Income Tax Articles

Income Tax Issues And Solution

Posted by CMA Gul S 25 September 2007 5288 Views

WS Bhakti: I am doctor retired from MCGM three years ago. Presently, I am looking after a training program of foreign medical students in Mumbai for which I get professional fees every month from a US-based NGO in the form of dollars. The dollars are

NRI Tax

Posted by Ravikumar.G 24 September 2007 4196 Views

Who is a resident of India?A person who meets either of the following Basic conditions is considered a resident:The person should have been in India for 182 days or more during the previous year ORShould have been in India for 60 days or more during

FBT applicability of Trusts

Posted by Ravikumar.G 24 September 2007 4787 Views

Section 115W(a)(iii) of the I T Act specifically exempts funds ,trusts or institution eligible for exemption u/s 10(23C) or registered u/s 12AA of the I T Act . The Board vide circular no 8/ 2005 clarified under question number 4 as follows :Whether

Deemed Dividend -Maybe ,Maybe Not!

Posted by Ravikumar.G 24 September 2007 4692 Views

If a pvt. company provides security to a bank, on the basis of which the bank gives loan to a director who is also a majority shareholder, would the loan amount be considered as deemed dividend ? No, the amount of loan shall not be considered as deem

Tribunal's power to grant stay of demand

Posted by CMA Gul S 23 September 2007 5645 Views

Section 254 of the Income-Tax Act, 1961 relates to appeals before the Income Tax Appellate Tribunal (ITAT) by assessees and the tax department. It also deals with the law relating to grant of stay of demand on assessees' petitions. This section was

Dividend Stripping!!

Posted by CA Nikita 22 September 2007 9063 Views

What does dividend stripping mean? It refers to a practice of buying shares of a company or units of a mutual fund just before the record date for declaring a dividend, receiving the dividend and then selling the security/unit after the record date.N

Sec-263 a thorough study!!

Posted by CA Nikita 22 September 2007 24057 Views

When cannot section 263 be evoked? Section 263 cannot be evoked in the following cases:- An assessment order can not be re-opened if there is no jurisdictional error in the order. The order of the AO can not also be revised if it has

ESOPS AND ADVANCE TAX PAYMENT

Posted by Ravikumar.G 20 September 2007 6072 Views

The Finance Act, 2007 introduced Fringe Benefit Tax (FBT) on securities or sweat equity shares transferred or allotted by employers under Employee Stock Option Plans. The FBT is to be paid on the Fair Market Value (FMV) of the shares on the date of v

Dividend from joint venture

Posted by Sadhuanj 20 September 2007 8007 Views

Ours is a indian company registered under companies act, has a joint venture with Saudi Arabian Company with a 20% Share capital of Saudi Arabian company. The indian company receives net dividend regularly from the saudi arabian company for the share

HOUSING SOCIETIES TRANSFER FEES TAXABLE

Posted by CMA Gul S 17 September 2007 24164 Views

HOUSING SOCIETIES in the city that disputed the applicability of income tax on transfer fees - collected by a society when a flat is sold by a member - may have to pay up. The Income-Tax (I-T) Department has begun issuing notices to such housing soci