Income Tax Articles

Missed 31st July Deadline for filing Income Tax Return? What Now?

Posted by CA Chirag Chauhan 19 August 2014 30739 Views

Most of tax payers comply with 31st July deadline for filing Income tax returns. However many miss out due to other commitment in professional and personal life. Missing the deadline does not mean you cannot file your return. Infact if you have miss

Special Reserve created under section 36(1)(viii)

Posted by Member (Account Deleted) 18 August 2014 125777 Views

Special Reserve created under section 36(1)(viii) of the Income Tax Act, 1961 and Deferred Tax Liability on it.As per section 36(1)(viii) of Income Tax Act 1961 in respect of any special reserve created and maintained by a specified entity, an amount

Residential status and foreign income tax treatment

Posted by TKKKKKK 18 August 2014 15740 Views

Hi friends,If you are individual and have foreign income. You must become aware of tax treatment of foreign income.In this article, I have explained how to determine residential status for individual and tax applicable as per residential status.Know

Tax audit under income tax and cost audit: Correlation & new amendments

Posted by CMA Navneet Kr Jain 16 August 2014 31608 Views

Ensure the review of Cost Audit Reports (CAR) for the year 2013-14 before filing of Tax Audit ReportsCMA Navneet Kumar Jain Any organization has to undergo many audits like

A Birds eye view of Advance tax provisions embedded under Income-tax Act, 1961

Posted by Pooja jain 16 August 2014 44015 Views

What is advance tax? U/S 208 Advance tax shall be payable during a financial year in every case where the amount of such tax payable by the assessee during that year, as computed in accordance with the provisions. Who is liable to pay advance tax? &

Indirect Tax Impact - Tax Audit - AY 14-15

Posted by Madhukar N Hiregange 16 August 2014 56159 Views

Tax Audit Under IT Act. for AY 14-15 Indirect Tax ComplianceCA Madhukar N Hiregange & CA Roopa Nayak The tax audit under Income Tax has undergone a change. There are already a number of compliances which professionals felt was asking for

Do you want your Income Tax Refund? Use Right To Info

Posted by ANAND 14 August 2014 17475 Views

Do you want your Income Tax Refund? Use Right To Information Act 2005 The Right to Information Act, 2005(RTI) is a potent tool for tax payers to find solutions to their everyday problems. Unfortunately, most taxpayers & tax professionals have no

Re-assessment Jurisdiction of Assessing Officer

Posted by MOHIT JAIN 13 August 2014 4076 Views

Re-assessment Jurisdiction by Assessing Officer 1. Initiation of re-assessment proceedings (issue of notice u/s 148) should be strictly in accordance with the cumulative conditions stipulated in sections 147, 149 & 151 of Income Tax Act, 1961, ot

A Brief Guide to TDS

Posted by CA Kumar Kedia 07 August 2014 78934 Views

Govt. of India collects the tax basically by three modes, i.e. Self assessment, Advance Tax and one of them is TDS( i.e Tax deduction at source.Discussing in brief what exactly the TDS is? TDS is the tax which is deducted at the

DT Fundas - understanding of legislative system

Posted by Member (Account Deleted) 04 August 2014 8075 Views

let us understand our legislative system. Constitution of India is the supreme law of India. India has been further divided into 2 categories by constitution i.e. Central India (India as a whole) and Independent states (States). Parliament has been e