tax burden

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Budget 2011- FM to present Budget on Feb 28; Industry and tax-payers hopeful

Income Tax - Finance Minister Pranab Mukherjee is set to present his sixth national budget Monday, with people hoping for measures that will help them brave high prices and industry expecting steps that would spur demand and reduce tax burden . ...

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Consultation on DTC over, new structure may be finalised soon

Income Tax - The government is through with the consultation process on the proposed direct taxes code and the contours of the new tax structure could be finalised soon, a top government official said on Wednesday. The process of consultation is almost complete," finance secretary Ashok Chawala told reporters on the sidelines of a Federation of Indian...

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Perquisites for salaried will be taxed from April 2009

Income Tax - 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...

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Assocham asked to raise the tax exemption limit for Individuals to 4 lakh and for senior citizens to 5 lakh

Income Tax - Industry body Assocham today asked the government to raise the tax exemption limit on personal income from Rs 1.6 lakh per annum to Rs 4 lakh per annum and for senior citizens up to Rs 5 lakh per annum. The industry body was giving its proposals on the draft direct taxes code which has been put in public domain by the government for comme...

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Bad news for salaried person: FBT abolished

Income Tax - Employees enjoying perks such as rent-free accommodation, cars, chauffeurs, credit cards and club memberships may have to pay tax on the value of these benefits, with the government proposing a shift in the tax burden on perquisites (perks) from the employer to the employee. Prior to FY06, employees paid tax on certain perquisites. Howev...

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Replacement expenditure is neither current repairs nor revenue

Commissioner of Income Tax, Madurai Vs M/S. Sri Mangayarkarasi Mills (P) Ltd (Supreme Court of India) - The assessee incurred expenditure on replacement of machinery in a textile mill and claimed the same as revenue expenditure on the ground that it was merely for replacement of spare parts in the spinning mill system and did not give rise to a new asset. In the books, the expenditure was capitalized....

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Recent Posts in "tax burden"

Budget 2011- FM to present Budget on Feb 28; Industry and tax-payers hopeful

Finance Minister Pranab Mukherjee is set to present his sixth national budget Monday, with people hoping for measures that will help them brave high prices and industry expecting steps that would spur demand and reduce tax burden . ...

Read More
Posted Under: Income Tax |

Consultation on DTC over, new structure may be finalised soon

The government is through with the consultation process on the proposed direct taxes code and the contours of the new tax structure could be finalised soon, a top government official said on Wednesday. The process of consultation is almost complete," finance secretary Ashok Chawala told reporters on the sidelines of a Federation of Indian...

Read More
Posted Under: Income Tax |

Perquisites for salaried will be taxed from April 2009

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...

Read More
Posted Under: Income Tax |

Assocham asked to raise the tax exemption limit for Individuals to 4 lakh and for senior citizens to 5 lakh

Industry body Assocham today asked the government to raise the tax exemption limit on personal income from Rs 1.6 lakh per annum to Rs 4 lakh per annum and for senior citizens up to Rs 5 lakh per annum. The industry body was giving its proposals on the draft direct taxes code which has been put in public domain by the government for comme...

Read More
Posted Under: Income Tax |

Replacement expenditure is neither current repairs nor revenue

Commissioner of Income Tax, Madurai Vs M/S. Sri Mangayarkarasi Mills (P) Ltd (Supreme Court of India)

The assessee incurred expenditure on replacement of machinery in a textile mill and claimed the same as revenue expenditure on the ground that it was merely for replacement of spare parts in the spinning mill system and did not give rise to a new asset. In the books, the expenditure was capitalized. The CIT (A), ITAT and High Court decide...

Read More

Bad news for salaried person: FBT abolished

Employees enjoying perks such as rent-free accommodation, cars, chauffeurs, credit cards and club memberships may have to pay tax on the value of these benefits, with the government proposing a shift in the tax burden on perquisites (perks) from the employer to the employee. Prior to FY06, employees paid tax on certain perquisites. Howev...

Read More
Posted Under: Income Tax |

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