Articles

The Art of Writing a Powerful Resume

A ‘Resume’ is like a marketing brochure that highlights the skills and potential of the candidate. ‘Resume’ and ‘Curriculum Vitae’ generally mean the same thing. However, in certain cases, a CV is longer and contains more details like publications, speaking engagements, affiliations and continuing education....

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Posted Under: Finance |

Note on CBDT’s Circular No.4/2007 regarding Nature of Income on Sale of Shares

As pointed out earlier, normally any profit and gain on the sale of shares held as a stock-in-trade is treated as business income, which is liable to tax at the rate of 30%. On the other hand, any gain made on the sale of shares held as investment is normally liable to tax at the rate of 10%....

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Posted Under: Finance |

Family partition of HUF as per amended Hindu Succession Act is recognised u/s 171 of I-T Act

BRIEFLY stated facts of the case are that the Assessee is a Hindu Undivided Family consisting of Shri P.C. Ramakrishna, his wife and his two daughters. There was an oral total partition of H.U.F. on 16.9.1994 between Sri P.C. Ramakrishna, his wife and two daughters. Under this oral partition, the two daughters were allotted Rs.12,50,000/ ...

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Posted Under: Finance |

Know all about Letter of Credit (LC)

Letters of credit are commonly used to reduce credit risk to sellers in both domestic and international sales arrangements. By having a bank issue a letter of credit, in essence, one is substituting the bank's credit worthiness for that of the customer....

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Posted Under: Finance |

CBDT’s Circular No.4/2007 – Does not serve the intended purpose

In order to understand the implications of the aforesaid Circular in the correct perspective, it would be necessary to understand the meaning of certain terms as provided under section 2 of the Income-Tax Act, 1961 (the Act). The same are discussed...

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Posted Under: Finance |

Landmark SC judgement in relation to Section 9 of Income-Tax

Recently, the Supreme Court has rendered a landmark judgement, dated 4.1.2007, in the case of Ishikawajima-Harima Heavy Industries Ltd. Vs. DIT [2007] 288 ITR 408 (S.C.): 207 CTR 361(S.C.). This judgement has thrown new light in respect of the expression ‘Income deemed to accrue or arise in India’, as contemplated under section 9 of t...

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Posted Under: Finance |

TDS in respect of payments to non-residents

Of late, it has been observed that with the growth of the economy of the country the number of transactions of the tax-payers in India with non-residents have been increasing. Such transactions may relate to supply of plant and machinery from abroad, technology transfers, provision of technical and consultancy services by non-residents, e...

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Posted Under: Finance |

Fringe benefits, by way of gift, voucher or token to employees

Recently old Rule 3 of the I.T. Rules, 1962, regarding valuation of perquisites, has been substituted by a new Rule, vide Notification No. S.O. 940(E), dated 25.9.2001. Sub-rule (7) of new Rule 3 deals with other fringe benefits or amenities in terms of the provisions of S. 17(2)(vi) of the I.T. Act, 1961. Clause (iv) of sub-rule (7) of R...

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Posted Under: Finance |

Tax-treatment of payment by an employer to employees’ pension scheme

Of late it is becoming difficult for the employers to retain their top-level employees. Therefore, the employers are trying to provide additional benefits for such employees. In the present scenario most of the senior level employees are very much concerned about their post-retirement benefits viz. pension or some kind of other annuity af...

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Posted Under: Finance |

Valuation of perquisite in respect of housing accommodation provided to Staff

Recently, the Supreme Court has rendered a very important judgement in respect of valuation of perquisite regarding housing accommodation provided by an employer to its employees, in the case of Arun Kumar and Others Vs. Union of India [2006] 286 ITR 89 (S.C.). In this case, the validity of rule 3 of Income-Tax Rules, 1962(the Rules), as ...

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Posted Under: Finance |
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