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Taxing transactions without or inadequate consideration
09 July 2009 at 17:18Taxation of certain transactions without consideration or for an inadequate consideration as income from other sources Section 56(vi) provide that any ‘sum of money’ (in excess of the prescribed limit of Rupees fift
Budget aimed at demand led growth - ICSI
08 July 2009 at 10:56The Institute of Company Secretaries of India (ICSI) welcomes the development oriented budget of the new Government boosting the economy through renewed emphasis on infrastructure, agriculture, rural economy and exports for ‘inclusive gro
Enhancement of the limit for payment of advance tax
07 July 2009 at 16:24Enhancement of the limit for payment of advance tax Under the existing provisions of section 208 the Income-tax Act, liability for payment of advance tax during a financial year arises when the amount of such tax payable during that year is Rs.5
Computation of profits and gains of business on presumptive
07 July 2009 at 15:59Computation of profits and gains of business on presumptive basis- Section 44ADSection 44AD prescribes a method of presumptive taxation for assessees engaged in the business of civil construction or supply of labour for civil construction in wh
Expenditure upto 35000 in cash allowed to transporter
07 July 2009 at 15:07Expenditure made of more than 20000 in cash allowed to transporterEnhancement of limit for disallowance of expenditure made in the case of transporters Under the existing provisions of the Income-tax Act, where an assessee incurs any expenditure, in
Tax Exemption Limit increased, surcharge removed - F/y 09-10
07 July 2009 at 14:08Tax Exemption Limit increased, surcharge removed for F/y 2009-10.The amendments have been made in the Income Tax Act by the Finance Bill, 2009 with a view to as stated in the Memorandum :(i)Lowering the burden on the individual taxpayers by inc
Rationalisation of provisions relating to TDS
07 July 2009 at 13:18Rationalisation of provisions relating to tax deduction at source (TDS) Tax deduction at source is a method of collecting taxes on behalf of the Government at the time of payment or credit. The Income-tax Act casts a legal responsibility on the
Forward looking budget to tackle recession-ICAI
07 July 2009 at 13:06The Union Budget 2009-10 has been presented in the backdrop of worldwide economic recession. Having got the mandate for stability and continuance of reforms, the Government has made a sincere attempt to put the rail of economic reforms back on track.
Introduction of Document Identification Number and facility
07 July 2009 at 12:13Introduction of Document Identification Number and facility for electronic communicationIt is now well accepted that “tax administration is tax policy”. A tax administration designed to foster voluntarily complianceyields higher revenu
Enhancement of the limit for payment of wealth tax
07 July 2009 at 12:11Enhancement of the limit for payment of wealth taxUnder the existing provisions of section 3 of the Wealth-tax Act, wealth tax is charged every year in respect of net wealth, onthe valuation date, of every individual, Hindu undivided family and co
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