Income Tax Articles

TDS - is not tedious

Posted by Vandana Saluja 26 June 2014 18614 Views

1. Background of deduction of tax at source 1.1 What is Tax Deducted at source i.e TDS? TDS is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of making/crediting certain specific

Tax & Corporate law implication on Capital reduction

Posted by vikash kumar singh 23 June 2014 35282 Views

IntroductionABC (Company) consider to reduce the equity share capital of the promoters of the company pursuant to which, the company will distribute land to the promoters by entering into a scheme of capital reduction sanctioned by High Court in acco

Sec 71 of Income Tax Act - A common man's dilemma

Posted by sksen 20 June 2014 29675 Views

From Assessment year 2005-06, Sec .71 of the Income-tax Act, 1961 (the Act) lay down that a loss computed under the head Profits and Gains of Business or Profession shall not be allowed to be set off against the income assessable under

Karniti Part-41: Taxation of Gold

Posted by CA Umesh Sharma 17 June 2014 7006 Views

Arjuna (Fictional Character): Krishna,. Recently lot of gold is found in the world famous temple of Phadmanabhan of Kerela. Old is gold; as well gold is old mean of investment. Many other types of precious metal, stones are there bu

Recent Case Laws on Direct Tax

Posted by CA Abhay Agrawal 16 June 2014 17089 Views

Direct Tax updates Recent Judgements - From the Courtroom A. Tribunal 1. Subsequent commercial-use cannot disentitle Sec 54F exemption if building constructed for residential-purpose: Relevan

Income Tax - TDS and Section 40(a)(ia) - 2012 Amendment

Posted by CA Nitesh Kumar More 14 June 2014 210420 Views

DEEMED date of payment of tax by the resident payee As per Section 40(a)(ia) of the Income Tax Act, the following deduction is not allowed: (ia) Any interest, commission or brokerage, fees for professional services or fees for technical services pay

Tax Implication of Freelance Work in India - Part 1

Posted by JAINENDRA JAIN 14 June 2014 27065 Views

TAX IMPLICATION ON FREELANCER WORK IN INDIABeing inspired by many article published in caclubindia, I wish to write my first article. I request the readers to comment upon the same and any feedback and suggestion to improve in any way will be taken i

Assessee cannot be denied credit for TDS on the ground of Form 26AS mismatch

Posted by Mukesh Lunawat 14 June 2014 18508 Views

Caselaw: Rakesh Kumar Gupta vs. UOI (Allahabad High Court)(WP No 657 of 2013) Background The assessee filed a return in which he claimed a refund of Rs. 2.32 lakhs on accoun

Willful - Deliberate Failure to Failure to ITR

Posted by Nikhil Kaushik 13 June 2014 10384 Views

Application of 276CC to Willful and Deliberate Failure to File Income-tax ReturnsIssueIn past one year, many assesses have received notices from Income-tax Department (Department) for non-filing of tax returns for earlier tax years such

Understanding Penalty under income tax with latest case laws

Posted by Manish Kumar Agarwal 11 June 2014 36844 Views

Penalty is one of the weapon which is now used by Income tax department (ITD) for each & every kind of addition they are making during the assessment. Further recently the weapon also used for transfer pricing documentation also. The handling of