Income Tax Articles
Complete guide to Wealth tax
Introduction to Wealth Tax Act 1957Wealth Tax Rules 1957 ü Wealth tax is a Direct Tax.ü It is levied by Central Government on few Persons.ü Power to Levy Wealth Tax is derived by Constitution of India.ü It means T
TDS Amendments and its Impact
Some says TDS is a simple, logical and interesting area. On the other hand most of the people are of the opinion that it is Vast, difficult and complicated. For fun professionals says TDS is a TEDIOUS topic (Both TDS and tedious have same pronunciat
Carefully laid investment plans u/s 80C
As per the latest budget amendments, for the AY 2011-12 a deduction of INR 20,000 has been proposed for investments made in notified long term infrastructure bonds. This deduction is in addition to the deduction available under section 80C in case o
Applicable for AY 2010-11 (FY 2009-10)
FRIENDS, NOW.........TIME IS SO LESS TO PREPARE........ I AM PRESENTING SOME SUMMARY POINT WHICH SURELY HELPS U TO PREPARE FOR TAX EXAMS. THESE R AS FOLLOWS: Change in the Tax Rate Slabs for Individuals Individual - Male, Basic Limit Enhan
Budget 2010 - Indirect Taxes
Service Tax: The service tax effective rate is remains unchanged @ 10.3% Important amendment to the existing provisions: · Amendment of Section 65 (19) Business Auxiliary Service (BAS) - in sub – clause (ii) the explanatio
Profits and Gains of business or Profession (A.Y. 2010-11)
Profit and gains of business as specified in section 28 of Income tax Act are taxable. The term 'business' includes trade, commerce or manufacture or adventure or concern in nature of trade,
Retrospective Amendments-HighTime for Introspection by India
Retrospective Amendments – High-time for Introspection by India - CA. Pradip R Shah pradip@pradiprshah.com Introduction 1.0 In any civilised society, a taxing statute is expected to be prospective i.e. levying the tax on the income / tr
CAPITAL GAINS UNDER INCOME TAX ACT 1961
Any Income derived from a Capital asset movable or immovable is taxable under the head Capital Gains under Income Tax Act 1961. The Capital Gains have been divided in two parts under Income Tax Act 1961. One is short term capital gain and other is l
Bonus stripping - An intelligent tax planning
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
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
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