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ZOOZOO WINS THE TAX BATTLE!

Supreme Court’s verdict in Rs.11,000 crore Vodafone case A big shot in the arm for global investment in India!               One of the most sensational cases ever, in the history of Indian Income-tax, came to be decided by the Supreme Court on January, 20, 2012. The Vodafone ruling, involving a mammoth tax stake of around Rs.11,000 crores, which has been delivered in favour of the taxpayer and against the  revenue...

CLUBBING PROVISIONS FOR MINOR’S INCOME!

Exemption for minor’s income fixed at Rs.1,500 in 1992 Has not been revised even after 20 years of the provision! Until 1991-92, all income of a minor, other than that covered by the special clubbing provisions of Section 64 of the Income-tax Act was entitled to independent assessment in his own hands. Circumventing the said clubbing provisions not being difficult, a number of avenues for augmenting income and...

WELCOME RELIEF FOR HOUSING DEVELOPERS!

Gujarat HC confirms ITAT’s liberal interpretation on tax holiday for residential projects u/s. 80IB(10)        Housing developers having undertaken the business of developing and building residential housing projects, with a view to avail 100% deduction in respect of their profits as prescribed under Section 80IB(10) of the Income-tax Act, can truly heave a sigh of relief, with the Gujarat High Court finally...

PRACTICAL TIPS ON CLAIMING TAX REFUND

Although, tax refund must be claimed within one year from end of the assessment year, there is a remedy for belated & additional claims!                       There may be situations where considering the amount of tax deducted at source from the income of the taxpayer or the advance-tax paid by the taxpayer on his estimated income, the taxpayer becomes entitled to claim refund of income-tax, if such tax...

FISCAL RESOLUTIONS FOR THE NEW YEAR!

Managing your wealth requires more skill than creating it!   On this first working day of 2012, this is wishing all AM readers a very happy & prosperous New Year with some food for thought to make smart fiscal resolutions for the New Year! Always remember that “managing your wealth requires more skill than creating it.” YOUR ‘WILL’ CAN MAKE THE WAY! The importance of executing a Will has yet not been...

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