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‘SUGAM’ MAKES IT EASY FOR SMALL BUSINESS ENTITIES!

Enjoy Freedom from Accounting, Audit, Scrutiny & Advance Tax by declaring 8% or higher profits               If you asked your neighbourhood grocer or panwala whether they were filing their tax returns, they would have immediately quipped, “Saab, hum ye sab accounts or scrutiny ke chakkar mein kyun pade?” The fear of maintaining accounts and being required to face tax scrutiny have been the biggest dampeners...

WATCH OUT GIFTS YOU RECEIVE!

Specified Gifts in Cash or Kind exceeding Rs.50,000 in value treated as your taxable income! The scope of definition of ‘income’ u/s.2(24) was widened by the Finance Act, 2004 by providing that ‘income’ would also include any sum referred to in Section 56(2)(v). Section 56(2)(v) was introduced to provide that, “where any sum of money exceeding Rs.25,000 is received without consideration by an Individual or HUF from...

TAX LIABILITY ON AGRICULTURAL LAND!

Total Exemption from Wealth Tax & Gains Tax Concessions subject to fulfillment of conditions Today, we shall discuss two interesting Readers’ Queries on taxability of agricultural land under wealth tax and capital gains tax. Query: I am holding a large piece of agricultural land situated just outside the limits of Ahmedabad Municipal Corporation (AMC). I have always been under the impression that agricultural...

NO TAX HURDLE FOR INTEREST FREE LOANS!

Department cannot dispute a situation where a taxpayer uses his own capital as per his desire Today, we shall discuss two interesting Readers’ Queries on tax implications of interest-free loans. Query:  I had received Rs.40,00,000 as my retirement benefits in 2008.  Out of the same, I advanced interest free loans of Rs.15,00,000 to my wife and Rs.10,00,000 to my HUF.  They invested the same in Deposits with a firm...

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