Income Tax - Organising your business in the form of Private Limited Company has got its own advantages such as Limited Liability of the owners, Perpetual existence, Better Image and credibility among stakeholders, separate legal entity and improved Borrowing Capacity and so on. A company enjoys better avenues for borrowing of funds. It can issue debe...
Read MoreIncome Tax - A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 60 years, his status as senior citizen in that financial year, gives him some relief .There are not many income tax exemptions available for senior citizens. ...
Read MoreIncome Tax - EXISTING AND EMERGING FRAMEWORK OF TAX PLANNING AND INTERNATIONAL TAXATION (LATEST AND SIMPLIFIED) Tax Planning assumes significance in a growing economy like India. We need concrete Tax Planning measures to strengthen our industries and savings. It is not tax evasion. Tax planning from salaried persons, pensioners and Corporate houses ar...
Read MoreIncome Tax - As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of advance tax. In this part you can gain knowledge on various provisions relating to payment of advance tax by a taxpayer....
Read MoreIncome Tax - Often, people opt into life insurance because of reasons that have to do with tax planning and saving. The importance of life insurance is not lost on anyone who has a family or dependents. Life insurance provides an essential financial shield for the family in the unfortunate event of the policyholder’s demise. So the decision [&hellip...
Read MoreIncome Tax - Trusts and institutions carrying out charitable activities will face more stringent taxation regime when the new direct taxes code comes into play from April 1, 2011.The new Code will particularly hit non-governmental organisations (NGOs). All NGOs and charitable trusts registered with the Tax Department may be required to fork out 15 per...
Read MoreIncome Tax - Money managers, who have historically used dividends as a ploy to lure investors to tax-saving stock funds, are shying away from payouts this year, as a savage share market decline limits distributable surplus. Only seven tax funds have announced dividends in 2008/09, compared to 20 last year. The March quarter, which typically sees hecti...
Read MoreM/s Bhoruka Engineering Inds. Ltd Vs The Deputy Commissioner of Income Tax (Karnatka High Court) - Bhoruka Steel Limited (BSL) was incorporated in the year 1969. The company became a sick industrial company within the meaning of SICA.It was proposed that 30 acres of land along with building and structure to be disposed of....
Read MoreCIT Vs. Walfort Share & Stock Brokers (Supreme Court of India) - Wallfort Shares & Stock Brokers, a Five Member Special Bench of the Tribunal (96 ITD 1 (Mum) (SB)) and the Bombay High Court (310 ITR 421 (Bom)) held that the ‘loss’ incurred by an assessee in ‘dividend-stripping’ transactions cannot be disallowed on the ground that it was ‘tax-planning‘...
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