CIRCULAR NO. 4/2007, DATED 15-6-2007The IncomeTax Act, 1961 makes a distinction between a capital asset and a tradingasset.2. Capitalasset is defined in Section 2(14) of the Act. Long-term capital assets andgains are dealt with under Section 2(29A) a
Sections 11 and 12 of the Income Tax Act, 1961 provide for exemption of income of charitable and religious entities. In order to avail of such exemption, the entity is required to make an application for registration under section 12A in form No. 10
In a bid to prevent a slowdown in investments in the mutual fund(MF) sector, the Association of Mutual Funds of India (Amfi) has mooteda proposal to market regulator Sebi that the July 2 deadline of makingPAN card compulsory be staggered or introduce
Omission or negligence on the part of an assessee to disclose properparticulars of his income-tax returns would not necessarily constitutea deliberate act of suppression to invite punitive action from taxofficials, the Supreme Court has ruled. Concea
Theprocess of electronically filing Income tax returns through theinternet is known as e-filing. It is mandatory for Companies and Firmsrequiring Section 44AB audit to submit the Income tax returnselectronically for AY 2007-08. Any Company and Firm r
The Income Tax department should be "friendly and courteous" towardsthe tax-payers while recovering levies, Union Finance Minister PChidambaram said on Friday. Inaugurating a Rs 38 croremulti-storeyed tower for the department
Click on the link below to downloadhttp://www.caclubindia.com/files_display.asp?files_id=705
Settlement Commission four Members appointed30 May 07F.No. A.12026/1/2005-Ad.IGovernment of IndiaMinistry of FinanceDepartment of RevenueDated : May 30, 2007OFFICE ORDER NO 152/2007The President of India is pleased to appoint Shri Raj Kishore, Chief
Acceptance of returns of income/ fringe benefits in paper form for assessment year 2007-08 in case of firms liable to audit under section 44AB and companies - reg. May, 29th 2007 Circular No. 03 / 2007F.No. 153/75/2007-TPLGovernment of IndiaMinistry
MUMBAI: Eight per cent taxable bonds, floated by the Government in 2003, will attract tax deduction at source (TDS) from today on interest exceeding Rs 10,000 in a year. "Tax is required to be deducted at source on the interest exceeding Rs 10,000 pa
Master GSTR-9 and 9C with India's First Unique Live Course with Live practical training