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Income Tax - In this article we shall discuss what is a Hindu Undivided Family (HUF) or Joint Hindu Family (JHF) as per various laws. We shall trace the history and evolution of HUF/JHF and also discover how HUFs can help you save taxes! We shall also discuss on how to form an HUF and what are the various benefits/advantages of forming an HUF. ...
Read MoreIncome Tax - What Taxes shall you pay for Financial Year 2019-2020 – A complete tax guide for income tax computation In India, every year, the Finance Minister announces an annual Union Budget for the up-coming financial year. According to Article 112 of the Indian Constitution, the Union Budget of a year (referred to as the annual financial [&h...
Read MoreIncome Tax - Your spouse not only helps you in meeting your social and personal obligations but also helps you in saving income tax as well. There are certain tax benefits by way of which you can enhance you tax savings through your spouse. Let us discuss some of important provisions. Expenses incurred for your children Presently Indian […]...
Read MoreIncome Tax - In recent times, blogging has become one of the trending professions in the market. One of the major reasons behind it is income generating capacity of this profession. Bloggers can earn lakhs of rupees per month but most of the time they are unaware about the tax implications on their income. Hence today we are […]...
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 - 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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