CAclubindia Articles

Fringe Benefit Tax(FBT): Employers Get Time

Posted by CMA Gul S 25 September 2007 5123 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.

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

Posted by Ravikumar.G 25 September 2007 6929 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

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

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

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

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

Risk & Compliance

Posted by CA Nikita 23 September 2007 6468 Views

Risk & ComplianceSushil Kumar Nahar of Wipro Technologies spoke about risk and compliance.Sushil Kumar Nahar Compliance is for a long time a worldwide requirement. There are multiple frameworks, standards, regulations and overlapping compliance r

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 24056 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