Income Tax Articles

Bonus stripping - An intelligent tax planning

Posted by Tharun Raj 23 March 2010 30421 Views

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

Posted by CA RAMESH KUMAR AHUJA 22 March 2010 54660 Views

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

Posted by CA Pramod Jain 19 March 2010 61988 Views

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 &

PENALTIES AND PROSECUTION

Posted by CA. A. K. GUPTA 17 March 2010 34606 Views

Introduction Direct Tax Legislations are one of the significant modes which enable the State to realize the objectives of both Social and Economic Justice as also defraying the cost of rendering public services on the part of the State, Economic ord

TONNAGE TAX SCHEME (Sec 115-V to Sec 115-VZC)

Posted by CA. Rishabh Mittal 13 March 2010 72587 Views

TONNAGE TAX SCHEME (Sec 115-V to Sec 115-VZC) 1. Bareboat charter cum demise (BBCD) – Ownership is to be transferred after a specified period of time. 2. Bareboat charter (BCC) – Hiring of ships for a stipulated period on ter

Requirement for maintaining books of account

Posted by CA Anshu Agarwal 11 March 2010 35783 Views

Maintenance of accounts: [section 44AA and rule 6F] In case of specified professions [Gross receipts exceeds Rs.150000…] : the followings books of accounts shall be maintained by a person carrying on the specified profession:-

Budget 2010-11 - Levying Service Tax on Medical Services

Posted by CA Pradip Shah 10 March 2010 23356 Views

Budget 2010-11- Levying tax on Medical Services - The Case of Delivering a Deformed Baby By CA. Pradip R Shah e-mail: pradip@pradiprshah.com Introduction 1.0 In order to evaluate applicability of the provision of a statute levying tax, one is

Depreciation - an interesting aspect

Posted by Pavan Jain S 08 March 2010 34063 Views

Depreciation – a non cash expenditure allowed under Income Tax Act, 1961 following block concept. Under the block concept, all the assets falling within the same class and subject to same rate of depreciation are clubbed together and considere

Implication Budget 2010 on Business Income

Posted by CA Pramod Jain 08 March 2010 9229 Views

Tax Rates Tax rate for firms, LLP and companies remain the same as per last year's budget. • However surcharge in the case of domestic company gets reduced from existing 10% to 7.50% for the Financial Year 2010-2011. &bu