In one of the moves in the budget, the notification no. 59/98 dated 16th October 1998 was withdrawn by notification no. 2/2006 with effect from 1st March 2006. The development has astonished the entire community of Chartered Accountants, Costs and Works Accountants and Company Secretaries. As a result of the withdrawal of the notification, all [...]

With changing times, internet has come accross as a amazing channel for communication to reach people at large for providing information as well as interaction with them. Nowadays lot many information are published by the departments so that public has an easy access to it. Recently making a similar move, the Income tax department has [...]

HIGH COURT ORDERS F Amount received after resignation from former employer for not accepting employment in rival concern not assessable as salary : B. K. Kotru v. CIT (Bom) p. 1 F Tax not deductible by assessee on amount paid as hire charges for taking temporary possession of ships : CIT v. Poompuhar Shipping Corporation [...]

[PTI] In a land mark move state Government of Maharashtra is offering a relief to exporters. Maharashtra Finance Minister Jayant Patil has assured that the refunds of the Value-Added Tax (VAT) to exporters in the State would start within four months. Notably, exporters, who have no liability under VAT, are supposed to apply for the [...]

The Finance Bill 2006 has been passed by the Lok Sabha today. Consequently, certain changes have been made in the direct and indirect tax provisions of the Bill. Details of these changes are as under:/strong> Direct Taxes Clause 16 of the Finance Bill, 2006 proposed that deduction under Section 80C of the Income-Tax Act shall [...]

At present, filing of tax returns are to be done be the assessee’s only in the place where they are registered or where they have theri principle place of business. Further, wards or circles are created within a city and the assessee’s are supposed to submit their returns in their respective wards only. The wards [...]

The Finance ministry can take a sigh of relief now as it has a reason to celebrate as the Supreme Court vacated the stay allowed by Madras High Court. But the Corporates must be a dejected lot as the Supreme Court upheld the constitutional validity of the much infamous Fringe Benefit Tax. So, the much [...]

Indian system though fair and powerful is awfully overcrowded and slow. Delay in justice further undermines the faith in the judicial system leading to people seeking to sort grievances by unlawful means and out of course settlement tactics. For years, parliamentarians, legislatures etc. are trying to find the root causes for the delays and are [...]

Web based advertising is a real hot area in the present times. The legitimacy of advertising on the internet arises from the fast that most of net users are already familiar with advertisements on print and audio visual media. Hence, as the internet grew popular, it was expected that it would carry advertisements. A particularly [...]

Hey freinds.. We always feel that taxes eat out most of the share of our hard earned income and we all look for ideas to save taxes. We try to ensure better tax planning so as to shell out as little as possible from our kitty in favour of the taxmen. So here is a [...]