harsh to the assessee in respect of disallowance made under section 14A read with rule 8D. The ITD applies rule 8D blindly on the assessee and making un-necessarily additions causing hardship

Vodafone Review Needed

Vijay Kalia 03 March 2012 at 13:31

VODAFONE: REVIEW NEEDED AT THE TOUCHSTONE OF MCDOWLL 5-JUDGE JUDGMENT In recent history of taxation the case of Vodafone International Holdings would always occupy a prominent place as the law laid down now would continue to hold their sway in mo

5 Mistakes to avoid while saving tax!

Prof. Bajaj 29 February 2012 at 12:15

Its March knocking on the door and the same mad rush is seen everywhere. For what ?? To save tax of course. Be it businessman or salaried or professionals, there is still a huge chunk who are yet to make their tax saving investments and while doing

Future of Form 26AS

Vignesh Killur 27 February 2012 at 12:55

Hi Everyone! What will FORM 26AS appear like in Future? At Present it is a TAX CREDIT STATEMENT meaning it displays the taxes paid by us like Advance Tax, Self Assessment Tax and Particulars of TDS made by others on our behalf. But what if it was

Why we should file the return? If salary is less than 5 Lakh

Abhishek Ranjan Singh 27 February 2012 at 12:55

Why we should file the return? if CBDT exempts return-filing for salaried having total income upto Rs 5 Lakh. IN MY OPINION IT IS ALWAYS BETTER TO FILE THE RETURN Some reasons:- 1.The tax department has notified that individuals with salary