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Income accruing to VCF / VCU to be taxed on accrual basis
News & FAQs | By ALOK PATNIA | Mar 31, 2012
Section 115U provides that income, in the hands of the investor through VCF / VCC is taxed in like manner and to the same extent as if th...
No tax on gifts to HUF – Budget 2012
News & FAQs | By ALOK PATNIA | Mar 31, 2012
This article brings into spotlight the benefits endowed upon HUFs via Budget 2012 proposals. Receipt of gift by HUF excluded from tax u/s...
Cash Credits & Unexplained Income – Sec 68 – Budget 2012
Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 30, 2012
Existing provision of Sec 68 mandates that where any income is found in the books of assessee as credited or unexplained in the previou...
Hike in Interest Rate of PPF to 8.8% – w.e.f 1st April 2012
Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 29, 2012
Government is on a drive to hike interest rate on small savings scheme i.e, on PPF (Public Provident Fund) which will be effective from 1...
Budget 2012 – Alternate Minimum Taxes for All
News & FAQs | By ALOK PATNIA | Mar 26, 2012
Under the existing provisions of Income Tax Act, 1961 AMT (Alternate Minimum Tax) was applicable only on Limited Liability Partnerships (...
Sec 35CCD – Expenditure on Skill Development Projects
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Mar 26, 2012
APPLICABILITY – Where a Company incurs any expenditure (except expenditure in the nature of acquisition of any land/building) on any sk...
Sec 35CCC – Expenditure on Agricultural Extension Projects
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Mar 26, 2012
APPLICABILITY – Where an assessee incurs any expenditure on agricultural extension project notified by the Board in this behalf in acco...
Budget 2012 – TDS – Amendments and Implications
News & FAQs | By ALOK PATNIA | Mar 26, 2012
Newly Inserted Sections Section 194LAA Section 194LC Amendments in existing Sections Section 193 Section 194E Section 194J Section 194LA ...
Budget 2012 impact on Individuals
News & FAQs | By ALOK PATNIA | Mar 22, 2012
Budget 2012 announced by honourable Finance Minister will have impact on individuals also, be it salaried individual or self-employed. ...
Income Tax Slab for Individuals – FY 2012-2013 (AY 2013-2014)
News & FAQs | By ALOK PATNIA | Mar 21, 2012
The Union Budget 2012-2013 announced by Finance Minister Pranab Mukherjee has amended the tax slab for Individuals. With regard to Indivi...
No More Presumptive Taxation Scheme for Professionals -44AD – Budget 2012
News & FAQs | By ALOK PATNIA | Mar 20, 2012
Budget 2012 has barred professionals for availing section 44AD (Presumptive Taxation Scheme) and the crucial thing is that it is proposed...
Scope of Invesment Linked Deductions – 35AD – Extended
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Mar 19, 2012
One of the landmark inclusions in Budget 2012 features investment linked deduction of capital expenditure incurred in the following busin...
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