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Tax Amendments won't Hit Foreign Funds
News & FAQs | By ALOK PATNIA | May 2, 2012
According to Business Standard: Amid concern that amendments in the Income Tax Act proposed in Finance Bill, 2012, would hit foreign inve...
Government's efforts of widening Tax base are not paying off
News & FAQs | By ALOK PATNIA | May 2, 2012
The government’s efforts to widen the tax base are not paying off as numbers of new tax payers added over the past three years show...
Voluntary Winding up of LLPs
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | May 1, 2012
As the name ‘winding up’ means putting an end to any business being conducted by an entity. Also, winding up of Limited Liability Par...
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...
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