Income Tax Articles

Fringe Benefit Tax(FBT): Employers Get Time

CMA Gul S 25 September 2007 at 15:51

With rules for payment of fringe benefit tax on employee stock options yet to be finalised, the Central Board of Direct Taxes (CBDT) on Wednesday extended the last date for payment of the first two instalments of advance tax to December 15 this year.

What Is the Meaning of Dependant for Claim of deduction u/s 80DD?

Ravikumar.G 25 September 2007 at 15:51

What section 80DD says "80DD. (1) Where an assessee, being an individual or a Hindu undivided family, who is a resident in India, has, during the previous year, (a) incurred any expenditure for the medical treatment (including nursing), training and

F A Q ON ITR FORMS BY INCOME-TAX DEPARTMENT

CMA Gul S 25 September 2007 at 15:51

1. What are the forms that should be used for e-Filing? Answer: The Forms that are currently available for e-Filing for A.Y. 2007-08 are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, & ITR-8. For A.Y. 2006-07 For A.Y. 2006-07, the e- return could be

Some more Questions on ITR

CMA Gul S 25 September 2007 at 15:51

31. The assessee who is under presumptive taxation scheme i.e. "no accounts case", what he should write for sundry debtors, sundry creditors, stock in trade, cash balance, gross profit as he may not have all these details since he is not maintaining

Tax Benefits available to Senior Citizens

Ravikumar.G 25 September 2007 at 15:51

There are not many Exclusive deductions available to senior citizen . 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 citizen in that FY,

Home Loan the best way to save Tax!!

CA Nikita 25 September 2007 at 15:51

Home loan the best way to save taxTax planning, a legitimate exercise, should not be confused with tax avoidance or tax evasion. Good tax planning comprises tax compliance and availing proper tax benefits, coupled with proper analysis of the financia

Income Tax Issues And Solution

CMA Gul S 25 September 2007 at 12:37

WS Bhakti: I am doctor retired from MCGM three years ago. Presently, I am looking after a training program of foreign medical students in Mumbai for which I get professional fees every month from a US-based NGO in the form of dollars. The dollars are

FBT applicability of Trusts

Ravikumar.G 24 September 2007 at 23:01

Section 115W(a)(iii) of the I T Act specifically exempts funds ,trusts or institution eligible for exemption u/s 10(23C) or registered u/s 12AA of the I T Act . The Board vide circular no 8/ 2005 clarified under question number 4 as follows :Whether

Deemed Dividend -Maybe ,Maybe Not!

Ravikumar.G 24 September 2007 at 23:01

If a pvt. company provides security to a bank, on the basis of which the bank gives loan to a director who is also a majority shareholder, would the loan amount be considered as deemed dividend ? No, the amount of loan shall not be considered as deem

Transfer Pricing | An analysis

Ravikumar.G 24 September 2007 at 23:01

This is not unique taxation measure in India. Many countries , as a consequences of opening economy, felt that Multi national Companies(MNC) plan their business affairs in such way that they earn more profits in a country wherein the taxation is less