Income Tax Articles

CAPITAL GAINS UNDER INCOME TAX ACT 1961

Amit Bajaj 27 March 2010 at 12:53

Any Income derived from a Capital asset movable or immovable is taxable under the head Capital Gains under Income Tax Act 1961. The Capital Gains have been divided in two parts under Income Tax Act 1961. One is short term capital gain and other is l

Bonus stripping - An intelligent tax planning

Tharun Raj 23 March 2010 at 11:46

This tax planning is designed based on a loop hole in sec. 94(8) of Income tax Act. Provision: Where, (a) any person buys or acquires any units within a period of three months prior to the record date; (b) such person is allotted additiona

Long Term Capital Gains-Exemption u/s 54F

CA RAMESH KUMAR AHUJA 22 March 2010 at 11:18

Long Term Capital Gains-Exemption u/s 54F Long Term Capital Gains from all capital assets attract a special rate of income tax. Long Term Capital Gains may result from a transaction of sale which in itself may not be in the nature of a regular sou

Proof of travel not required for claiming LTA

CA Pramod Jain 19 March 2010 at 11:28

Proof of travel not required for claiming LTA : Supreme CourtDear All,Please find very useful decision with regards to claiming LTA without supportings as below :- LTA : Evidence of Expenses Employers, while processing the conveyance and leave &

What Constitutes Salary Income?

vidyasagar 18 March 2010 at 12:02

Income from Salary WHAT CONSTITUTES SALARY INCOME?"Salary" is the remuneration received by or accruing periodically to an individual for service renderedas a result of expressed or implied contract.Compensation or remuneration even in the f

PENALTIES AND PROSECUTION

CA. A. K. GUPTA 17 March 2010 at 13:41

Introduction Direct Tax Legislations are one of the significant modes which enable the State to realize the objectives of both Social and Economic Justice as also defraying the cost of rendering public services on the part of the State, Economic ord

Encyclopedia on Gratuity

Chintan Shah 13 March 2010 at 16:30

Encyclopedia on Gratuity Gratuity – Meaning of – Gratuity refers to the gracious payments made to the employee in appreciation of the prolonged services rendered by the employee to the employer and is normally payable at the

TONNAGE TAX SCHEME (Sec 115-V to Sec 115-VZC)

CA. Rishabh Mittal 13 March 2010 at 16:13

TONNAGE TAX SCHEME (Sec 115-V to Sec 115-VZC) 1. Bareboat charter cum demise (BBCD) – Ownership is to be transferred after a specified period of time. 2. Bareboat charter (BCC) – Hiring of ships for a stipulated period on ter

Requirement for maintaining books of account

CA Anshu Agarwal 11 March 2010 at 16:58

Maintenance of accounts: [section 44AA and rule 6F] In case of specified professions [Gross receipts exceeds Rs.150000…] : the followings books of accounts shall be maintained by a person carrying on the specified profession:-

Budget 2010-11 - Levying Service Tax on Medical Services

CA Pradip Shah 10 March 2010 at 13:53

Budget 2010-11- Levying tax on Medical Services - The Case of Delivering a Deformed Baby By CA. Pradip R Shah e-mail: pradip@pradiprshah.com Introduction 1.0 In order to evaluate applicability of the provision of a statute levying tax, one is