Income Tax Articles
Don't Retire Hurt!
Retirement Planning has become a buzz-word these days! Every newspaper, every news-channel seems to talk something or the other about retirement planning. What is more surprising is, when talking about retirement planning, everyone is just talki
Tax Hell?
Introduction Finance Ministry, while presenting the much disillusioned and indifferent Union Budget with heavy fanfare and subsequent silence, brought out an amendment that took many people by surprise. It was not just a normal amendment. Rathe
TDS on Transfer of property
TDS on Transfer of property- a bombshell In order to ensure that the real estate transactions come within the tax net, the Finance Bill presented along with the Budget 2012 proposes to insert new section 194LAA with effect from 01.10.2012 providin
Advance Pricing Agreements
Backdrop of APA introduction As widely reported, the conclusion of latest transfer pricing audits by Indian revenue authorities witnessed aggregate income adjustments to the tune of Rs 44,000 crore for one year alone, which is more than the aggr
TDS on Remuneration Paid to Directors
TDS ON REMUNERATION PAID TO DIRECTORS u/s 194J(1)(ba) of INCOME TAX ACT,1961 Budget 2012 inserted a New clause 1 (ba) in Section 194 J which mandates TDS @ 10 % on any remuneration paid to Directors of a company. This clause will be effective
Analysis of Section 36(1)(iii) Interest on Borrowed Capital
Analysis of Proviso of Section 36(1)(iii) & Proviso (1) The deductions provided for in the following clauses shall be allowed in respect of the matters dealt with therein, in computing the income referred to in section 28
Buying Online Term Plan? Few Tips to Follow
Nothing doing! Now no agent can fool me saying that endowment plans or ULIPs are good. I have understood that only term plan is the best form of risk cover. I am going to buy a term plan online. Said Niraj, a 29 year old IT profess
Are Director Liable to Tax Audit & Service Tax as per Budget
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
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?
"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
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