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Finance Lease & Operational Lease is distinct from each other
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 1, 2012
CIT vs. The Instalment Supply Ltd (Delhi High Court) The assessee bought 1614 items of computer systems for Rs.40 lacs from HCL Hewlett P...
Income Tax Disputed amount raised to Rs 4.37 lakh crore
News & FAQs | By ALOK PATNIA | May 1, 2012
There has been a sharp rise in 2011of amount of money locked in income tax disputes. The disputed amount locked with Income Tax departmen...
Who can verify & sign Income Tax Return?
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 1, 2012
Finalization of document requires signing in order to make it a valid document. Similarly, Income tax return is required to be mandatoril...
Is Legal Consultancy Services Taxable?
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 1, 2012
Legal Consultancy Services means any service provided or to be provided –        i. To any person, by a business entity in re...
How to determine Residential Status of Individual?
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 1, 2012
We all are aware of the fact that tax is charged on total income and the Individual income is taxed based on his residential status . Ult...
New Process of Filing Tax Return Becomes More Taxing
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 1, 2012
According to The Economic Times: The Finance Bill 2012Â proposes that new process of filing tax return is becoming more taxing.One shoul...
Taxable Perquisite in Respect of Interest at a Concessional Rate
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 27, 2012
The benefit of interest free loan or loan at concessional rate of interest is given to an employee (or to any member of his household) is...
Taxability of free meals or concessional meals received from the employer
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 27, 2012
Free meals or concessional meals benefit provided by the employer gets taxable in the hands of the employees as perquisites. Perquisites ...
Exemption on retirement benefits to private PF trusts may extend till March 2013
News & FAQs | By ALOK PATNIA | Apr 27, 2012
Income tax exemption on retirement benefits to private PF trusts is likely to extend by the Finance Ministry for the current fiscal. Curr...
Business Auxiliary Services – Is it taxable?
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 27, 2012
Business Auxiliary Services – It means any service in relation to – Promotion or marketing or sale of goods produces or provided by o...
10 Common mistakes made while filing Income Tax Return
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 27, 2012
While filing Income Tax Return , assessees are required to be very careful and alert as they are always in a hurry while filing their ret...
Persons Entitled To Attend General Meeting
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Apr 27, 2012
A general meeting is a meeting of a company’s shareholders convened by formal notice. Under the Companies Act 2006 (section 307), p...
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