CAclubindia Articles
Income Tax Issues And Solution
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
What Is the Meaning of Dependant for Claim of deduction u/s 80DD?
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
Fringe Benefit Tax(FBT): Employers Get Time
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.
Audit Documentations
"The skill of an accountant can always be ascertained by an inspection of his working papers." Robert H. Montgomery, Montgomery's Auditing, 1912. During the performance of an audit, it is obvious that the auditor may have come across issues which we
NRI Tax
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
Transfer Pricing | An analysis
This is not unique taxation measure in India. Many countries , as a consequences of opening economy, felt that Multi national Companies(MNC) plan their business affairs in such way that they earn more profits in a country wherein the taxation is less
Deemed Dividend -Maybe ,Maybe Not!
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
FBT applicability of Trusts
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
Risk & Compliance
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!!
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
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