Income Tax : Now-a -days most of the employers, especially the companies have been providing loans to their employees for the purpose of purcha...
Income Tax : The word ‘Gratuity’, has not been defined in the Income-Tax Act, 1961(the Act). In the absence of any definition of ‘Gratuit...
Income Tax : Recently, I was approached by a multi-national company for an opinion regarding tax-treatment of the expenses reimbursed by the co...
Income Tax : There are a number of entities, the income / surplus of which is governed by the principle of mutuality and therefore, such income...
Income Tax : Of late, the concept of Transferable Development Rights (TDRs) has been very much in vogue, in regard to the developers and builde...
As is well known income-tax is deducted at source in respect of income from ‘Salaries’. As the income of salaried tax-payers is fixed, they are more susceptible to inflationary pressures. Therefore, there have been progressive attempts on the part of the Legislature to grant more and more relief to salaried tax-payers. In order to subserve the aforesaid objective, a number of exemptions and deductions in respect of various allowances and other receipts,
Co-operative banking is being aided and encouraged by the State Governments vide the various provisions of State Co-operative Societies Acts. A co-operative bank is a co-operative society, which is union of persons established according to the principles of equality, the number of whose members is unlimited and the purpose of which is, by joint performance of economic acts, to improve the financial position of its members or the condition under which they carry on their profession,
Ten year tax holiday is available under section 10A to certain undertakings in free trade zones, electronic hardware technology parks, software technology parks or in special economic zones. The exemption is however subject to fulfillment of certain conditions. What are these conditions and how to meet them to avail the maximum benefit is explained by the learned author. Some doubts which normally arise or which the Assessing Officer may raise are also dealt with properly which may help in arranging the affairs.
number of foreign companies have established their liaison offices in India. The liaison offices of these foreign companies engage a number of employees in their offices in India. Some of the employees are deputed to these liaison offices by the parent companies from abroad. Such expatriate employees continue to be on the pay-roll of the parent company also and the parent company continues to pay them a part of salary in lieu of retainership, etc.
The present opinion relates to the issue whether expenditure on repairs and renovations by the employer, in respect of an accommodation occupied by the employee, could be brought to tax as a perquisite in the hands of the employee. This opinion is being provided, because there are situations where the employer has to incur expenditure on repairs and renovations in respect of an accommodation leased for providing rent-free accommodation to the employee.
The Finance Act 1995 has introduced a new chapter XIV-B in the IT Act with a view to providing a special procedure for assessment of search cases with effect from 1.7.1995. As per the Memorandum explaining the provisions of the Finance Bill 1995, in the old Scheme; valuable time was lost in trying to relate […]
The Finance (No.2) Act 1998 has made far-reaching changes in the provisions of Income-Tax Act 1961 relating to the taxation of educational and medical institutions. The reasons for the same, as stated in the Finance (No.2) Bill 1998, are as follows:
COMPENSATION BY WAY OF DAMAGES FOR BREACH OF CONTRACT FOR SALE OF LAND –WHETHER LIABLE TO INCOME-TAX? The expression ‘contract for sale’ is defined in S.54 of the Transfer of Property Act (T.P. Act). As per S.54 of the T.P. Act, a contract for the sale of immovable property is a contract that sale of such property shall take place on terms settled between the parties. It is important to note that a contract for sale, does not, by itself, create any interest in or charge on such property.
In a free market economy, competition plays a vital role in commerce, trade and industry. While healthy competition is a sine qua non of growth and development of business in such an economy, unbridled, unfair and cut-throat competition can also ruin a businessman. It may happen that a person occupying a senior post a business organization is in possession of certain valuable trade secrets of that organization.
Incentive Deduction U/s 80-I of the I.T. Act – A Typical Example Of What One Arm Of The Government Gives, The Other Takes Away- S.80-HH grants incentive to the tax-payer for establishing an industrial undertaking (I.U., for short) or a hotel in backward areas. S.80-HHA grants similar incentive for establishing small scale I.U. in certain areas. S.80-I grants incentive deduction to new I.U. started after a certain date and S.80-IA grants incentive deduction in respect of new I.U. in certain cases.
