Taxation & Law

All you wanted to know about GST

24 dec 2009

Probably the biggest tax overhaul system, which independent India has seen could be the introduction of Goods and Services Tax, leave apart the Direct Tax Code (which could replace the Income Tax Act, 1961).

Tax Liability for People Who Regularly Trade in Equity Shares

03 feb 2009

Over a long period of time, there has been a constant debate over whether regular trading in shares should amount to an individual being taxed as ‘Business Income’ or ‘Income from Capital Gains’.

LIC Jeevan Astha – taxable insurance?

29 jan 2009

LIC launched its much advertised policy, Jeevan Astha with great fanfare hoping to garner Rs.25000 crore in 45 days by delivering guaranteed returns. However the scheme ended with much below expectations by garnering just one-third of target amount.

Find out your Income Tax Circle / Ward

04 jan 2009

With the increasing usage of Internet for Income Tax related work including tasks such as applying for PAN / TAN or filing Income Tax return, the common problem being faced by many taxpayers/ assessees is how to find out their particular Circle/ Ward/ Range in which they need to file return with or are assessed with.

Income Tax website to have a new look

03 jan 2009

The official website of Income Tax department www.incometaxindia.gov.in is being revamped and modified to host a whole range of features and utilities. With the advent of online filing of returns, online payment of taxes, it had become imperative for the existing website to become more customer friendly with easily accessibility.

Calculating Advance Tax installment one should pay

19 oct 2008

Every individual investor who has a tax liability of Rs5000 and above is liable to pay installment of advance tax. Here is a check list of the points one should consider while paying the amount, inorder to avoid interest penalty.

Be relieved if you didn’t receive a Income Tax scrutiny notice, you won’t get it now this year

01 oct 2008

For all those income tax assessees who have filed their income tax returns for Assessment Year 2007-2008 (FY 2006-2007) last year, there are reasons to cheer if you haven’t got a income tax scrutiny notice till now.

Calculating Income Tax, here’s how much you save in assessment year 2009-2010

28 sep 2008

With the first advance tax date gone, income tax payers would have to begin again the task of planning their income for the financial year 2008-2009 so that they can pay the requisite amount of remaining two advance tax installment due on 15 December 2008 and 15 March 2009.

Setback for GST implementation, CST reduction still on hold

28 may 2008

The much awaited common Goods and Services Tax (GST), due to be implemented w.e.f. April 1, 2010, is still mired under confrontation and most likely the date would have to be postponed.

Last date for filing Income Tax returns – September 30 likely to be made common date

24 feb 2008

In the forthcoming Budget 2008, the finance minister may do away with the earlier practice of having different dates for filing Income Tax returns by individuals and corporates. Uptil now, July 31 was the last date for individual tax payers while for corporates and individuals whose account were required to be audited, the last date was October 31.

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