Income Tax Articles

Tax-exempt gifts from relatives and others

Aisha 05 November 2007 at 22:29

It is very common for people to receive gifts from friends and relatives. In some cases, gifts are also received from NRls. Let us consider the latest provisions of the Income Tax Act, 1961 regarding gifts, and analyse how individuals can achieve com

FBT formula may stay same on all streets

Ankit Dangayach 05 November 2007 at 22:27

NEW DELHI: Valuation guidelines for fringe benefit tax (FBT) on employee stock options (Esops) may be tweaked slightly. Companies listed on select international stock exchanges may get to follow the norm meant for listed companies in India as the go

Five key issues in FBT guidelines on ESOPs

Mr. PURNA P 26 October 2007 at 11:09

Five key issues in FBT guidelines on ESOPsThere are at least five niggling problems with the new norms issued for ESOP (employee stock option) valuation, says Mr Vikas Vasal, Executive Director, KPMG. "First, in the case of unlisted companies, no par

Tax implications of offshore derivative instruments

Mr. PURNA P 26 October 2007 at 11:09

Will the proposed review of foreign institutional investor (FII) regulations about issuance of ODIs (offshore derivative instruments) have any income-tax implications in India for the foreign investors? The answer appears to be in the affirmative."Th

Cross border tax issues- a discussion

CA Nikita 15 October 2007 at 12:03

Last fortnight, the 61st International Fiscal Association (IFA) Annual Congress was hosted by the IFA's Japan Branch in Kyoto. Attended by over 1,200 tax and fiscal experts, comprising academicians and revenue officers from across 50 countries, IFA C

Managing divorce: Its all about alimony honey

CA Nikita 14 October 2007 at 15:10

Divorce is probably not an easy subject to confront in regular conversations. Writing about it is all the more difficult. But increasingly, many couples are parting ways. While some couples are financially well-off to take care of themselves, others

No consistency in PE income attribution

Ankit Dangayach 10 October 2007 at 01:51

No consistency in PE income attribution There has been a debate on the taxability of turnkey contracts where portion of a contract is executed outside India. In Ishikawajma-Harima Heavy Industries Ltd case, the Supreme Court, in 2006, ruled that mere

Stay outside Taxman's radar- avoid cash gifts!

CA Nikita 09 October 2007 at 11:50

A fool judges people by the gifts they give him, says a Chinese proverb. The proverb would not stand its ground in India, thanks to the taxman extending his cold fist towards gratuitous amounts dropped in your pocket. Over the past years, India has w

Tone up the IT Act!!

CA Nikita 07 October 2007 at 21:58

The next Budget is some months away but already the air is rife with expectations, what with the Finance Minister announcing the arrival of a new income-tax code before end-2007. The Companies Bill, 1993 and the Companies Bill, 1997 flattered to dece

Receiving "GIFT" a costly affair????

CA. Rayan Sequeira 06 October 2007 at 16:15

Our ex-Miss Duniya, Mrs. Cashwarya Bachpan got a GIFT of Rs.25 crores from Mr. Amitaap Bachpan on the occasion of her wedding bells with the Dollywood heartthrob Kabhi-shake Bachpan. Bachpan family had already been in news due to the various notices