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Moneycontrol.com - Tax Corner
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   Expert Talk
Relief in the FBT for taxpayers
Nikhil Bhatia, Partner-Tax, BSR & Co, provides an overview and in-depth analysis of the budget 2008.
The budget will improve general standard of living
If you are thinking of buying your first dream car or 2-wheeler, just go ahead.
A goody bag for middle class
Our tax expert, Ameet Patel analyses the budget 2008-09. All in all, he says it was a goody bag.
More tax on short term gain not a bad thing
Hike in tax rate for short term capital gains is not as terrible as the market is making out it to be.
One of the best budget for individual taxpayers
This budget has been one of the best budgets ever seen by individual taxpayers, says Subhash Lakhotia.
Now, you can save up to Rs 44,000 a year!
Working professionals, there's good news for you. Also, smart advice for retail investors.
Loan waiver for farmers will hit honest retail borrowers
Our loan expert, Harsh Roongta believes that the 60,000 crore giveaway to poor farmers is a dampener for honest borrowers who repay their loans in time.
The best budget move: PAN for all
With the new tax slabs and decrease in excise duties, you can shop and invest more!
Cuts in duties for consumer goods is good!
Given the high expectations built-up over the last 1-2 months, there are some predictable disappointments too.
Youngsters will have more to spend
Youngsters in the income band of Rs 3 lakh to Rs 5 lakh, working in IT and BPO can now buy a Tata Nano.
Re-introduce standard deduction
This will help salaried persons who have no avenues for tax planning and are not entitled for any tax holiday benefits
Make real estate deals more transparent
The Government should tighten norms for the real estate sector to protect the interests of the investors.
I-T exemption limit may be hiked
HP Ranina, Advocate Supreme Court of India feels that relief is likely only for the lower levels and not the upper middle class. And initial exemption limit may be hiked to Rs 1.2 lakh from Rs 1.1 lakh.
Tax sops for infrastructure?
Infrastructure development is one of the priorities for the Government. It is likely that the Finance Minister may introduce some tax sops specifically targeted towards infrastructure.
Encourage people to save and invest
The aim should be to encourage long term savings.
Don't expect radical tax reforms
The Budget 2008 should not be expected to bring in radical tax reforms or concessions. At the same time, no measures to increase the tax burden are expected to be introduced either.
Much needed reform: Fast track loan recovery
What we need are policy and regulatory directions and implementation of announced measures.
Need reforms in the real estate industry
Our expert Subhash Lakhotia offers suggestions to reform the real estate sector.
I sold my house, now I have to pay tax?
While you cant avoid taxes altogether, there are steps you can take to decrease the amount you have to shell out.
Post TDS, there's more tax to pay!
We bust five common myths about tax deducted at source, which may be hampering your investment strategies.
How do I keep a record of my shares?
Our tax expert tips you off on how to manage your tax planning, better.
'Should I invest in PPF or SIP?'
It depends on your age and the time-frame for investment.
Get tax benefits on your wife's PPF!
Our tax guru spells out smart strategies to help you save tax.
'Can I make a trust in the name of God?'
According to tax expert Subhash Lakhotia you can...and claim a tax rebate! Find out more...
How to calculate tax on share trading
Calculating income-tax on short-term capital gain? Then you are governed by section 111A of the Income-tax Act, 1961.
Long term equity gains exempt from tax
However, don't expect losses in speculation to be adjusted with other income.
From the FM's frying PAN
A step-by-step guide to applying for your PAN card.
Not all equity funds eligible for tax rebate
Only those with Equity Linked Saving Schemes are eligible.
Wealth tax payable over Rs 15 lakh wealth
Tax expert Subhash Lakhotia answers your tax queries
Why PAN may be bitter, but medicinal
The SEBI orders are clear: From July 2 onwards, as an investor, you must submit PAN if you want to invest in mutual funds.
ESOPs are taxed only when sold
The liability will be calculated on the basis of capital gains accrued.
Why two versions of ITR 1 form?
Read on to get more information about the new ITR forms.
Saving need not be taxing
Does your salary amount to more than Rs 2.5 lakh per annum? Then PPF and ELSS for short periods, are a good bet.
Which form is right for you?
Eight new forms have been released this year. Identify the form you need to file your tax returns for the year 2007-2008.
Government taxes, both, income and patience
We bring you an indepth analysis of each ITR tax form, of a series recently unveiled by the government.
New tax forms: An exercise in (f)utility?
The new ITR forms for filing tax returns, are raising many questions. We have some answers.
Start counting your benefits
Your wait for the calculation of the benefits of ESOPs is over, as the government will soon come up with a detailed guideline, says Tax Expert Subhash Lakhotia.
When tax forms get taxing
Changes in forms 16 and 16A have complicated matters for employers who haven't yet issued TDS certificates to employees.
Deduct your tax concerns
Tax Expert Subhash Lakhotia suggests smart solutions to help you get tax-savvy.
Making housing affordable for all
If the housing sector grows, then it will translate to the overall development of the country. The following pointers can tackle the problem of affordable housing to the common man.
No tax on gifts from your parents
However, it's not a good idea to accept monetary gifts from your wife. Tax Expert Subhash Lakhotia tells you why.
Your tax queries, answered!
Income tax payers can now file their tax returns more easily, says tax expert Subhash Lakhotia.
Liquid Funds: Distribution tax burden 20% and not 25%
Even after the enhanced rate, the arbitrage opportunity still exists. What’s more, the effective rate of DDT actually works out to be 20% and not 25%. Here’s how.
Budget hammers ESOPs
The benefits from ESOPs will be brought within the ambit of FBT. Thanks to Budget 2007-08, taxation of employee stock option plans (ESOPs) will deal a severe blow on the corporate cost structure.
Budget: What's in it for me and you
Finance Minister P Chidambaram did not mention any significant direct tax measures in the Union Budget: a harbinger of what was to come out in fine print.
Budget 07 and ESOPs taxability
ESOP’s were taxable only at the time of sale of shares. Now, ESOPs qualify as Fringe Benefit Tax.
Taxpayers get only Rs 10,000 relief
The tax provisions introduced in the Finance Bill, 2007 will make life difficult for all categories of taxpayers.
FM misses aam aadmi’s concerns on tax
Increase in the threshold income limit by Rs 10,000 will result in a nominal increase in tax benefit of only Rs 1,000 for most individuals with the senior citizens, being benefited by Rs 2,000.
Budget impact on individual taxation
The cap proposed on investments in long-term bonds for claiming capital gains exemption is bound to disappoint people.
Budget '07: Impact on women, senior citizens
Experts say: not too positive, not too disheartening.
Budget 2007: The tax exemption story
Will the Finance Minister cut all surcharges on personal and corporate income tax? Find out!
Senior citizens: Listen to us, FM!
Senior citizens put forward their expectations for Budget 2007 to be presented by Finance Minister P Chidambaram. Tax expert Subhash Lakhotia gives his opinion.
Budget expectations on income tax rates
The Finance Minister's promise of lowering tax rates should become a reality. Fact is, when taxes are lowered, the revenue has increased.
How to read and understand budget amendments
A ready reckoner on how to read Budget provisions of Direct Taxes.
If FM reduces exemptions, he must also cut tax rates
If the government intends to reduce the number of incentives, individual tax payers would expect the government to reduce tax rates or change tax slabs, say experts from Ernst and Young.
Aam aadmi's expectations from Budget 2007
We would obviously like personal income taxes to be reduced and tax exemptions to increase.
Ask your boss for a tax friendly salary package
Strategic compensation and benefits management can be achieved for all corporate tax payers by planning a designer package for top executives in particular.
Smart tax planning tips for 2007
Tax planning is no longer just putting money in some designated options; it can also become a source of prudent wealth planning. Here are smart tax planning tips that can also increase your wealth.
Latest guidelines on TDS on salary
Various guidelines have been issued by the Central Board of Direct The guidelines will help the salaried employees in particular as it discusses the various intricate aspects in greater depth.
Simple financial planning for a tax payer
Wise financial planning is the modern tool to help the taxpayer to achieve financial bliss, and even enjoy a comfortable retired life.
5 tax planning tools that can build your wealth too
Tax planning is very strategic in nature and not like the last minute fire fighting most do each year. This time around let us make some sensible investment decisons that'll actually help create wealth.
Near retirement? Simplify your tax and investments
It is this time, during your semi-retirement period to consolidate real estate and try to dispose off such real estate, which you feel is not much of a requirement.
Legal ways to avoid paying wealth tax on your property
While any wealth above Rs 15 lakh would entail paying up wealth tax there are ways you can avoid it. Give your property on rent for over 300 days or buy vacant land of upto 500 square metres.
Get more salary in hand: Just make an investment wishlist
If you're employed, inform your employer about the projected investments, you plan to make. You could make actual investments on or before 31st of March 2007.
Giving cash gifts? Taxman is watching
The tax authorities require the donee to substantiate and prove the genuineness of the gift, generally in case of gifts of large amounts, especially where the donor was a non-resident abroad.
How to handle petty tax scrutinies
If you have received an income tax scrutiny letter, don’t worry. Just sit and write a detailed reply to the department. A detailed reply will ensure better tax assessment.
Step by step guide: How bank deposits can save your tax
It makes sense for you to make investment in the bank term scheme to enjoy a secure, safe investment on the one hand while availing a tax deduction on the other.
Complete guide to 80C investments
The last few budgets have thrown open a variety of investment options to invest to save tax. The most important question is which area of investment to choose.
3 reasons why you must make tax saving investments today
If you are tuned to make the investment much ahead of the accounting year then there are a lot of advantages in store for you. Read on to know more.
Investor or a trader: The argument continues
Laws have to be watertight and objective with no room for bias or prejudice. Till such time, it would always be a losing battle for the small investors of our country.
Get Tax Wise: Expert advice on investments
Tax guru, Subhash Lakhotia tells you how to sail through taxing queries on special series on investment solutions.
Tax dos and don’ts for this financial year
The current financial year in tune with the changing trends would cast lot of responsibilities on the individual tax paying public of India. Here is a check-list of key dos and don'ts for your better financial health.
Tips to handle your tax returns efficiently
July 31st is approaching and it’s time to keep the essential documents ready to overcome any last minute hassle
Mergers, ESOPs and their tax implications
Experts from Ernst and Young have analysed below some of the important tax issues that are thrown up with respect to employee stock option plans ('ESOP' or "Plan') in the event of merger.
5 changes that will make tax returns different this year
If you learnt how to file your own tax returns last year, you need to unlearn that learning this time around. For compared to last year, tax provisions have changed.
Sinners get punished, angels get tax breaks
Donations to charities can get you handsome tax breaks. So give away and show the world that deep pockets have large hearts too.
Are you an investor or trader? Taxman wants to know
The jury still is out on whether you will be taxed as a trader or investor. You would need to relook your investment strategy in the backdrop of the proposed draft circular.
Tax sops on real estate should continue: Subhash Lakhotia
If the government were to remove the deduction in respect of interest on housing loan, then most of the tax payers would face an additional income-tax liability to the extent of Rs.30,000 to Rs.45,000 per annum
The ills of eleventh hour tax planning
It doesn't make sense to wait till March to plan your taxes. There's no stopping you from doing it today.
New tax return form may not be mandatory
The much-criticized new income tax return form (form 2F) may not be mandatorily applicable after all. Or so suggests a reading of the fine print, says Sandeep Shanbhag.
Tax returns: Not so Saral after all
The dictionary meaning of the word Saral is simple. However, the new proposed Saral form for filing returns is one of the most complicated piece of craftsmanship by the income tax department.
Are you ready for that international secondment?
Seconding people overseas is a complex business. Gaurav Taneja and Sonu Soni of Ernst & Young cut through the tax and regulatory issues.
Finding a way around tax on 'clubbing' of income
Subhash Lakhotia attempts to discuss some important aspects of clubbing of income, which if properly adopted can result into no clubbing of income thus enabling tax saving in the family.
Creating shareholder value through demerger
Creating shareholder value through demerger is the flavour of the month. Kanu Doshi tells an investor how this is done the tax efficient way.
How capital account convertibility will change your life
While the obvious uptake of this would mean more foreign money coming in, what does it mean for the common man? How will our life change if and when it becomes a reality?
Last minute tips to save tax this year
The financial year 2005-06 is now coming to a close. If you still have some tax to save, look no further. Tax expert Subhash Lakhotia tells you how.
EET : Extremely Extremely Tangled
Without doubt the Government’s task of migrating towards EET is not an enviable one. However, by choosing to be silent, it has only managed to make EET more confusing, says Sandeep Shanbhag.
Now, pay more tax if you are running a charity
While a tax on anonymous donations was aimed at curbing black money, it would take away funds that are needed to run eye camps, educational institutions, charitable clinics says Subhash Lakhotia.
What is your TAN number?
The Income Tax Department has prepared a list of Frequently Asked Questions and Answers on TAN to address the common questions and concerns of taxpayers on the subject. Our expert Subash Lakhotia gives us an onverview of the same.
A handy guide to calculate capital gain tax
Getting ready for filing Income-tax return for the A.Y. 2005-06 would mean special care and attention to be paid with reference to computation of short term and long-term capital gains, says Subhash Lakhotia.
Budget on your fingertips
Budget analysis are full of jargon say most. Ameet Patel, Chartered Accountant simplifies the Budget, bringing to you point wise the important matters an individual taxpayer should bear in mind
Take those wedding vows and start saving taxes
Marriage has a silver lining after all. Sandeep Shanbhag puts together some tips on how to save tax as a couple. And it's all by fair means.
Budget and Senior Citizens
For the first time in last one decade this year's budget proposals have not brought out anything special for the Senior Citizens. Yet, some finer aspect cannot be ignored says Subhash Lakhotia.
Budget Controversies: No news is not always good news
Budget 2006 was good, because it was not bad! Have you seen those movies which seem to end before getting started? The FM's speech left me with the same feeling, says Sandeep Shanbhag.
1 lakh limit under section 80C should have been increased
The fact that the FM has just brought in more things under Section 80C but has not increased the limit. We are not happy at all because the limit has not been increased.
Budget cocktail: Choice of investments widened
The best part of the Finance Bill 2006 is that the old concepts of tax and investment planning still continue to operate, says tax expert Subhash Lakhotia.
No changes in personal tax rates and no new taxes
But then, the FM has also not done a few things, says Suresh Swamy of PriceWaterhouseCoopers. For instance, the much sought after relief to exempt bank.
Income limit for top tax rate in India far lower than peers
It is disappointing that the threshold income limit of Rs 250,000 has not been increased when this limit is much higher in other countries, says Nikhil Bhatia.
Budget, a step in the right direction
Emphasis was laid on stringent use of Permanant Account Number by empowering the revenue to suo moto issue PAN, as well as enforcing specified class of persons to apply for PAN, says Frank DSouza.
Reduce your tax liability for 2005-06 in 4 steps
As the financial year 2005-06 is coming to close, the individual tax payers now seem to start worrying about their income-tax matters and the search continues for tax saving schemes. Subhash Lakhotia helps.
FAQs: Tax Impact of Reliance Demerger
We had carried a column by our expert Kanu Doshi addressing tax issues arising out of Reliance demerger. However, additional questions have been raised and accordingly Kanu Doshi, seeks to answer them.
Demerger mystified: A 360 degree view on the RIL demerger
A discussion on the tax treatment of the RIL demerger, shorn of all jargon, income tax sections, laws and rules. Bottom line - is there any tax liability and if so how much?
To print and keep: Tax impact of Reliance demerger
The courts have finally waved the green flag at the Reliance demerger scheme. Our expert chartered accountant, Kanu Doshi, gives a detailed account of the tax impact of this demerger.
Tax, lies and scrutiny dates
In our country, tax evaders continue to evade taxes while the honest tax payers get the worst kind of treatment at the hands of the taxmen. Ameet Patel looks at one such shoddy treatment - 'scrutiny of returns'.
ELSS: The story so far
Tax expert Subhash Lakhotia gives a complete account of the various notifications on ELSS so far and what it means for investors.
Idiot proof your tax return
With a few simple steps you can stop filing incorrect tax returns. Ameet Patel leads the way.
Want to save on capital gains? Know your exemptions!
Section 54? 54F? 54E? If these alpha numerals are throwing you out of gear, Sandeep Shanbhag clears the air.
Breathe easy on ELSS
ELSS investors can breathe a sigh of relief. Sandeep Shanbhag tells you why.
Made a loss on stocks this year?Carry it with you next year
Moneycontrol expert Sandeep Shanbhag draws up this primer on carry forward and set-off of taxes under every circumstance of buying and selling shares and mutual funds.
Dividends: Look before you strip !
If you have invested in a mutual fund or in stocks, this article is for you. If you are going to invest in a mutual fund or in stocks, this article is for you, says Sandeep Shanbhag.
ELSS: From saving tax to postponing it?
Fresh off the oven is a notification regarding investments in Equity Linked Savings Schemes (ELSS). Sandeep Shanbhag examines the issues.
Recommendations to ride the journey from EEE to EET
Mr. Kanu H. Doshi in a easy question answer format explains the complex topic of “Tax, Investments & EEE to EET” for the benefit of our readers.
A complete guide to Fringe Benefit Tax on salaries
Fringe Benefit Tax is the biggest challenge that taxpayers are going to face in the months and years ahead. Chartered Accountant Ameet Patel gives us this primer on FBT.
LTA not subject to FBT
Every day reveals a new mystery so far as FBT is concerned. The issue today is LTA. Sandeep Shanbhag cuts throught the clutter.
8 tax rules a salaried individual must know
The first thing you need to know if you have to plan your taxes is how much tax you have to pay. Here is a primer on how to calculate your taxes if you are a salaried.
Your pay packet just got a lot lighter,courtesy FBT
FBT is a bit like Service Tax that is paid to the government by the service provider but borne by the person who is provided the service. Sandeep Shanbhag explains the whole truth.
Gratuity and PF spared from the FBT axe
Subhash Lakhotia analyses the fine print of the new CBDT circular on the Fringe Benefit Tax.
Your aunt is not your relative, says Taxman
Sandeep Shanbhag tells you the rift that comes with giving a gift to your 'relatives'.
Are LTA, HRA & Medical under FBT net?
Will the FBT dilute your already (diluted) pay packages further. Sandeep Shanbhag gives us an analysis.
Taxation Bill rings in some more changes
The most awaited taxation amendments usually happen through the Finance Bill. But this year, the Taxation Laws Amendment bill slipped in a lot of changes, post Finance Bill. Subhash Lakhotia tells us more.
33.66% is lesser than 14.025%
The general misconception is that there is no advantage in earning short-term gain since it is taxed at the normal rates. However, that may not always be true, says Sandeep Shanbhag.
Your take-home will be hit after FBT
CFO of Infosys Technologies TV Mohandas Pai says that fringe benefits will now be converted to allowances as part of your CTC. That means, your take-home is set to be impacted.
Marriage has Fringe Benefits too
Marriage has a silver lining! In sickness and in health and in paying taxes too! Sandeep Shanbhag tells you how.
Derivatives Trading - Speculative or not?
Budget 2005 proposes to amend the income tax law to provide that derivatives transactions would not be regarded as speculative transactions. This is indeed a welcome amendment, but the finer aspects of the amendment need to be understood, says our expert Gautam Nayak.
Of women and the budget '05
The budget '05 has definitely made the fairer sex happier. The FM is indeed chivalrous says our expert, Sandeep Shanbhag.
  This week's tips   
Sec. 54 grants exemption from tax on long term capital gains arising out of sale of property. To get this exemption, you have to invest the capital gains earned by you in another house.
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