accumulation

Until the amendment made by the Finance (No.2) Act, 2009, the gifts were taxed only on receipt of sum of money; i.e., cash or cheque or bank draft in excess of Rs.50,000 in a year by any individual or HUF. Now, gifts of immovable and certain movable properties will also be subject to tax if these are received without consideration or at inadequate consideration. In section 56(2), clause (vii) has been inserted w.e.f. 1-10-2009. The earlier provision was brought in with a.. Full Article

BRIC countries have always remained a favored destination for doing investments and getting good returns other that any other investments. Each day we hear a word called FII’s. They are the ones who make the stock market climb new heights. In this article of mine I will try to describe and bring forward one the FII’s who one of the major investor in BRIC economies. Full Article

Insurance companies have asked the government to shift to the new tax regime under the Direct Tax Code only for those policies sold after the proposed Code came into effect from April 2011. The draft code, circulated for public comments, had suggested that life insurance policies should be taxed at the time of maturity. So, the [...] Full Article

Trusts and institutions carrying out charitable activities will face more stringent taxation regime when the new direct taxes code comes into play from April 1, 2011.The new Code will particularly hit non-governmental organisations (NGOs). All NGOs and charitable trusts registered with the Tax Department may be required to fork out 15 per cent tax on [...] Full Article

The Government has now opened up its New Pension scheme to all between the ages of 18 and 55. It promises returns of over 14 per cent and offers the lowest fund management charges in the world. This is particularly relevant if you are employed with a private firm and have no existing pension benefits. [...] Full Article