M. Govindarajan 1. Section 68 of the Finance Act, 1994 provides that the every person providing taxable service to any person shall pay service tax at the rate specified in section 66 of the Act in such manner and within such period as may be prescribed. Thus, section 68 fixes the responsibility for the payment [...]

T. N. Pandey 1. Section 115JB of the Income-tax Act, 1961 provides for levy of Minimum Alternate Tax (MAT) in case of what are popularly referred to as Zero tax companies. Uptill the assessment year 2006-07, levy of MAT was governed by section 115JA of the Act. From the next year, section 115JA has been replaced [...]

It comes around every year like clockwork. Springtime. And with the arrival of the sun comes the arrival of tax time. You’ve spent a whole year making and spending money. Now it’s time to pay up. For most people, tax time is one of their most dreaded seasons. Not just because you’ve got to pony [...]

Do you own a corporation but don’t think you’ll complete the 2008 corporate income tax return by the March 16 deadline? This article explains how to file an extension without a hitch, giving you until September 15 to file the return. If your small business is a corporation, your 2008 corporate income tax return is [...]

If you’re an American, you probably look at the just-signed economic stimulus bill (called the American Recovery and Reinvestment Act) with a combination of trepidation and hope. This bill, totaling up to almost $800 billion in tax breaks and new spending, is the most costly single bill in American history. Its goal? To jump-start the [...]

Canada, The US and Europe all face a pretty bleak 2009 as the world starts to feel the recession biting, and millions of people could be made unemployed. And as unemployment rises and politicians see their poll ratings slip, part of the blame for the economic downturn will be put on tax havens, with astronomical [...]

If you bought equipment for your business last year such as a computer or a printer, you can deduct those items on your business income tax return. Usually that means tackling Form 4562 and entering one of the most complicated areas of tax law, the dreaded world known as depreciation. For do-it-yourself-ers who abhor the [...]

AARP tax help is the best source of tax that is now available to these group members. If you’re seeing the ability to submit their taxes easily, then requires that tax professionals can help make these things happen to everyone. Consider the set of options that have been included in any tax advice, tax forms [...]

Many of us wonder, “Are travel expenses tax deductible?” or “Is there any way for me to take a vacation and write part of it off?” Well the answer to that is yes if you do it right. The IRS allows you to deduct a part of your travel expenses if your vacation is related [...]

A hue and cry has gone up in the largest of Floridas counties regarding annual double-digit increases in tax assessments on multifamily property for the past 3 years. At last, some relief appears to be in sight. A little-known and little-used provision of Florida property tax law is being touted as an avenue of tax [...]