Articles on Tax, Corporate Law, Recent Judgement

Rates of Gold and Silver for Wealth Tax valuation Purpose - Valuation of Jewellery- Jewelry Includes: Ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not containing any precious or semi-precious stones, and whether or not worked or sewn into any wearing apparel. Full Article

Brief procedure for receiving Form 16A from TIN website: 1. Login to TAN Registration Account with user id, password and TAN. 2. Request Form 16A by carrying out verification by providing details of challan and deductees present in the TDS statement for which Form 16A is requested. 3. Form 16A will be provided on successful verification. 4. Two attempts within a day for successful verification are provided. 5. On successful verification, request number is generate.. Full Article

When the new financial year come up, part of the Indian corporate is fully energized to restructure their loan/debt portfolio. Yes this is the prime time for the Indian corporate to go for restructuring their huge outstanding loan books and increasing the debt of the bank which is the tax earning money of the government. Full Article

An assessee may have been allotted multiple PAN Card. The multiple PAN card may have been allotted to the Assessee for many reasons i.e. He may have applied multiple times for allotment of PAN and every time he has been allotted a PAN card or may have inadvertently allowed multiple PAN card by Income tax Department , NSDL or UTI. Assessee who have more than one PAN should immediately Apply for surrender of additional PAN number(s) allotted to them as having more than one.. Full Article

There are various ways of converting a firm to a company, viz; slump sale, itemized sale, admitting the company as a partner, dissolution thereof and on dissolution, business being taken over by the company etc.,. Being a topic with a very vast ambit an attempt has been made hereinabove to briefly discuss two alternatives. In view of the choices available. Conversion should be made in a manner appropriate to a particular situation and in a way which is most beneficial. Full Article

The basic difference between Tax Free Bonds and Tax Saving Bonds is Tax free Bonds yields Interest which is not taxable in the hands of Investor whereas in case of Tax Saving bonds it is chargeable to Tax in hands of Investor. Investor gets Deduction under Section 80CCF if he invests in Infrastructure Tax Saving Bonds up to Rs. 20,000 whereas same is not available in case of Tax free Bonds. Full Article

How can I update a deductee record? You can update deductee details viz; PAN of deductee, name, amount etc. Steps to update a deductee record are as under: Identify the challan corresponding the deductee record to be updated by its sequence no as per regular statement , CIN, deposit amount as per regular statement Identify the underlying deductee record to be updated by its sequence number as per regular statement under the challan identified as above. Full Article

In the Finance Bill 2012 section 44AD has been amended retrospectively w.e.f A.Y. 2011-12 to the effect that presumptive scheme under the said section is not applicable to persons carrying on profession as referred to in section 44AA(1) or persons earning income in the nature of commission or brokerage income or persons carrying on any agency business. Full Article