Articles by CMA Gul S

Fringe Benefit Tax(FBT): Employers Get Time

Posted by CMA Gul S 25 September 2007 5137 Views

With rules for payment of fringe benefit tax on employee stock options yet to be finalised, the Central Board of Direct Taxes (CBDT) on Wednesday extended the last date for payment of the first two instalments of advance tax to December 15 this year.

Income Tax Issues And Solution

Posted by CMA Gul S 25 September 2007 5304 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

Tribunal's power to grant stay of demand

Posted by CMA Gul S 23 September 2007 5651 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

What's short-selling of shares

Posted by CMA Gul S 21 September 2007 6303 Views

What is short-selling? Short-selling, in the context of the stock market, is the practice where an investor sells shares that he does not own at the time of selling them. He sells them in the hope that the price of those shares will decline, and he w

HOUSING SOCIETIES TRANSFER FEES TAXABLE

Posted by CMA Gul S 17 September 2007 24171 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

Period of Preservation of Accounts

Posted by CMA Gul S 17 September 2007 7210 Views

Central ExciseDaily Stock Account of goods produced must be maintained for 5 years immediately after the financial year to which such records pertain Maharashtra Value Added Tax Rules Every Registered Dealer must preserve all books of account, regis

OPPORTUNITY TO WORK IN NOVA SCOTIA, CANADA

Posted by CMA Gul S 14 September 2007 6577 Views

OPPORTUNITY TO WORK IN NOVA SCOTIA, CANADAProfessional Development Committee (PDC) of ICAI is working with BusinessDevelopment, Emerging Markets team of Nova Scotia Business Inc. (NSBI) to facilitaterecruitment of members of ICAI for employment in No

Single window clearances envisaged for SEZs

Posted by CMA Gul S 14 September 2007 5816 Views

The Union Minister of Commerce & Industry called for a coordinated effort by all stakeholders so that SEZ Scheme can fulfill its objectives and is implemented efficiently by the State Governments by providing single window facilities and all othe

Infrastructure MFs are flavour of the year

Posted by CMA Gul S 13 September 2007 4364 Views

It's not just the infrastructure sector that is witnessing fund inflows from a cross section of investors, including private equity players, for the past year. Schemes floated by mutual funds (MFs) have also piqued investor interest, as a result of w

Report on Indo-EFTA trade pact by year-end

Posted by CMA Gul S 13 September 2007 3363 Views

A Joint Study Group (JSG) of India and the European Free Trade Association (EFTA), comprising Switzerland, Norway, Liechtenstein and Iceland, set up last December to explore the possibility of entering into a broad-based trade and investment agreemen