Income Tax Articles
Home Loan the best way to save Tax!!
CA Nikita 25 September 2007 at 15:51Home loan the best way to save taxTax planning, a legitimate exercise, should not be confused with tax avoidance or tax evasion. Good tax planning comprises tax compliance and availing proper tax benefits, coupled with proper analysis of the financia
Income Tax Issues And Solution
CMA Gul S 25 September 2007 at 12:37WS 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
FBT applicability of Trusts
Ravikumar.G 24 September 2007 at 23:01Section 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
Deemed Dividend -Maybe ,Maybe Not!
Ravikumar.G 24 September 2007 at 23:01If 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
Transfer Pricing | An analysis
Ravikumar.G 24 September 2007 at 23:01This 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
NRI Tax
Ravikumar.G 24 September 2007 at 23:01Who 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
Tribunal's power to grant stay of demand
CMA Gul S 23 September 2007 at 14:47Section 254 of the Income-Tax Act, 1961 relates to appeals before the Income Tax Appellate Tribunal (ITAT) by assessees and the tax department. It also deals with the law relating to grant of stay of demand on assessees' petitions. This section was
Dividend Stripping!!
CA Nikita 22 September 2007 at 18:43What 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
Sec-263 a thorough study!!
CA Nikita 22 September 2007 at 17:01When cannot section 263 be evoked? Section 263 cannot be evoked in the following cases:- An assessment order can not be re-opened if there is no jurisdictional error in the order. The order of the AO can not also be revised if it has
ESOPS AND ADVANCE TAX PAYMENT
Ravikumar.G 20 September 2007 at 23:05The Finance Act, 2007 introduced Fringe Benefit Tax (FBT) on securities or sweat equity shares transferred or allotted by employers under Employee Stock Option Plans. The FBT is to be paid on the Fair Market Value (FMV) of the shares on the date of v
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