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Meaning of Deferred Tax Liability & Asset in Simple Words
10 August 2020
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Meaning of Deferred Tax Liability & Asset Explained in Simple Words: In Simple words, Deferred Tax Liability is a Provision for Future Taxation. This is in stark Contrast to Provision for Taxation. Provision for Taxation is basically a provision
Are Director Liable to Tax Audit & Service Tax as per Budget
ARE DIRECTORS LIABLE TO SERVICE TAX AND TAX AUDIT AS PER UNION BUDGET 2012-13 ? Till the date of budget, there is always confusion on treatment of directors remuneration. There is conflict about whether it is salary income or it is a bu
Proposed income tax amendments in Budget 2012-13-Part-2
Consideration in excess of F.M.V of shares to be treated as income from other source if consideration received is in excess of Face Value of shares: It is proposed to insert a new clause (viib) in the aforesaid sub-section so as to provide that w
Input Service Distributor's choice taken away
Changes have been brought in Rule 7 of Cenvat Credit Rules, 2004 vide Notification No. 18/2012-CE (NT) dated 17.03.2012
Playing 'Economic' Moneyball - The Union Budget 2012-13
In 'Moneyball', Billy Beane the General Manager of the Oakland Athletics, a small town baseball team with a tiny budget, faces the challenge of winning games in Major League Baseball beating teams such as the New York Yankees whose budget is
Overview of Amendment in Direct Taxes(Budget 2012-13)
Introduction The provisions of the Finance Bill, 2012 relating to direct taxes seek to amend the Income-tax Act, inter alia, in order to provide for- A
How Much "Convenience Tax" You are Paying?
"Convenience Tax? When was this tax imposed? Government has no other business than to impose new taxes everyday?" might be a normal reaction after reading the title. Well, the good news is, this tax is not really levied by the Go
Vodafone 'Refund' Amendment - Possession is 9/10th of the law
The Budget of FY12-13 dropped a tax bombshell by introducing a retrospective change in law from 1962, directed at Vodafone and other simillar cases. While my esteemed seniors will doubtless analyze or litigate this change in law, I thought it fit to
Rajiv Gandhi Equity Savings Scheme
The budget is over and the market is flooded with analyst reviews about the budget. Every budget has provided some tax benefits to the Am Admi(Mango People) linked with the market returns. This time also the Union Finance Minister Shri Pranab Mukher
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