These pages promise to be the richest source of information and discussions on income tax law in India. You will find the information crucial in understanding and dealing with tax laws effectively.
Tax & You
Contributed several times a month by Ajay Gandhi, a practising chartered accountant, these articles, in simple English, explain the intricacies of topical issues to the intelligent layman.
Important Disclaimer
2. Budget - 2000 & You
Discussion on changes proposed in the tax regime.
1. Budget - 2000 & You
Discussion on taxwise Budget Offers.
21. More Deductions from Income
Discussion on various tax breaks.
20. Tax Breaks on Donations
The third in the series about tax rebate. 19. Insurance Policies and Tax Rebate - 2
The second in the series about tax rebate.
18. Tax Rebate on Insurance Policies
From deductions, we move to tax rebate
17. Deductions – Some Incomes
From tax-free incomes, we move to deductions.
16. Dividends and other exemptions– 3
The third in the series about tax-free incomes.
15. Tax-free Incomes
Continuing the discussion on tax-free incomes.
14. Tax Breaks – Agricultural Income
The first of a series of articles about tax breaks.
13. Stamp Duty and Partnerships
Some amendments in stamp duty and registration laws.
12. Criteria for selection of cases for Assessment
Some welcome changes, and an eerie appendage...
11. Stamp Duty and the Laffer Curve
More about the changes in Registration laws.
10. Changes in Registration
Some recent changes in the registration laws in Andhra Pradesh have profound impact on certain transactions.
9. New Tax Audit Report - Part II
More about the new approach taken by the IT Department.
8. New Tax Audit Report
The new approach taken by the IT Department may have profound changes for you.
7. When is a Minor's Income not Clubbed?
Here is one way of not clubbing a minor's income with that of the parent.
6. Some Recent Judgements
Continuing the present series with a few more recent judgements.
5. Your Nose versus My Nose
The Supreme Court defines one of the limits of individual rights.
4. Taxing Unexplained Income
The Supreme Court takes an interesting look at the issue of unexplained income.
3. HUF and Kartas
The Supreme Court looks at whether certain types of income accrue to an HUF or its Karta.
2. Income during Construction and Real Income
Two exemplary judgements from the Supreme Court.
1. Kramer versus Kramer
The first of a series of articles that will examine how judicial interpretation has aided law.
5. Budget 1999 and You - Part 4
Some very welcome changes proposed in the Budget.
4. Budget 1999 and You - Part 3
A look at some big changes proposed in this Budget with regard to tax assessment and appeals.
3. Budget 1999 and You - Part 2
More features of the 1999 Union Budget.
2. Budget 1999 and You
A quick look at the major features of the 1999 Union Budget.
1. The Budget 1999 Wish List
On the eve of the Budget, what are we seeking...
1. Calculate your income tax (assessment years 97-98 and 98-99)
An easy-to-read table that gives you all the data you need to compute taxes. For all categories of assessies.
2. Calculate tax deduction (TDS) for assessment year 1997-98
A master list of Internal Withholding Tax Rates for all kinds of goods and services.
3. Withholding Tax Rates for International Payments
Whatever the type of payment being made, you'll find the withholding rates here.
4. Your Dates with Income Tax
All the relevant dates and deadlines for all types of returns and remittances.
5. Rates of Depreciation
Who can keep track of depreciation rates for different assets? We can, and we do!.
16. Land Deals VIII - Partnerships for Property Development
Should you get into partnership with the developer ?
15. Land Deals VII - Turning into a Businessman
Investment or stock-in-trade ? Your tax liability may depend on this question.
14. Land Deals VI - Long Term Capital Gains
The charm of long term capital gains, and how to go about experiencing it.
13. Land Deals V - More on Capital Gains
What is 'residential' ? The definition can affect your liability to tax
12. Land Deals IV - Capital Gains to Owner
As an owner, what is your liability to tax on Capital Gains. And what exemptions are possible.
11. Land Deals III - Purchase by Income Tax Department
At what stage can the IT Department decide to make a pre-emptive purchase. Find out here.
10. Land Deals II - Possession and Transfer in Land Deals
Why the drafting of agreements is of crucial importance.
9. Land Deals I - Development Agreements
The first of a series of articles that may explode some myths about the tax implications of property transactions.
8. Have the Cake and Eat it, too !
Yes it's possible. You can save on tax, and maintain liquidity - at the same time.
7. New Tax Holiday for Backward Districts
If you're a start-up in a backward district, you could get some hefty benefits.
6. Haftas by Builders and other Unusual Expenses
As we said before - truth always prevails, and this assessee was overjoyed !
5. Dangers of Lending
Some loans are not loans at all. As many joint property owners will discover sooner or later.
4. Learning from the West
What the Income Tax department can learn from its counterpart in Canada.
3. My Miracle
No, this is not about tax, only about the future of this country!
2. Lessons for Us
The truth always prevails, as this particular assessee found to his dismay...
1. 4EC's after VDIS
Sounds cryptic ? Maybe, but if you meet any of the 4 ECONOMIC CRITERIA, you need to read this.
26. Budget '98 : More Interest than you thought under KVSS
If you think the scheme is over - wait.. there are a few more issues yet.
25. Budget '98 : Mid-year Tax Breaks
Tackling the recession - finally.
24. Budget '98 : Coercive Recoveries under KVSS
The interesting implications of a court judgement.
23. Budget '98 : More Clarifications under KVSS
Some last minute clarifications on the scheme
22. Budget '98 : Inertia - A Great Force
Revisiting the VDIS to try and understand the department
21. Budget '98 : Quote Unquote PAN - Part 2
More about quoting the PAN
20. Budget '98 : Quote Unquote PAN
Your obligations with PAN's and some interesting consequences...
19. Budget '98 : Kar Vivad Samadhan Scheme - Part 7
Some Issues that have come up in the KVSS
18. Investment or Business? - a case
We take a short break from Budget '98 and the KVSS to discuss an interesting actual case that may well be relevant to you.
17. Budget '98 : Kar Vivad Samadhan Scheme - Part 6
Procedures to be followed under the KVSS
16. Budget '98 : Kar Vivad Samadhan Scheme - Part 5
A step-by-step guide to determining Disputed Income and Tax under KVSS
15. Budget '98 : Kar Vivad Samadhan Scheme - Part 4
What exactly are the disputes under the Kar Vivad Samadhan Scheme
14. Budget '98 : Kar Vivad Samadhan Scheme - Part 3
Tax Arrears under the Kar Vivad Samadhan Scheme
13. Budget '98 : Kar Vivad Samadhan Scheme - Part 2
Read about eligibility and Tax Rates under the KVSS...
12. Budget '98 : Kar Vivad Samadhan Scheme - Part 1
Is the KVSS this year's VDIS? Not quite...
11. Budget '98 : Changing Role of the Consultant
Does a "tax-payer-friendly" Tax Department make the Tax Consultant redundant? Read on to find out...
10. Budget '98 : Changing Priorities of the Tax Department
Is it finally happening - a tax-payer-friendly IT Department !
9. Budget '98 : What You Can Do
The Finance Bill is finally passed - with an extraordinary number of rollbacks. Good or bad?
8. Budget '98 : Reduction of Litigation - at Your Cost
Reducing the amount of litigation is always a good idea. But at whose cost?
7. Budget '98 : Ethics of Business and Lawmaking
What should a businessman do about haftas, protection money, and other such unethical expenses?
6. Budget '98 : Favouring the Favoured Taxpayer
Some people are always more equal than others...
5. Budget '98 : Hidden Catastrophies 3
How the new proposals can effect property transactions.
4. Budget '98 : Hidden Catastrophies 2
More about gifts - even when they are not gifts !
3. Budget '98 : Hidden Catastrophies 1
These gift horses are best looked in the mouth.
2. Budget '98 : 1 by 6 and Other Schemes
The Department's efforts to widen the tax base. How effective will they be ?
1. Budget '98 : Tax Reliefs
The first of a series of articles that will discuss the implications of the Budget.
1. The VDIS, 1997
A reprint of the official document regarding the scheme.
2. Clarifications on VDIS issued by CBDT
The official clarifications issued in Question-Answer format.
3. Voluntary Disclosure of Income Scheme (VDIS'97)
The facts behind the hype about the "hottest" topic of the day.
4. Voluntary Disclosure of Income Scheme - 2
Further discussion on VDIS'97 based on the plethora of clarifications issued by the Department.
5. Great Rewards in VDIS
Lower tax rates are not the only rewards for dishonesty - as you shall see in this article.
6. Taxes under VDIS
A detailed discussion of the tax under VDIS in relation to normal tax.
7. Immunities offered by VDIS
Worried about subsequent penal action? Read on.
8. Disclosing the source in VDIS
No questions means no questions. Not even about the source of income.
9. Immunities only for the Declarant
Sounds obvious? It could be critical - as a Supreme Court verdict in 1965 showed.
10. Jewellery and VDIS
The VDIS contains some special provisions that relate to ownership of jewellery.
11. More on Jewellery and the VDIS
Further discussions regarding jewellery, and relevant clarifications from the Department.
12. Search Cases etc under VDIS
Miscellaneous clarifications regarding the scheme.
DISCLAIMER
We have taken every effort to ensure that the information published on this site is correct and complete. However, we take no responsibility or offer any warranty about its accuracy at any point of time.
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Tax n You
