Income Tax Tax Provisions related to Pensioners and Senior Citizens

Income Tax Tax Provisions related to Pensioners and Senior Citizens Posted: 23 Jan 2012 08:00 PM PST Pension is described in section 60 of the CPC and section 11 of the Pension Act as a periodical allowance or stipend granted on account of past service, particular merits etc. Thus monthly allowance to the younger brother of a ruler was treated as a... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Taxability of Retirement Benefits Posted: 23 Jan 2012 08:00 PM PST On retirement, an employee normally receives certain retirement benefits namely Gratuity, Commutation of Pension, Leave Encashment, Retrenchment Compensation, Compensation on Voluntary Retirement, Payment from Provident Fund, Payment from... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Deductions Under Chapter Via Applicable to the assessees having income from salaries Posted: 23 Jan 2012 07:59 PM PST The Income Tax Act provides that on determination of the gross total income of an assessee after considering income from all the heads, certain deductions therefrom may be allowed. These deductions detailed in chapter VIA of the Income Tax Act must... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Income Tax provisions Related to Expatriates Working in India and Indian Residents Posted Abroad Posted: 23 Jan 2012 07:59 PM PST With the globalisation of the world trade and liberalisation of the Indian economy, the number of persons moving in or out of India in the exercise of their business, profession or employment is on the increase. As in most of the countries, the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Vodafone taxation case – I-T dept may not file review petition Posted: 23 Jan 2012 04:15 PM PST The income tax department may not go in for filing a review petition on the Supreme Court's judgement on the Vodafone taxation case. Top sources in the department said that a 10-member 'core committee', which has been specially constituted, will go... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Analysis of SC judgment in the case of Vodafone International Holdings B.V. Vs. UOI Posted: 23 Jan 2012 05:07 AM PST Vodafone International Holdings B.V. (VIHB), a Dutch based Vodafone entity, acquired a controlling stake in Hutchison Essar Limited [(HEL), now known as Vodafone Essar Limited VEL)], an Indian company, from Cayman Islands based Hutchison... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Income arising from sale of shares to be taxed as 'Long term capital gain' and not as 'Income from other sources' Posted: 23 Jan 2012 04:47 AM PST Smt. Amita Agarwal v. ACIT (ITAT Agra) -Assessee filed her return wherein income arising from sale of shares was shown as 'Long-term Capital gain' - Assessing Officer, however, brought said amount to tax under head 'Income from other sources' - On... [[ This is a content summary only. Visit www.taxguru.in for full article.]] If the working condition and responsibilities and nature of duties are same than all staff should be equally paid -HC Posted: 22 Jan 2012 09:19 PM PST Central Provident Fund Commissioner vs. Vs. Central Provident Fund Employees' Union (Delhi HC)- . Though some merit is found in the contention of the petitioner employer that the award does not render any finding of parity in educational... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICAI enters into an arrangement with TAXMANN to provide the contents of its website only at Rs.3500/- to the members of ICAI Posted: 22 Jan 2012 08:20 PM PST As an ongoing attempt to enable the members to keep pace with the latest developments in direct taxes, the Direct Taxes Committee of ICAI has entered into an arrangement with Taxmann, a reputed and a well known publisher, wherein Taxmann has agreed... [[ This is a content summary only. Visit www.taxguru.in for full article.]]