A number of trusts, societies and other organization avail exemption under Section 11 or Section 10(23C) by virtue of having income derived from property held under trust wholly for charitable or religious purposes, to the extent of the application of such income. Background of amendment Section 2(15) of the Act defines the term ‘Charitable Purpose’, […]
The Reserve Bank on Friday announced steps to inject an additional Rs 20,000 crore (Rs 200 billion) into the system, a move that would pave the way for further cut in interest rates and more funds for credit disbursal. As part of decisions, forming the second stimulus package finalised jointly with the government, RBI announced […]
Dismissing an appeal filed by the income-tax department recently, a bench headed by Justice S H Kapadia upheld the Delhi High Court judgement, which said the compensatory interest received as subsidy by the Punjab National Bank (PNB) from the RBI for giving concessional loans to exporters did not amount to interest tax chargeable under the Interest Tax Act, 1979.
MUMBAI: From now on, tax cannot be levied on the money paid by a builder to a housing society or private individual for redevelopment of property, the Income Tax Appellate Tribunal (ITAT) has said in a recent order. The verdict is expected to give a boost to the redevelopment business in Mumbai which has over […]
Follow these tips and you will definitely have a much faster and more reliable PC! Most of the below tips works for windows XP. 1. Wallpapers: They slow your whole system down, so if you’re willing to compromise, have a basic plain one instead! 2. Drivers: Update your hardware drivers as frequently as possible. New […]
This is the era of high spending. The truth is today people spend more than their grandparents or parents ever did. Increasing incomes, the desire to own a house in one’s early twenties, the availability of variety in lifestyle and brand choices, a booming economy, a growing number of entrepreneurs, new business establishments, etc, are […]
Somesh Arora, Commissioner of Customs (Rtd) THE party time for Special Economic Zones may well be over before it has actually begun. With that will be over the worry lines for Revenue Department, which was spending sleepless nights over purported loss of revenue because of more than 500 approved zones and more than 250 already […]
Its almost 2009 and we would have already started preparing the papers for the income tax filing for year 2008-2009 and so we will be looking for the ELSS funds to invest , I’m already getting mails from so many of you asking which ELSS fund to invest , What I have done here is […]
Equity as an asset class outperforms all other asset classes in the long run. True. But, how do you pick the right company? It’s always important to spend time in knowing a company, its business, financial health and prospects. But do you have the time, resources and energy to study about 1,400 companies listed on […]
The IT authority does not assume any power to enter the business premises/Office of the CA/Lawyer/Tax Practitioner to conduct survey under section 133A of IT Act in connection with survey of the premises of their client unless the client state in the course of survey that his books of account/documents and records are kept in the office of his CA/ Lawyer/Tax Practitioner.
