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GUARD YOUR TAX REFUNDS!

Get set to crusade against unlawful adjustment of grossly erroneous tax demands against your rightful tax refunds!                For the first time in the history of Indian tax administration, an All India Workshop is being organised for ‘Rectification & Reconciliation of Arrear Demands’ by the Centralized Processing Centre (CPC) at Bangalore, on 28th August, 2012. Justifying the need for the workshop, CPC has...

HUF – YOUR TRUSTED TAX SAVER!

You just can’t afford to miss setting up your HUF if you are looking for some valuable tax saving!                As per Hindu Law, a Hindu Undivided Family (HUF) is a family consisting of all lineal male descendants of a common ancestor and includes their wives and unmarried daughters. Under the Direct Tax Laws in our country, a Hindu Undivided Family (HUF) has been granted the status of an independent tax entity....

PLAN PPF FOR PERPETUITY !

After its initial tenure of 15 years, a PPF account can be renewed indefinitely in blocks of 5 years! Today ‘Tax Clues’ deals with some interesting readers’ queries on Public Provident Fund (PPF). Query: I understand that a PPF account is initially opened for a period of 15 years and it can be renewed in blocks of 5 years each. How many times can one renew such blocks of 5 years? Some people say only twice, some...

FREEBIES TO DOCS IN TAX NET

CBDT circular directs disallowance of such expenses for pharma businesses & taxing the same as income of doctors!      This time it is the medical profession and the pharma & allied health sector business that have been targeted by the Taxman. The Central Board of Direct Taxes (CBDT) has, vide its recent Circular No. 5/2012 dated 1-8-2012, directed all Assessing Officers to disallow expenses incurred by...

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