INCOME TAX

TDS RATES 10-11 TDS RATE CHART 10-11 TCS RATE CHART INCOME TAX RATES SIMPLE TAX INDIA-TDS RATE INCOME TAX RETURN ITR 1-8

TDS RATES 10-11 TDS RATE CHART 10-11 TCS RATE CHART INCOME TAX RATES SIMPLE TAX INDIA-TDS RATE INCOME TAX RETURN ITR 1-8. [...]

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LOT SIZES FOR EQUITY DERIVATIVES CONTRACTS

The Securities and Exchange Board of India (SEBI) is planning to introduce lot sizes for equity derivatives contracts, based on the price range of the underlying stock. This will allow exchanges the freedom to decide on the lot size, and also spare SEBI the trouble of micro-management. Lot size is the number of underlying shares that form a equity futures or equity option contract. It is determined by the exchan [...]

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Allowability of exemption under section 54EC and transfer date

Allowability of exemption under section 54EC of IT Act, 1961 When there is no bar to take possession by an agreement and transfer can be treated to have taken place on the basis of an agreement and advance payments deposited in specified bonds as required under section 54EC, simply because the sale deed was executed later on, the assessee cannot be charged with default of violation of the provision of section 54EC [...]

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Genuineness of a gift transaction

The adverse facts inter alia that the donor has no house, no telephone number, no fixed deposit and no other immovable assets are not so material to hold the gift not a genuine one or sources thereof unsatisfactory so long as the immediate source of the gift is admittedly established to be from a third party. ITAT, AGRA BENCH, AGRA (THIRD MEMBER) Shri Avnish Kumar Singh v. ITO ITA No. 204/Ag/2006 April 30, 20 [...]

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Extension of date of filing of the tax audit report under section 44AB as well as filing of returns in the State of Maharashtra

Order under section 119 of the Income tax Act, 1961 - Extension of date of filing of the tax audit report under section 44AB as well as filing of returns in the State of Maharashtra Notification F.No. 225/163/2009-ITA.II, dated 29-9-2009 On consideration of the reports of local disturbances caused due to Swine Flu and riots in the Pune, Satara, Kolhapur and Sangli Districts of Maharashtra, the Centr [...]

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WORKS CONTRACT: HIGHWAY DEVELOPERS FEEL BUDGET BLOW

Highway contractors are feeling the heat of a Union Budget move that has taken away the benefit of a 10-year tax-break for all road projects undertaken as work contracts. The move is considered particularly harsh because the tax breaks have been withdrawn with retrospective effect from April 1, 2000. The matter was recently taken up at an inter-ministerial meeting of the Highways Ministry with officials from the Fi [...]

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NO MAILS FOR REFUNDS ISSUED FROM INCOME TAX DEPARTMENT

Press Information Bureau Government of India Tuesday, October 06, 2009 Ministry of Finance NO MAILS FOR REFUNDS ISSUED FROM INCOME TAX DEPARTMENT ____________ _________ _________ __ 18:14 IST Information has been received from several quarters that people are receiving electronic mails informing them of their income-tax refunds and seeking their credit card details. The e-mail is sent from the [...]

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