Income Tax Articles

Complete guide to Wealth tax

Member (Account Deleted) 07 May 2010 at 10:52

Introduction to Wealth Tax Act 1957Wealth Tax Rules 1957 ü Wealth tax is a Direct Tax.ü It is levied by Central Government on few Persons.ü Power to Levy Wealth Tax is derived by Constitution of India.ü It means T

Applicable for AY 2010-11 (FY 2009-10)

Rahul Bansal 28 April 2010 at 10:23

FRIENDS, NOW.........TIME IS SO LESS TO PREPARE........ I AM PRESENTING SOME SUMMARY POINT WHICH SURELY HELPS U TO PREPARE FOR TAX EXAMS. THESE R AS FOLLOWS: Change in the Tax Rate Slabs for Individuals Individual - Male, Basic Limit Enhan

Budget 2010 - Indirect Taxes

CA.Hanumantha Reddy 14 April 2010 at 17:23

Service Tax: The service tax effective rate is remains unchanged @ 10.3% Important amendment to the existing provisions: · Amendment of Section 65 (19) Business Auxiliary Service (BAS) - in sub – clause (ii) the explanatio

Profits and Gains of business or Profession (A.Y. 2010-11)

Member (Account Deleted) 05 April 2010 at 10:19

Profit and gains of business as specified in section 28 of Income tax Act are taxable. The term 'business' includes trade, commerce or manufacture or adventure or concern in nature of trade,

Retrospective Amendments-HighTime for Introspection by India

CA Pradip Shah 01 April 2010 at 12:06

Retrospective Amendments – High-time for Introspection by India - CA. Pradip R Shah pradip@pradiprshah.com Introduction 1.0 In any civilised society, a taxing statute is expected to be prospective i.e. levying the tax on the income / tr

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