Income Tax : Discover the tax benefits for senior and very senior citizens for FY 2022-23, including higher exemption limits, interest deductio...
Income Tax : Article discusses Meaning of Cost Inflation Index (CII) which is used for Computation of Long Term Capital Gain. Cost Inflation in...
Income Tax : Section 54EC of the Income Tax Act, 1961 provides exemption from long-term capital gains tax provided an assessee invests within s...
Income Tax : Under the latest provisions, any sum of money received without consideration (in excess of Rs 50,000), by an individual or Hindu U...
Income Tax : Under the provisions of Section 56(2)(vi) certain gifts are liable to income tax as income from other sources. However, this provi...
Income Tax : Calculate Long term capital gain on sale of capital Assets other then shares with the help of Indexation.- We have given below the...
Income Tax : National Securities Depository Limited (NSDL) processes PAN and TAN applications on behalf of Income Tax Department. With a view t...
Income Tax : As many as 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai....
Income Tax : Tax defaulters beware! With tax recovery to the tune of more than Rs one lakh crore held up for lack of information about the wher...
Goods and Services Tax : Though the Goods and Services Tax (GST) bill has been tabled in the Lok Sabha, the Gujarat government today said in the state Asse...
Service Tax : The making and sale of advertising materials for customers in the form of banner or hoarding or film-slide, etc. is `advertisement...
Income Tax : Search & seizure action u/s 132 was undertaken at the assessee’s premises. Thereafter an order of provisional attachment u/s 281...
Income Tax : 6. We have verified the orders and heard:the rival contentions. There is no dispute that there was a qualification in the auditors...
Income Tax : 3. We have duly considered the rival contentions and gone through the records carefully. Learned Assessing Officer as well as lear...
Income Tax : 10.1 It is the common stand of both - the applicant and the Revenue, that the nature of income arising from the transfer of the ap...
Goods and Services Tax : Considering the genuine difficulty faced by the Trade in this respect, the instructions contained in Trade Circular No.8T of 2005 ...
Income Tax : Ministry of Law & Justice, Department of legal Affairs, New Delhi Notification Dated : 3rd June 2009 GSR 889 (E). In exercise of t...
Finance : Accounting for taxes on income – Accounting Standard 22 – Treatment of deferred tax assets (DTA) and deferred tax liab...
Income Tax : Notification No. 47/2009 - Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Incom...
Income Tax : CIRCULAR NO. 02 / 2009 One of the fundamental principles of financial accounting is that if a person claims credit for payment o...
But with that, comes a range of terms which can be difficult to understand. Read our glossary to learn more: Accounting information systems: Computerised accounting systems are essential for all organisations these days. An information systems strea
The government’s move to offer fresh excise duty exemptions to companies already enjoying a tax holiday in Himachal Pradesh and Uttarakhand is blatantly wrong. It does damage to the goal of having a harmonised goods and services tax, to the economic
Since no Reserve Fund has been opened in the Public Account of India for the purpose of crediting the 1% Secondary & Higher Education Cess for expenditure towards related schemes/prgorammes, the expenditure provision for Department of School Educatio
Indian American owners of convenience stores have joined hands with the Coca-Cola company and the American Beverage Association against the proposed Federal soft drink taxes of an extra one-cent an ounce. A decision in this regard was taken at the Si
The Income Tax department is probing the source of investments in the real estate firm Ireo for alleged violations of FDI norms and evasion of taxes in bringing a whopping Rs8,000 cr through tax havens.The Income Tax department is probing the country
The Income Tax department is expecting to collect Rs 5,000 crore as taxes from the payments and salaries relating to award of contracts and payments made by various agencies in the Commonwealth Games .
The direct taxes code (DTC) approved by the Cabinet gives a reprieve to special economic zones, or SEZs, till 2014 from the proposed regime, but has imposed a 20% minimum alternative tax, which is likely to be opposed by the industry.
The decision to hike Minimum Alternate Tax (MAT) rate to 20% from 18% now is being seen as a retrograde step by tax experts. However, the Direct Tax Code (DTC) as a whole, which the government plans to introduce in Parliament on Monday, is being seen as a step towards taking the Indian direct taxation system to global standards, tax practitioners and top company officials said.
76. Whether expenditure incurred on prizes/rewards to employees for achievements is liable to FBT? Any expenditure incurred on prizes/rewards to employees for achievements would fall within the scope of clause (E) of sub -section (2) of section 115WB relating to employee welfare and accordingly be liable to FBT. 77. Whether expenditure incurred on transportation facility […]
51. Whether expenditure incurred during in-house employee training would be considered as conference expense and liable to FBT? The FBT is not envisaged for levy on the expenditure incurred for the purposes of imparting in-house training to employees. However, FBT would be payable on any expenditure incurred towards food and beverage, tour and travel, and […]
