Tax Alert India

Clarification regarding purchasing an immovable property in India

noreply@blogger.com (Taxalertindia) — Fri, 17 Feb 2012 04:45:00 PST

Reserve Bank of India has made a clarification regarding purchasing an immovable property in India. RBI has made this clarification for non residents, who are established in India and need to...

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Revised softex procedure for export of goods and services in India

noreply@blogger.com (Taxalertindia) — Thu, 16 Feb 2012 04:43:28 PST

Reserve bank of India has revised the procedure for export of goods and services in India. RBI has made it simple to export the goods or services in India in softex procedure. RBI has isued a...

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Form 16 is Income Tax Return for Salaried Person Income Below 5 Lakhs

noreply@blogger.com (Taxalertindia) — Tue, 14 Feb 2012 08:56:59 PST

Finance Minister Mr. Pranab Mukarjee said on 24-05-2011 that no need to file income tax return for salaried person whose income is from salary and not from other sources, income 5 lakhs or below. But...

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Meaning of gross amount in service tax

noreply@blogger.com (Taxalertindia) — Mon, 13 Feb 2012 08:24:56 PST

Service tax department has clarified the gross amount in service tax department. Service tax department has issued a circular no. 150 dated 08-02-2012. In this circular service tax department cleared...

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INTEREST ON FIXED DEPOSIT CALCULATOR

noreply@blogger.com (Taxalertindia) — Sun, 12 Feb 2012 07:24:17 PST

As the name suggests it's an investment in which one has get the fixed amount of interest on its deposit.It's the investment for very less risky person who wants their money in very safe hands.The...

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Changes in the verification of TAN account

noreply@blogger.com (Taxalertindia) — Fri, 10 Feb 2012 01:23:34 PST

Tin.nsdl has changed the procedure of verifying the TAN accounts. There was some confusions and doubt in the earlier method so the Tin has changed the procedure. The new procedure is as follows....

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Section 69 of income tax act about unexplained investment

noreply@blogger.com (Taxalertindia) — Wed, 08 Feb 2012 05:47:38 PST

Where an assessee had made investments but failed to record them in books of accounts if any maintained by him for any source of income, the value of such investments is deemed to be his income...

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Capital gain exemption in section 54EC of income tax act

noreply@blogger.com (Taxalertindia) — Tue, 07 Feb 2012 06:29:09 PST

The property business is on a high now days and people are getting good profits in this business. But often they do not invest it in good place and need to pay high capital gains on these profits....

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EXCEL BASED SALARY CALCULATOR FOR FIRMS

noreply@blogger.com (Taxalertindia) — Mon, 06 Feb 2012 03:46:33 PST

Salary calculator:- In a firm or small company where the number of employees are upto 50, there is always a need of a salary calculator which can calculate the salary of full month. Because...

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Capital gain on sale of long time residential property section 54

noreply@blogger.com (Taxalertindia) — Sat, 04 Feb 2012 23:41:18 PST

Capital gain on sale of long term residential property under section 54 of income tax act.Exemption provisions in respect of capital gain arising on the sale of residential house are described as...

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Section 14 A about deduction for expenditure to exempted income

noreply@blogger.com (Taxalertindia) — Fri, 03 Feb 2012 00:11:28 PST

No deduction for an expenditure incurred in relation to exempted income under section 14A of income tax act: - no deduction allowed in respect of expenditure incurred by the assessee in relation to...

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Income tax section 10(2) exemption on receipts by members from HUF

noreply@blogger.com (Taxalertindia) — Thu, 02 Feb 2012 03:38:15 PST

Receipts by members from H.U.F:- any sum received by an assessee in his capacity as a member of a H.U.F is exempt from tax to avoid double taxation as H.U.F is also assessable separately on its...

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Bad tax planning and bad investment

noreply@blogger.com (Taxalertindia) — Wed, 01 Feb 2012 00:56:20 PST

The main and complex work for any serviceman or businessman is to work on tax planning. Every person wants to save tax and do some investments from which one can save the tax liability. But this is...

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CBDT has extended last date of submission of ITR V to 31 March 2012

noreply@blogger.com (Taxalertindia) — Tue, 31 Jan 2012 03:31:42 PST

CBDT( Central board of direct taxes) has extended the last date of submission ITR-V for A.Y 2011-12 up to 31-03-2012 or 120 days from the date of upload whichever is later. CBDT has...

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Section 80IC of income tax act about deduction on undertaking

noreply@blogger.com (Taxalertindia) — Wed, 25 Jan 2012 22:52:08 PST

Deduction in respect of certain undertakings or enterprises in certain special category states under section 80 IC of income tax act. Assessee eligible for deduction: - every assessee is eligible...

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Section 44AB of income tax act case and penalty provision

noreply@blogger.com (Taxalertindia) — Tue, 24 Jan 2012 05:30:31 PST

Whether for the purpose of attracting section 44AB, receipt of an assessee by way of sale or trading business and receipt for doing job work can be clubbed for the purpose of finding out whether...

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Indian custom rules 2012

noreply@blogger.com (Taxalertindia) — Mon, 23 Jan 2012 07:54:01 PST

Many of us don't know the custom rules and regulation which result to never think about the business of import and export. The overseas market may be very good for the product which is currently sold...

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Capital gain on lease and sub-lease

noreply@blogger.com (Taxalertindia) — Sat, 21 Jan 2012 23:40:03 PST

Whether transfer of lease hold right in a property by an assessee by way of a sub-lease to another person would amount to transfer, attracting capital gain? Facts of the case: - the assessee has...

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Selling own land after plotting is business income or capital gain

noreply@blogger.com (Taxalertindia) — Fri, 20 Jan 2012 04:35:15 PST

Whether selling of own land after plotting it out in order to secure better prices, in an advantage of trade or business? Facts of the case: - the assessee received certain agricultural land by way...

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Prosecution can be ordered in the case of late payment of TDS

noreply@blogger.com (Taxalertindia) — Thu, 19 Jan 2012 01:59:33 PST

Whether on company’s default to deposit TDS within the prescribed time, prosecution can be ordered against such company even though a company is not a natural person? Facts of the case: - the...

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QUOTE PAN IN TDS TRANSACTIONS OR PAY HIGHER TAX

noreply@blogger.com (Taxalertindia) — Wed, 18 Jan 2012 08:02:57 PST

Get ready to cough up higher tax upfront from the next fiscal in case you do not quote the Permanent Account Number (PAN) in transactions subject to tax deduction at source. “Tax...

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Recovery of less TDS deducted Rule

noreply@blogger.com (Taxalertindia) — Tue, 17 Jan 2012 04:10:53 PST

Whether the department could again recover tax from the deductor of tax at source on income which has been fully assessed in the hands of the deductee recipient? The assessee company hired warehouse...

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Foreign investors can directly invest in Indian share market

noreply@blogger.com (Taxalertindia) — Mon, 16 Jan 2012 08:20:26 PST

SEBI has allowed qualified foreign investor to invest directly in Indian share market. SEBI has issued a circular no. 3/2012 dated 13-01-2012 about this issue. SEBI has given complete...

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Advance tax calculator for financial year 2012-13

noreply@blogger.com (Taxalertindia) — Sun, 15 Jan 2012 00:23:50 PST

Finance minister has announced that advance tax liability will be in the case of tax liability is higher than 10000 rupees. So there is the change in the advance tax calculations. So with this...

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INCOME TAX RULE ABOUT RENT FREE ACCOMMODATION

noreply@blogger.com (Taxalertindia) — Wed, 11 Jan 2012 08:31:08 PST

Rent free accommodation is taxable under section 17 (2) (1) of income tax under perquisite. The value of rent free accommodation provided to the assesse by the employer is a...

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