Income Tax : Learn about the income tax benefits available to resident senior and very senior citizens, including higher exemption limits, dedu...
Income Tax : This article explains the advance tax provisions under the Income-tax Act, including liability thresholds, exemptions, and instalm...
Income Tax : The article outlines practical methods through which business owners and professionals can legally minimise their tax burden. It h...
Income Tax : HRA exemption and home loan deductions operate under separate sections of the Income Tax Act. Taxpayers may claim both under the o...
Income Tax : The revised content expands tax planning guidance for business setup by extending deduction analysis up to AY 2026-27 and Tax Year...
Income Tax : Trusts and institutions carrying out charitable activities will face more stringent taxation regime when the new direct taxes code...
Finance : Money managers, who have historically used dividends as a ploy to lure investors to tax-saving stock funds, are shying away from p...
Income Tax : Bhoruka Steel Limited (BSL) was incorporated in the year 1969. The company became a sick industrial company within the meaning of...
Income Tax : Wallfort Shares & Stock Brokers, a Five Member Special Bench of the Tribunal (96 ITD 1 (Mum) (SB)) and the Bombay High Court (310 ...
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.
We know that investment in residential property or Flats is one of the common investment avenue for individuals. Here we are trying to summarise the tax implication on sale of residential property and tax planning to save tax on the Capital Gain arising on the sale of such property.
Salient feature, Interest Payable, Rates, Periodicity, Minimum Amount for opening of account and maximum balance that can be retained, tax rebate available etc in respect of Post Office Savings Account , Post Office Savings Account , Post Office Time Deposit Account, Monthly Income Account (MIS), Senior Citizens Savings Scheme Account, 15 year Public Provident Fund Account (PPF), Kisan Vikas Patra, National Savings Certificate (NSS) (VIII issue) is been discussed below.
A non-convertible debenture is a fixed income instrument where the issuer agrees to pay a fixed rate of interest to the investor. The fixed-income instrument cannot be converted into equity of the issuing company and is very different from convertibl
That the First Party has appointed the Second Party to manage, sale and supervise preparation of items in accordance with the policies of Second Party through their agents, supervisors, employees and representatives.
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‘. The department’s SLP against the said judgement has been dismissed by the Supreme Court today, 6th July 2010.
Tax Planning :- Tax planning as a concept had at a point of time suffered degradation and for a while seemed to be a euphemism for tax evasion. This was the fall-out of some observations in McDowell’s case, [154 ITR 148 (SC)] especially in the separate opinion of Justice Chinnappa Reddy. But the libel did not stay too long. Sabyasachi Mukherjee, Justice of the Supreme Court salvaged its respectability by observing tax avoidance by genuine transactions is not evil.
Life Insurance provides risk cover which no other investment option offers. Following are the advantages of Life Insurance: It provides full protection against risk of death. Encourages and forces compulsory savings as the saved money cannot be withdrawn and premium has to be paid regularly. Provides loan to tie over a temporary difficult phase and is also acceptable as security for a commercial loan. Provides tax benefits to policyholders. Hedges risk against uncertainty.
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 cent tax on […]
The Madras High Court has ruled that tax planning as opposed to tax evasion has legal sanction, and if a dealer plans his transactions in such a manner that he pays less tax, it is not open to the revenue to subject him to a conscience audit or moral assessment. The power to lift the veil has to be exercised with great care and caution. Justice V Ramasubramanian on Friday allowing petitions by a registered dealer
