Articles by Ravikumar.G

What Is the Meaning of Dependant for Claim of deduction u/s 80DD?

Posted by Ravikumar.G 25 September 2007 6933 Views

What section 80DD says "80DD. (1) Where an assessee, being an individual or a Hindu undivided family, who is a resident in India, has, during the previous year, (a) incurred any expenditure for the medical treatment (including nursing), training and

Tax Benefits available to Senior Citizens

Posted by Ravikumar.G 25 September 2007 4249 Views

There are not many Exclusive deductions available to senior citizen . A person becomes senior citizen under Income Tax Act in any year after attaining the age of 65 even for one day. Once he attains 65 years, his status as senior citizen in that FY,

NRI Tax

Posted by Ravikumar.G 24 September 2007 4200 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 4796 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 4697 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

Indian Chartered Accountants are emerging as a global force now

Posted by Ravikumar.G 21 September 2007 12345 Views

Technology up gradations opened up a new avenue for chartered accountants in India too. Many companies in USA and UK are looking for hiring professional services from an Indian corporation, as it is proven that Indian can adapt to any system easily a

Knowledge Process Outsourcing

Posted by Ravikumar.G 21 September 2007 7128 Views

THIS ARTICLE HAS BEEN PUBLISHED IN THE 'INFORMATION TECHNOLOGY' SPECIAL ISSUE (JUNE 2006) of 'Sanhita' - a monthly magazine for corporate professionals published by the Pune Chapter of WIRC of The Institute of Company Secretaries of India. A CII Repo

ESOPS AND ADVANCE TAX PAYMENT

Posted by Ravikumar.G 20 September 2007 6080 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

GLOBAL ACCOUNTING?

Posted by Ravikumar.G 20 September 2007 4501 Views

Mohan R. Lavi Accounting, supposedly, speaks the language of business. With business becoming increasingly globalised, it is logical to expect that accounting, too, goes global. The International Accounting Standards Board (IASB) through a combo offe

MORE SERVICE TAX SOPS FOR EXPORTERS

Posted by Ravikumar.G 20 September 2007 5015 Views

There is more relief in store for harried exporters. The list of services on which exporters have been granted exemption from payment of service tax may be expanded. Commission paid to foreign agents - which forms a sizeable chunk of the service tax