Income Tax Articles

Issue of Shares at less than FMV- Section 56(2)(vii)

Posted by MOHIT JAIN 21 March 2014 156770 Views

Analysis of Mumbai Tribunal Judgement in Sudhir Menon HUF (ITA No. 4887/Mum/2013)- AY 2010-11- Section 56(2)(vii) Facts:- Assessee was shareholder in a company and was allotted right shares (1,94,000) at face value of Rs. 100 each on 28.01.2010 The

Karniti Part-28: Colors of Income Tax and Taxpayers Holi

Posted by CA Umesh Sharma 18 March 2014 9898 Views

Colors of Income Tax and Taxpayers HoliArjuna (Fictional Character): Krishna on this day of March by making bonfire chilled winters comes to an end. Further in this month being an last month for the financial year 2013-14, taxpayers will have to blen

Conversion of Company into LLP-Accounting & Tax implications

Posted by Abhinav 18 March 2014 148586 Views

A business organisation structure is like our shoes; if too small, they pinch us; but if too large, they cause us to lose balance.1. IntroductionDeciding the form of business organisation is among the first decisions that an entrepreneur has to make.

Rajeev Gandhi Equity Savings Scheme - Section 80CCG

Posted by CHAITANYA GANATRA 14 March 2014 25248 Views

RAJEEV GANDHI EQUITY SAVINGS SCHEME (RGESS) ObjectiveThe objective of the scheme is to encourage the savings of the small investors in domestic capital market.EligibilityThe deduction shall be available to new retail investor whose gro

Karniti part 27: Pay as you earn - Advance Tax

Posted by CA Umesh Sharma 11 March 2014 10352 Views

(March Ending Special Part 2)PAY AS YOU EARN Advance Tax Arjuna (fictional character): Krishna, before 15th March last installment of advance tax will have to be paid. What precautions taxpayers should take? Krishna (fictional character):

Surveys under the Income Tax Act - Certain Aspects

Posted by Guest 10 March 2014 14600 Views

The search and survey operations conducted by the Income tax department, commonly known as Income tax raids (raids), has always been one of the worst nightmares of businessmen, high earners and corporates. Some reasons for this fear bei

Notice from Income Tax Department

Posted by CA. Brijesh Baranwal 10 March 2014 33546 Views

One of the biggest worries of income tax payers is getting notice from Income Tax Department. The Department issues notices under various provisions of Income Tax Act. The purpose of the same is to ensure greater tax

Six Easy Step To Reduce Your Tax Liabilities

Posted by CA Vap Patel 07 March 2014 32030 Views

As 31st March is coming closer, everyone is busy in tax planning. There are many illegal way to avoid tax but why to opt for that when you have many other legal way to reduce your tax liabilities.Here are the Six most easy way to counter attack with

TDS on Reimbursement of Expenses to Non-Residents

Posted by MOHIT JAIN 06 March 2014 17589 Views

TDS on Reimbursement of Expenses to Non-Resident To elucidate the concept, considered the following cases from TDS deduction perspective u/s 195 of the Income Tax Act:- Rs. 10 lacs paid as Fees for Technical Services to Non-Resident (NR) and his exp

Tax Benefit on Housing Loan

Posted by C.S.SAVEESH.K.V. 05 March 2014 37987 Views

(Sec. 24, 80C and 80 EE of Income Tax Act) Repayment of Housing are divided into 2 components1. Repayment of the Principal portion2. Repayment of the InterestSection 80C: Tax benefit on Housing Loan (Principal Amount) The amount paid as Repayment of