Best SIMPLE TAX INDIA

• Large volume trading of shares does not per se mean activity is business

  The assessee, a broker in the BSE, disclosed short-term capital gains and long-term capital gains on sale of shares. The AO accepted the LTCG as such though he held that the STCG was assessable as "business profits" on the ground that the assessee was a stock broker & there was large volume and frequency (more than 300) transactions. On appeal, the CIT (A) reversed the AO. On appeal by the department to the Tribunal, HELD dismissing the appeal: (i) It is no more res integra that a person... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] read more

  November 27th, 2010 at 12:38 am / #gain on sale of shares #ltcg #stcg 10% 15% #trading in shares #share short term capital gain

• ONE STATEMENT FOR ALL MUTUAL FUND INVESTMENT

  Soon, investors could have one consolidated monthly statement for investments made across different mutual funds. The Association of Mutual Funds in India (Amfi) committee on operations and compliance is likely to take a decision on Thursday on Securities and Exchange Board of India's (Sebi) advice in this regard. " We are working on the issue of common statement, however some technical issues are be sorted out,"said Amfi CEO HN Sinor. The issue of sharing costs has to ironed out, he... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] read more

  November 25th, 2010 at 10:15 am / #mutual fund #how to invest in mutual funds#mutual funds and tax

• MONEY MATTER CASE :CBI ARRESTED TOP OFFICIALS OF FIVE BANKS IN

  The CBI on Wednesday addressed a press conference regarding arrests of eight officials of public sector banks and financial companies.Speaking to the press, CBI's EOW chief P Kandaswamy said the agency has busted a housing loan scandal racket and arrested CEO of LIC Housing, General Managers of Bank of India and Central Bank of India (New Delhi) and CGM of Punjab National Bank. Several other bank officials have also been arrested on bribery charges. The CBI said classified business information... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] read more

  November 24th, 2010 at 09:12 am / #bribe case #cbi arrested #top bank official cbi arrest#money matters case

• Personal expenditure Allowance to transport system employee's exemption Increased

  As per Income tax Act secion 10(14) exemption limit of various allowances has been prescribed under rule 2BB of income tax rules .One of them is allownace to transport system employee to meet perssonal exenditure during his duty performace . Present rule is given as under Allownce description:Any allowance granted to an employee working in any transport system to meet his personal expenditure during his duty performed in the course of running of such transport from one place to another... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] read more

  November 24th, 2010 at 07:35 am

• 89(1) relief calculator download free for arrears received in 2010-11 Financial year

  In current year(FY 2010-11) arrears of salary has been paid to many Bank and Govt. employees.Arrears paid is related to Fy year 2005-06 to Fy 2009-10.As per Income Tax act,Employee can claim relief u/s 89(1) relief for arrears of salary ,by notional bifurcation of his/her income in the respective years . Calculation of89(1) is arithmetic only but yet its calculation is difficult for many assessee due to not availability of Old tax rates etc etc.so I have prepared a 89(1) relief tax calculator... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] read more

  November 22nd, 2010 at 08:51 am / #89(1) relief calculator #89(1) #calculation of tax on salary arrears

• Suggestions Invited on The Direct Taxes Code Bill, 2010

  1.The Direct Taxes Code Bill, 2010 has been referred to the Departmental Related Standing Committee on Finance of Parliament for detailed examination and Report. 2. Considering the importance of the subject, the Committee under the Chairmanship of Shri Yashwant Sinha, M.P., has decided to invite memoranda containing views/suggestions from various Individuals/Experts/lnstitutions/Organisations interested in the subject matter of the Bill. 3. All those desirous... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] read more

  November 17th, 2010 at 04:14 am / #direct tax code 2009 #direct tax bill #download direct tax code 2012

• BROKERS TO NOW PAY MORE SERVICE TAX

  Turnover charges, regulator fee and demat charges to come under the service tax net. Stock brokers will now have to pay more service tax. The Central Board of Excise & Customs (CBEC) has clarified that turnover charges, exchange transaction charges, dematerialisation charges and regulator fees recovered by brokers from clients will be added to the brokerage amount while calculating the tax. The stamp duty and securities transaction tax would be kept out of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] read more

  November 16th, 2010 at 10:59 am / #broker #e-payment of service tax #verify service tax code #service tax on brokerage

• VEHICLE INSURANCE CLAIM WITHOUT TRANSFER OF POLICY NOT ACCEPTABLE :COURT

  The Madurai Bench of the Madras High Court has rejected a claim on motor vehicle insurance policy as the insurer had not effected transfer of the policy according to Section 157 of the Motor Vehicles Act. Hearing a writ petition from Ms S. Selvi, wife of late Selvaraj whose two-wheeler met with an accident on June 1, 2008, resulting in his death, Mr Justice K. Chandru held that since the statutory requirement under the said section was not complied with, the petitioner was no longer entitled... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] read more

  November 16th, 2010 at 10:54 am / #motor insurance

• Minimum amount Fixed for departmental Appeals by CBEC

  Service Tax : Reduction of Government litigations - Providing monetary limits for filing appeals by the Department before CESTAT and High Courts INSTRUCTION [F.NO.390/MISC./163/2010-JC], DATED 20-10-2010 The National Litigation Policy formulated by the Government of India aims to reduce Government litigation so that the Government ceases to be a compulsive litigant. The purpose underlying this Policy is to ensure that valuable time of the Courts is spent in resolving pending cases and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] read more

  November 15th, 2010 at 08:09 am / #appeal #cbec

• 80CCF INFRASTRUCTURE BONDS :FAQ

  Frequently Asked Questions on InfrastructureBonds (FAQs)What is the Tax Treatment of interest on these Bonds? The interest received on these bonds shall be treated as income from any other source and shall form part of the total income of the assessee in that financial year in which they are received. Who are the eligible investors? Only Resident Indian Individuals (Major) and HUF can invest in these bonds. Can a Minor apply for subscription to these bonds? A minor is not eligible to apply... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] read more