Income Tax Articles

Karniti Part-20: Salary earners now "Dent" in claiming Allowance of "House Rent"

Posted by CA Umesh Sharma 21 January 2014 20546 Views

Salary earners there is now "Dent" in claiming Allowance of "House Rent" Arjuna(Fictional Character): Krishna, all the salaried people might be busy in providing information to their employers for computing income tax, deductions and exemptions from

TDS Compliances and Penalties

Posted by POOJA CHANDAK 21 January 2014 83274 Views

TDS PROVISIONS & COMPLIANCES [A] Mandatory Filing of TDS StatementsEvery person responsible for deduction of tax under Chapter XVII-B shall, in accordance with the provisions of Section 200(3), submit the following Quarterly Statements to the Dir

Deduction for Interest on Education Loan

Posted by Rohit 17 January 2014 31259 Views

Q.1 Who can claim deduction?Only Individual can claim deduction under section 80E.Q.2 What is Expenditure Qualified for deduction under section 80E?Interest paid on Loan.Loan should be taken:1. for Study after Senior Secondary or its equivalent2. fro

Analysis of TDS withholding tax & TDS provisions

Posted by S.ASWATH 17 January 2014 29094 Views

Whether assessee can appeal for Intimation received under section 200A for TDS provision violation? Whether is it mandatory to apply U/s. 195(2) or U/s.197 for no deduction certificate to pay without deduction? Analysis provision & case laws of I

Karniti Part-19: Kite Fight between Taxpayer & IT Dept

Posted by CA Umesh Sharma 15 January 2014 17736 Views

Arjuna (Fictional Character): Lord Krishna, all are happy and enjoying as two festivals Makar Sankranti and Eid are coming together. Children are busy flying colorful kites in the blue sky. Kites o

How to make sure your Income Tax return is not rejected?

Posted by Palak Aggarwal 15 January 2014 22893 Views

Most of us file our income-tax (I-T) returns online before the July 31 deadline. Electronic filing (e-filing) is convenient and you can even pay your taxes online. However, filing your returns online does not mean that the process of fi

Safe Harbour Rules - International Transfer Pricing

Posted by Sandeep SHARMA 15 January 2014 24036 Views

Sandeep SHARMA(CA Final)sandeep.ca92@gmail.com91-93578-95039 Safe Harbour Rules Transfer PricingThe only thing that is constant is change.Change is what has bought us to the juncture and change is what it will take to usher in a

How to proceed with Tax Audit - An Overview

Posted by Vignesh A. 15 January 2014 29526 Views

Let us consider the following questions : Objective of Work? Where to start? How to Proceed? What to Check & document in working paper file? Knowledge base / Study paper? Tax Audit :1. Objective:In cas

Short-comings of Safe Harbour Rules

Posted by Mihir Manohar 09 January 2014 20081 Views

In this article I have made an attempt to highlight the shortcomings of Safe Harbour Rules of India. Smog prevailing on the conditions of Insignificant Risks.Safe Harbour rules in one segment are applicable to Assesses extending Loans t

Karniti Part-18: Beware of Stamp duty value of Immovable property

Posted by CA Umesh Sharma 06 January 2014 41419 Views

Beware, Adhere to Stamp duty valuation of Immovable property under Income tax. Arjuna (fictional character): Krishna, It is astonishing that on 1st January Government instead of giving gift of New Year to the taxpayers, it increased Stamp Duty Value