Archive for June, 2008

WIRC has launched a new Toll Free Line 180022 8009, Public, Members & Students are requested to take advantage of the new toll free line. Full Article

The Finance Ministry has come up with a dispute resolution scheme as a one-time measure for quick resolution of disputes involving small service tax amounts up to Rs 25,000. However, cases involving non-payment of service tax after having collected the same from clients/customers are not included in the scheme. This compounding scheme would be in operation from July 1 to September 30. It would also not apply to cases where the tax arrears includes service tax amount .. Full Article

Section 54EC of the Income Tax Act, 1961 provides exemption from long-term capital gains tax provided an assessee invests within six months after the sale of his property in long-term specified assets. The Finance Act 2007 limited such exemption to Rs 50 lakh in any financial year. Some overzealous tax assessing officers seem to interpret this as a one-time exemption up to Rs 50 lakh only. Such an interpretation will prevent anyone taking advantage of a property sale, fo.. Full Article