Income Tax Articles

Section 43 B of income tax act,1961

Posted by PIYUSH SINGH 14 June 2016 153585 Views

Section 43 B (Allowance Of Deduction on Payment Basis)If the assessee follows mercantile system of accounting actual payment of expenditure during the P.Y is no...

Now everyone has to pay 1st installment of advance tax before 15th June!

Posted by CA Umesh Sharma 14 June 2016 12577 Views

From F.Y 2016-2017 the first installment of advance tax will have to be paid on or before 15th�June and later the remaining in aforesaid 3 installments.

Cyprus to follow Mauritius route

Posted by Rohan Pandey 10 June 2016 5445 Views

A delegation from Cyprus is likely to visit New Delhi later this year to discuss various clauses of the double taxation avoidance agreement (�DTAA�) between the two country.It is likely that Cyprus shall allow India to tax capital gains t

Krishna at the rescue of tax evaders in IDS-2016

Posted by Hiren Sanghvi and Associates 09 June 2016 6673 Views

Conversation between Krishna & ArjunArjun: Who can participate in IDS introduced under Finance Act, 2016 by the Indian Government? Krishna: Following is a list of people, Every Indian Resident who is guilty of his practices of ta

Tax Provisions on Income of Investment Funds and Income Received From such Fund

Posted by ESHA AGRAWAL 09 June 2016 6279 Views

�Death, taxes and childbirth! There�s never any convenient time for any of them.At first instance, readers might think it weird to use these three words namely, death, taxes and childbirth fit into one grid system of words together. But t

No TCS on provision of any service due to drafting anomaly in Section 206C of IT Act

Posted by Manoj Agarwal 09 June 2016 7964 Views

I am sure that you are completely surprised by the title because nobody has yet pointed out such an anomaly!! You heard it right and please do let me explain. The Hon�ble Finance Minister Shri Arun Jaitley has brought amendment in Section 206C

Equalisation Levy

Posted by CA Priyanka Kushwaha 08 June 2016 8456 Views

Budget 2016 has inserted a new chapter VIII in Income Tax Act, 1961. This relates to taxation on services of digital advertising from foreign companies like facebook, google etc. In addition to this new chapter, related sections have also been amende

PAN-IC! PAN compulsory on all Sales or Purchase of goods or services above Rs 2 Lac

Posted by CA Umesh Sharma 07 June 2016 7257 Views

Arjuna(Fictional Character): Krishna, from 1st January 2016 onwards PAN is required to bequoted in sale or purchase transaction exceeding Rs.2 lakh. Which is this hidden income tax provision?Krishna(Fictional Character): Arjuna, Income tax Department

Decoding the Google Tax

Posted by Tony John 06 June 2016 11749 Views

What is Google TaxThe central government is set to impose an �Equalisation Levy� of 6% on cross-border digital transactions whose value exceeds Rs 1 lakh. Popularly called the �Google tax�, this is an indirect tax on foreign c

Amendment in TCS U/S 206C(1D) of Income Tax Act,1961

Posted by CA Vinita Yadav 06 June 2016 109673 Views

Important Amendment U/S 206C (1D) Of Income Tax Act, 1961 - Effective from 01/06/2016.Finance Bill, 2016 assented by President on May 14, 2016 has now become the Finance Act, 2016 (28/2016).Recently, Section 206C has been amended by Finance act 2016