Income Tax Articles

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

Posted by CA. Rishabh Mittal 13 March 2010 72590 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 35794 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 23367 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 34073 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 9230 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

Post Budget - CA Sudhir Halakhandi

Posted by CA Sudhir Halakhandi 08 March 2010 9886 Views

BUDGET-2010 AN OVERVIEW OF IMPORTANT DIRECT TAX PROPOSALS- CA SUDHIR HALAKHANDI The union finance Minister Mr. Pranab Mukharjee has presented

Dividend Stripping u/s 94(7) of Income Tax Act

Posted by CA. Rishabh Mittal 08 March 2010 136017 Views

Dividend Stripping - Section 94(7) Suppose Record Date for Dividend / Income - 31.01.2010 Acquisition of Shares / Units of MF – Within 3 months prior to the record date (01.11.2009 till 31.01.2010) Sale or Transfer of ·

Deemed Dividend - detailed analysis

Posted by Pavan Jain S 05 March 2010 39332 Views

Deemed Dividend Deeming fiction - a fiction resorted to by parliament for defying the law of literal interpretation. Whether it be Central Excise Act, 1944 [concept of deemed manufacture u/s 2(f)(iii)] or Income Tax Act, 1961 [concept of deemed divid

The Budget and the Indian Economy

Posted by Guest 04 March 2010 9485 Views

The Budget and the Indian Economy -- Ashok HandooThe latest budgetary exercise has clearly been an attempt to r

TDS Provisions on Pension Payments

Posted by CA Pranjal Joshi 04 March 2010 119745 Views

TDS Provisions on Pension Payments CA Pranjal Joshi Introduction – TDS is the best medium of collecting tax from the citizens without much of hassles, as the responsibility to deduct tax is not on the government, but on citizen-payer