Income Tax Articles

Notice from Income Tax Department

Posted by CA. Brijesh Baranwal 10 March 2014 33547 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 32033 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 37990 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

Taxability on Non-Resident Sportsperson

Posted by MOHIT JAIN 28 February 2014 34449 Views

Taxability of Non Resident Sportsperson/Entertainer/Sports Association Taxability of any Non-Resident in India is governed by the provisions of Income Tax Act and Provisions of DTAA, whichever is more beneficial.In case of taxability of Non Resident

TDS - Consequences of Default

Posted by Lalit kundalia 27 February 2014 51912 Views

TDS - TDS means 'Tax Deducted at Source'. TDS is one of the modes of collection of taxes, by which a certain percentage of amount is deducted by a person at the time of making / crediting certain specific nature of payment to the other person

FII-Taxability on gain from Shares

Posted by MOHIT JAIN 27 February 2014 13622 Views

Foreign Institutional Investors (Resident of Countries with which India has DTAA) (FII) Taxability on gains on transactions in Shares of Indian Companies & on Derivative. FII are incorporated in their respective countries with an objecti

Form 26AS with respect to Tax Deducted at Source (TDS)

Posted by Sahil Jolly 26 February 2014 25810 Views

Form 26AS is, in essence, an acknowledgement of sorts when it comes to Tax Deducted at Source (TDS). Which is to say that Form 26AS shows the amount of TDS, which has been deducted and is available as credit against our Income Tax liability, if any.T

Karniti Part 25 : Let's Drive Car safely Car from Pot holes on

Posted by CA Umesh Sharma 25 February 2014 10122 Views

Lets Drive Car safely Car from Pot holes on the roads of Income TaxArjuna (fictional character): Recently the Finance Minister cut down the excise duty levied on cars and other vehicles. Now one can purchase new car at lower price. Further, re

Section 234E Cracked

Posted by Dingu 24 February 2014 47124 Views

Of late this month we must have received lot of demand from CPC seeking demand for non remittance of 234E FEES (not Tax). Well here is something to crunch on 234E will not apply to cases where TDS payment is made beyond the time limit prescribed for