Income Tax Articles

Learn How to Use Tax Deductions to Save Money

Posted by Guest 01 July 2016 21879 Views

The Income Tax Department allows certain deductions which can be claimed to save tax at the time of filing the income tax return.

Government notifies new income tax return forms for FY 2015-16

Posted by Anurag 28 June 2016 13999 Views

In briefThe Central Board of Direct Taxes has notified Income-tax return forms applicable for the financial year (FY) 2015-16 (assessment year 2016-17). There are no major changes in the forms compared to last year. The key amendments in the forms pe

How to File Income Tax Return of a Deceased?

Posted by Amit Bavishi 28 June 2016 8460 Views

Greeting to all of you!!! In this article, I will discuss the step by step process to file Income Tax Return (ITR) of a deceased. For better understanding I have uploaded Screenshots, however, I have strike through some portion of the image to keep t

Income - Tax - Deduction

Posted by Rohit Pandey 28 June 2016 23711 Views

INTRODUCTIONOften you find yourself holding your Income in one hand and Taxes in other. Income Tax Deduction is one such aspect which is ignored by large.What if you can replace your taxes with deductions (Income Tax Deductions)? Wouldnt it be

Mandatory quoting of PAN

Posted by Gagan Deep Singh 28 June 2016 56869 Views

The Government is committed to curbing the circulation of black money and widening of tax base. To collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of Permanent Ac

Old vs. New Tax Audit Report - A Y 2014-15

Posted by CA Pardeep Chanana 28 June 2016 111207 Views

Changes made in Tax Audit ReportAssessment Year 2014-15 Sr. No. Particulars Old Report New Report Changes are reflected by Bold Letters 1. FORM NO. 3CA 3. In * my/our opinion an

Ready reference of case laws relevant for November 2015

Posted by CA Shishir Agrawal 28 June 2016 16284 Views

CA FINAL DIRECT TAX (Income Tax) Ready reference of case laws relevant for November 2015About Notes: The case laws are summarized from supplementary study material issued by The Institute of Chartered Accountants Of India for the Final Examination to

TDS Rate on making Foreign Payment

Posted by CA. Amit Daga 25 June 2016 17070 Views

How to determine applicable TDS Rate on making Foreign Payment : TDS on foreign payments depends on two conditions. First, whether deductee provides a valid TRC or not? Second, whether deductee holds a valid PAN in India or not? Below is the matrix

Capital Gain Tax Simplified

Posted by CA Pallav Singhania 24 June 2016 59859 Views

Chargeability u/s 45 Profits or gains arising from the transfer of a capital asset is chargeable to tax in the year in which transfer take place under the head "Capital Gains". Definitions Transfer: Sec. 2(47): Transfer in relation to

ICDS, the basic questions

Posted by CA Sripriya K 24 June 2016 32033 Views

1. What is ICDS? The Ministry of Finance has issued ten Income Computation and Disclosure Standards (ICDS), which is a new framework for computation of taxable income 2. Who does it apply to ?It applies to all assesses in relation to their income und