Income tax Planning in respect of Salary Perquisites

Income tax Planning in respect of Salary Perquisites Posted: 21 May 2012 07:29 PM PDT For employees of large Indian and multinational companies, benefits go beyond salaries to include lifestyle perks such as company accommodation or club membership. Growth in business operations and competition for talent are now prompting even mid-sized companies to adopt the HR practices of such... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Create HUF to save tax & Format of HUF Creation Deed Posted: 21 May 2012 07:25 PM PDT KEY POINTS IN CREATION OF HUF AND FORMAT OF DEED FOR CREATION OF HUF 1. Under the Income Tax Act, an HUF is a separate entity for the purpose of income tax return. 2. The same tax slabs are applicable to HUF as to individual assessee. 3. You can not transfer your own assets/money into [...] [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Effect of Non Registration of Partnership Firm Posted: 21 May 2012 07:20 PM PDT This paper attempts to study the impact of non registration of firms i.e., partnership firms. The whole idea of the paper is that all others who are transacting with the firm must be aware of the constitution of the firm and thus the documents which are available with the registrar of companies are... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Wealth Tax – Rates of Gold & Silver with valuation rules Posted: 21 May 2012 06:11 PM PDT Rates of Gold and Silver for Wealth Tax valuation Purpose - Valuation of Jewellery- Jewelry Includes: Ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not containing any precious or semi-precious stones,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Procedure to receive Form 16A from TIN website Posted: 21 May 2012 05:31 PM PDT Brief procedure for receiving Form 16A from TIN website: 1. Login to TAN Registration Account with user id, password and TAN. 2. Request Form 16A by carrying out verification by providing details of challan and deductees present in the TDS statement for which Form 16A is requested. 3. Form 16A... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Empanelment with Patilputra Central Co-Operative bank for Audit Posted: 21 May 2012 12:16 PM PDT Patilputra Central Co-Operative bank for Statutory Audit invites Tender from CA /CA Frims for Audit of Its Head Office and Twenty Branches. Last date of Application is 24.05.2012 and more details can be found at http://prdbihar.gov.in/ [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Benefits granted to a charitable institution cannot be extended to its substantially amended objects Posted: 21 May 2012 11:35 AM PDT Registration granted under section 12A, on 12th February 1996, and the benefits flowing therefrom, cannot be extended to the amended objects of the society unless the DIT examines the same and comes to a conclusion that the registration under section 12A, can be extended to the revised objects,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] RBI issues warning on phishing mail Posted: 21 May 2012 10:07 AM PDT It has come to the notice of the Reserve Bank of India that an email has been sent in its name from mail id: alert@rbi.org and signed by RBI Online offering a 'new online security platform'. According to the mail, the 'new online security platform' offers to 'prevent online identity theft in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Black Money – White Paper May 2012 Posted: 21 May 2012 09:41 AM PDT Generation of black money and its stashing abroad in tax havens and offshore financial centres have dominated discussions and debate in public fora during the last two years. Members of Parliament, the Supreme Court of India and the public at large have unequivocally expressed concern on the issue,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Taxability of income in hands of a non-resident not a relevant consideration for treating a resident to be an agent of a non-resident Posted: 21 May 2012 12:11 AM PDT The provisions of section 163 of the Act do not require that, the liability of the non-resident to pay tax should be established before initiating proceedings under section 163 of the Act on a person to treat it as the agent or representative assessee of the non-resident. The purpose of section... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] A.O can not estimate Higher G.P. ratio without giving specific Reasons Posted: 21 May 2012 12:06 AM PDT In this case has not rejected the books results of the assessee, nor has given any specific reasoning why the GP rate adopted by the assessee should be disturbed. Assessee has shown GP rate 24.54%. 20.53% GP was accepted by the Tribunal in the assessee's own case in earlier years. Thus, nothing has... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] SEBI notifies SEBI (Alternative Investment Funds) Regulations 2012 Posted: 20 May 2012 09:00 PM PDT AIFs Regulations endeavour to extend the perimeter of regulation to unregulated funds with a view to systemic stability, increasing market efficiency, encouraging formation of new capital and consumer protection. Salient features of the AIF Regulations, inter alia, include the following: [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Risk Management and Inter Bank Dealings – A.P. (DIR Series) Circular No. 129 Posted: 20 May 2012 12:00 PM PDT A.P. (DIR Series) Circular No. 129 The current NOOPL of the banks as applicable to the positions involving Rupee as one of the currencies shall not include the positions undertaken in the Currency Futures/Options segment in the exchanges. The positions in the exchanges (both Futures and Options)...