Income Tax Articles
Gifts - Taxable or Non Taxable
Ravikumar.G 30 September 2007 at 22:20Applicability :Individual and HUFTaxability:Any sum of money,aggregate value of which exceeds Rs.50,000 /- is received during the previous year without consideration,by an Individual or a HUF from any persons on or after 01.04.06 then the whole of th
Sec 43A of the IT Act Vs. AS 11
Ravikumar.G 29 September 2007 at 16:10Suppose a machine was imported for one lakh US dollars when the exchange rate was Rs 45 per dollar. Both in the accounting records as well as in the tax records, the transaction would have been recorded debiting the asset concerned with Rs 45 lakh. B
A brief Note of Inventory Valuation
Ravikumar.G 29 September 2007 at 11:33Valuation of closing stock requires consideration of Income Tax, Cenvat, Accounting Standards and Company Law.Stock should be valued at cost or market value, whichever is lower, as it is a prudent business practice. This principle has been accepted i
GOT A GIFT FROM A RELATIVE ? NO TAX ON IT
Ravikumar.G 27 September 2007 at 20:23It is widely known that gifts from relatives are tax-exempt. But what is not widely known at all is that gifts received even from non-relatives can also be completely exempt from income tax. Here is the complete run-down from a renowned tax expert. I
BIG GAINS FROM SMALL TOWNS
Ravikumar.G 27 September 2007 at 20:23Few days ago when an income-tax raid in Chirkunda, city with a population of little over 39,000 (according to 2001 Census) in Dhanbad district of Jharkhand, yielded a disclosure of over Rs 70 crore of concealed income, it made news only in local dail
Fringe Benefit Tax(FBT): Employers Get Time
CMA Gul S 25 September 2007 at 15:51With 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?
Ravikumar.G 25 September 2007 at 15:51What 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
F A Q ON ITR FORMS BY INCOME-TAX DEPARTMENT
CMA Gul S 25 September 2007 at 15:511. 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
Some more Questions on ITR
CMA Gul S 25 September 2007 at 15:5131. 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
Tax Benefits available to Senior Citizens
Ravikumar.G 25 September 2007 at 15:51There 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,
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