- Wednesday, March 4, 2009, 2:06
- GST
The Tamil Nadu government cannot claim precedence over properties of a sales tax defaulter who has secured bank finance unless the Sales Tax Act had a specific Provision creating first charge (first call on Property) in favour of the government, the Madurai bench of the Madras High Court ruled on Monday. Justice Chitra Venkataraman, allowing [...]
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- Tuesday, March 3, 2009, 7:48
- Income Tax
Notification No. 16/2009, dated 13-2-2009 In exercise of the powers conferred by section 46 of the Wealth-tax Act, 1957 (27 of 1957), the Central Board of Direct Taxes hereby makes the following rules further to amend the Wealth-tax Rules, 1957, namely :— 1. (1) These rules may be called the Wealth-tax (Second Amendment) Rules, 2009.
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- Wednesday, October 10, 2007, 7:30
- Income Tax
Under the latest provisions, any sum of money received without consideration (in excess of Rs 50,000), by an individual or Hindu Undivided Family (HUF), during a financial year, are taxable in the hands of the recipient. For the purpose of computation of the threshold limit of Rs 50,000, the aggregate value of gifts received from all sources by the recipient needs to be considered.
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