Popular Articles

Hedging Loss is Buisness Loss , not Speculation Loss!

Posted by Ravikumar.G 01 August 2019 7888 Views

Can a loss from hedging of commodities be set off against normal profit of a related commodity merchant? Yes, there is express provision under the I T Act ,by which loss from hedging of commodities are allowed to be taken not as Speculation Loss and

Tax Benefits available to Senior Citizens

Posted by Ravikumar.G 25 September 2007 4271 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,

Some more Questions on ITR

Posted by CMA Gul S 25 September 2007 11580 Views

31. The assessee who is under presumptive taxation scheme i.e. "no accounts case", what he should write for sundry debtors, sundry creditors, stock in trade, cash balance, gross profit as he may not have all these details since he is not maintaining

F A Q ON ITR FORMS BY INCOME-TAX DEPARTMENT

Posted by CMA Gul S 25 September 2007 15429 Views

1. What are the forms that should be used for e-Filing? Answer: The Forms that are currently available for e-Filing for A.Y. 2007-08 are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, & ITR-8. For A.Y. 2006-07 For A.Y. 2006-07, the e- return could be

Income Tax Issues And Solution

Posted by CMA Gul S 25 September 2007 5326 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

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

Posted by Ravikumar.G 25 September 2007 6953 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

Fringe Benefit Tax(FBT): Employers Get Time

Posted by CMA Gul S 25 September 2007 5152 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.

Audit Documentations

Posted by Ravikumar.G 30 June 2020 25751 Views

"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

Posted by Ravikumar.G 24 September 2007 4226 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

Transfer Pricing | An analysis

Posted by Ravikumar.G 01 May 2021 7224 Views

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