income tax purposes

Salaried employees may burn a hole in their pockets with the Government all set to impose tax on all perks –residential accommodation, conveyance and others -- paid for by the company, under a new law that replaces the already abolished Fringe Benefit Tax. Perquisites given by the employer such as residential accommodation, conveyance facility and other benefits to the family of the employee could soon be added to their salary for income tax purposes and the Governme.. Full Article

The ITAT dismissed the appeal of the Revenue and the assessee by holding that the discount on stock options was notional in nature and was not deductible either in the year of grant or in the year when the option is exercised by the employees. In reaching the conclusion, the main consideration by the ITAT was the argument that the difference between market price and grant price is only a notional expenditure. Where ESOPs are granted by overseas parent companies and the d.. Full Article

Section 43B can only be invoked when the assessee claims deduction for any sum payable by way of tax or duty, under any law for the time being in force, and, as such, where no such deduction is claimed nor charged made to the profits and loss account, there is no question of disallowing the amount. Full Article

Companies Act, 1956 A company is required to maintain its books of account and vouchers for a period of 8 years immediately preceding the current year. Licensed Companies u/s 25 of The Companies Act, 1956 is required to maintain its books of account and vouchers for a period of not less than 4 years. The [...] Full Article