Income Tax Articles

When can a sale of assets be considered as slump sale ?

Nilesh Shah 12 April 2008 at 18:07

Nilesh Shah writes:Cell: 92246-59941E mail: nilesh63@vsnl.comSlump sale is defined in sec 2(42C) of the Act.It means the transfer of one or more undertaking as a result of the sale for a lump sum consideration without values being assigned to the ind

Payment to Non-resident & TDS deduction.

Nilesh Shah 12 April 2008 at 00:34

Nilesh Shah writes:Cell: 92246-59941E Mail: nilesh63@vsnl.comWhat the payer of the amount to a non-resident is required to do when he is in dilemma regarding tax to be deducted at source.The payer should adopt the approach as given in section 195

Taxation of derivatives in shares.

Nilesh Shah 12 April 2008 at 00:34

Nilesh Shah Writes:Cell: 92246-59941E Mail: nilesh63@vsnl.comTaxation of derivatives in shares .Whether derivatives are `capital assets' within the meaning of sec 2(14) of the Income Tax Act ? The term `capital assets' means property of any kind held

Effect of nomination in respect of NSC.

Nilesh Shah 11 April 2008 at 18:41

Nilesh Shah Writes:Cell: 92246-59941E mail: nilesh63@vsnl.comWhat is the effect of nomination made in respect of National Savings Certificate.The object of section 6 of the Government Savings Certificates Act, 1959, which provides for the making of n

Whether UPS is a part of the Computer System.

Nilesh Shah 11 April 2008 at 18:37

Nilesh Shah Writes:Cell: 92246-59941E mail: nilesh63@vsnl.com Whether UPS (Uninterrupted Power Supply) is a part of Computer System entitled to depreciation @ 60%The expression 'Computer' has not been defined in the Act. However, it has been defined

When is Interest on fixed deposit business income.

Nilesh Shah 11 April 2008 at 18:37

Nilesh Shah writes:Cell: 92246-59941E mail: nilesh63@vsnl.comInterest on fixed deposit with bank-when business income.Where the assessee makes an investment by way of fixed deposit with a bank as a condition for getting bank guarantee for purposes of

IT & Employer's & Employees' contribution to provident fund

Nilesh Shah 11 April 2008 at 12:41

Nilesh Shah writes:Cell; 92246-59941E Mail: nilesh63@vsnl.comLaw of Income tax on Employers & Employees' contribution to Provident Fund.First I will deal with Employer's contribution to Provident Fund.Section 43B of the Income tax Act deals with

FBT & Presumptive tax

Nilesh Shah 11 April 2008 at 12:41

Nilesh Shah Writes:Cell : 92246-59941E Mail: nilesh63@vsnl.comSub: FBT & Presumptive tax.How will FBT be levied when the assessee has availed the scheme of presumptive tax ?. _In order to answer this question it is necessary to understand the s

Tax deduction allowed on LTA

CA. Amit Daga 01 April 2008 at 20:30

Leave travel assistance (LTA) is generally paid as a part of the remuneration of employees. With some proper planning, an employee can save some tax through this mode. The LTA amount is received from the employer towards a journey within India. LTA i

HOW TO PAY ONLINE INCOME TAX.

RAJAN GUPTA 01 April 2008 at 15:54

As you may know that income tax payment online would be mandatory from 1/04/08 (PRESS RELEASE HAS BEEN ISSUED BY CBDT READ THIS). As per press release and rule amended there after the following person are required to deposite Income tax online 1.Al