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FBT on ESOP: CBDT clarifications
Posted: 2008-01-08 06:07:30 UTC-08:00
January, 07th 2008 The Finance Act, 2007 changed the taxation of securities issued by an employer to its employees from April 1, 2007 (assessment year 2008-2009), by levying fringe benefit tax (FBT)...
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Book profits law gets stringent
Posted: 2008-01-05 02:12:08 UTC-08:00
T. C. A. Ramanujam In the Bank of India case, the Authority for Advance Ruling pointed out that the section levying MAT should be considered a self-contained code. It should prevail over the other...
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NABARD BONDS-Sec. 80C Eligible
Posted: 2008-01-03 21:30:00 UTC-08:00
Section 80C(2)(xxii) of the Income-tax Act, 1961 - Deduction in respect of subscription to bonds NOTIFICATION NO. 293/2007, DATED 31-12-2007 In exercise of the powers conferred by clause (xxii) of...
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Tax paid by employer is not a perk: Tribunal
Posted: 2008-01-03 06:52:49 UTC-08:00
December, 22nd 2007 A Special Bench of the Delhi Income Tax Appellate Tribunal has ruled that the income tax that an employer pays on behalf of its employee is a non-monetary benefit in kind and,...
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How to avoid rigour of transfer pricing
Posted: 2007-12-31 21:56:39 UTC-08:00
The transfer pricing concept is new to the Indian tax system. These provisions are intended to curb the mischief of avoidance of payment of tax in India either by understating the receipt or by...
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Govt may scrap TDS on co bonds
Posted: 2007-12-31 21:53:27 UTC-08:00
December, 31st 2007 The finance ministry is expected to announce the abolition of tax deducted at source (TDS) on corporate bonds in Budget 2008-09, official sources told Business Standard. The...
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Professionals may get a breather with higher TDS threshold
Posted: 2007-12-31 21:43:20 UTC-08:00
December, 31st 2007 The Budget 2008-09 could bring some cheer to a host of self-employed professionals, like engineers and architects, with the likely increase in the threshold for tax deducted at...
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Posted: 2007-12-31 21:41:44 UTC-08:00
Budget may see big-ticket tax relief for oil explorers, refiners The oil sector may get substantial tax breaks in the 2008 Budget. While exploration firms are likely to be exempted from service...
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Post Office Deposit now Eligible for Deduction Under Section 80C
Posted: 2007-12-29 01:34:14 UTC-08:00
Section 80C of the Income-tax Act provides for a deduction of up to Rs. One lakh to an individual or a Hindu undivided family (HUF) for:- (i) making investments in certain savings instruments;...
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Income Tax Department to furnish information sought Under RTI within Two weeks
Posted: 2007-12-24 05:17:47 UTC-08:00
Right to Information is a fundamental right - Income Tax Department to furnish information sought within two weeks - serious note taken of lackadaisical approach of Department in releasing...
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Wealth tax on properties
Posted: 2007-12-24 02:01:19 UTC-08:00
The definition of the term `Asset' includes any building, whether it is used for residential or commercial purposes or for the purpose of maintaining a guesthouse. ...
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Principles for reckoning of limitation period for completion of block assessment
Posted: 2007-12-20 04:06:00 UTC-08:00
Principles for reckoning of limitation period for completion of block assessment under provisions of S 158 BE- conclusive proof is required to show that seized documents disclose concealment of any...
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Bank Deposit-Sec.
80C- Amendment Posted: 2007-12-20 03:57:35 UTC-08:00
Bank Term Deposit (Amendment) Scheme, 2007 - Amendment in Paragraph 11 NOTIFICATION NO. S.O. 2127(E), DATED 13-12-2007 In exercise of the powers conferred by clause (xxi) of sub-section (2 ) of...
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Tribunal Paper Book Rules
Posted: 2007-12-20 03:56:14 UTC-08:00
INCOME TAX APPELLATE TRIBUNAL: DELHI BENCHES, NEW DELHI F.No. 70-Jd(ATD) / 07 Dated the 26th November, 2007 Sub: Preparation and submission of Paper Books – regarding. It is observed that the...
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Parents can't revoke assets gifted to sons
Posted: 2007-12-20 03:54:54 UTC-08:00
If you are not sure about how your son will treat you in future, be careful about gifting your property to him. The Supreme Court has ruled that parents cannot take back land or property gifted to...
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Landlord takes refundable interest-free deposit from tenant - Income Tax wants to tax notional interest
Posted: 2007-12-20 03:52:05 UTC-08:00
Landlord takes refundable interest-free deposit from tenant - Income Tax wants to tax notional interest - Sec 23(1)(a) does not permit taxing more than rent : Delhi HC TAXING rent from house...
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Is FBT payable on ESOPs involving foreign shares?
Posted: 2007-12-20 03:17:30 UTC-08:00
THE Notification No. 264/2007 dated October 23, 2007 issued by the CBDT, specifying the Income-tax (12 th Amendment) Rules, 2007 seems to have brought in a lot of welcome clarity in terms of the...
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Due Date Extended
Posted: 2007-12-18 03:06:29 UTC-08:00
The Supreme Court directed tax payers all over the country to file Income Tax returns under the prescribed new ITR forms for assessment year 2007-08 by February 29, 2008 - the new deadline set by...
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Interpretation of double tax avoidance agreements
Posted: 2007-12-18 02:56:04 UTC-08:00
November, 06th 2007 The Central Government has signed with several countries, including the U.S. "Agreements for the Avoidance of Double Taxation". By this, I am given to understand that in the case...
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Capital gains and tax
Posted: 2007-12-18 02:53:48 UTC-08:00
November, 06th 2007 With the boom in the economy witnessed over the past five years, many salaried individuals and businessmen are left with surplus cash. It is not uncommon for people to invest...
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e-TAX Payment of Taxes – Frequently Asked Questions
Posted: 2007-12-18 02:19:33 UTC-08:00
1. What is e-tax payment? Ans. This is a facility provided to the taxpayers to make income tax payments through internet using net-banking facility. 2. Can I use this facility to pay income...
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e-Payment of Taxes
Posted: 2007-12-18 02:17:54 UTC-08:00
e-Payment facilitates payment of direct taxes online by taxpayers. To avail of this facility the taxpayer is required to have a net-banking account with any of the banks listed below, which are...
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Tax on concessional rent accommodation : CBDT notifies amendment to Rule 3
Posted: 2007-12-18 02:08:32 UTC-08:00
VALUATION of perquisites has always been a bone of contention. To overcome many of such irritants, the Finance Minister in the Finance Act, 2007 had inserted a deeming provision to define concession...
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Depreciation not alloawable till clearance by Customs : SC
Posted: 2007-11-24 00:09:34 UTC-08:00
Nothwithstanding the fact that the imported Rolls Royce car gathered dust at the Customs godown for nine long years due to non-clearance, the importer would still not be entitled to any depreciation,...
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Article on income tax losses by CA Shanti Harlalka
Posted: 2007-11-22 07:23:45 UTC-08:00
TAXATION The colour of money The Income-Tax Act, 1961, allows set-off and carry-forward of the loss incurred by any assessee subject to some restrictions Apart from other information, the new...[[ This is a content summary only. Visit my website for full links, other content, and more! ]]
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