| Frequently asked question on Annual Tax Statement (ATS) What is the annual tax statement? The annual tax statement is a list that contains details about all the tax deducted at source (TDS) or tax collected at source (TCS) for a particular permanent account number. This amount may be deducted either by... |
| Bombay High Court admit appeal against Shah Rukh Khan The Bombay High Court on Wednesday admitted an appeal filed by the Income Tax (IT) department against actor Shah Rukh Khan for the tax deductions allowed on his income earned as the brand ambassador for Swiss luxury watch company Omega.The IT... |
| Direct Tax code will benefit more to people in higher income group From April 1, 2011, finance minister Pranab Mukherjee has proposed to simplify the income-tax regime by reducing the tax rates on incomes above Rs1.6 lakh per annum (Rs1.9 lakh for women, and Rs2.4 lakh for senior citizens), but the reduced rates... |
| Expenditure Not allowable under new direct tax code 2009 Under the Code, the following expenditure will not be allowed as a deduction in the computation of total income :-(a) any expenditure attributable to income which does not form part of the total income under this Code and determined in accordance... |
| New Direct tax code and welath tax provisions, exemption limit may increase to 50 crore The Code proposes to tax net wealth in the following manner:- ++ Wealth-tax will be payable by an individual, HUF and private discretionary trusts. ++ Wealth tax will be levied on net wealth on the valuation date i.e. the last day of the financial... |
| No Provision for Appeal to High Court in New direct tax code 2009 The new Code does not provide for any appeal to the High Court. Section 192 provides for an appeal to the National Tax Tribunal, from an order passed in appeal by the ITAT and Section 193 provides for an appeal to the Supreme Court from any order of... |
| Merit List of CA final and Pass percentage of Chartered Accountancy final and Final (New Course) A Chartered Accountant or 'CA' as commonly known, is a professional who has undergone high standards of theoretical education and practical training, and in the process, has passed final examination in Chartered Accountancy conducted by The... |
| Due date extended for completion of IT training for students appearing in PCE & IPCE November 2009 Examination Removing difficulties being faced by the students for successfully completing 100 Hours Information Technology Training before the commencement of November, 2009 Professional Competence Examination/Integrated Professional Competence... |
| Time limit for filing ITR-V extended to 60 days The Central Board of Direct Taxes had, vide circular No.3/2009 dated 21.05.2009, allowed assessees who file their income tax returns in electronic form without digital signature to submit their verified ITR-V form, within a period of 30 days,... |
| Expenditure on convertible debentures is deductible Income Tax Appeal No. : 8 of 2007, In the Case of: C.I.T. Udaipur V/S M/S Secure Meters Ltd., Date of Order: Date Of Order: 20.11.2008 , Decided by : High Court of Judicature for Rajasthan at Jodhpur SUMMARY OF THE CASE LAW The assessee incurred... |
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