Income Tax Articles
All about Form 15G/15H
BACKGROUND�Chapter XVII � Collection and Recovery of Tax� of Income Tax Act 1961 provides for the various provisions related to deduction of tax at source. These provisions work as a tax collection mechanism. Apart from upfront coll
Income Tax Provision for Doctors
Among the busiest of professionals, doctors have little time to learn about the latest tax law. Tax planning is often neglected in the crush of other obligations. Being India�s Top 10s income earners, they have need to give more attention to th
How to maintain safe distance from the IT department !!
Do you want to keep an Arm�s Length Distance from the Income Tax Department?Obviously the Answer is YES !!! But the question here is HOW ???Here are a list of expenses/ investments, which at any point of time performed by you may invite undue a
Section 115JB of the income tax act
SECTION 115JB OF INCOME TAX ACT, 1961 SPECIAL PROVISION FOR PAYMENT OF TAX BY CERTAIN COMPANIES (AFTER BUDGET 2016) This section is nothing but the Minimum Tax that a company is required to pay. This section provides that in case the tax payable by a
Highlights of Section 194IA
Highlights of Section 194-IA (TDS On Sale/Purchase of IMMOVABLE PROPERTY)Crux :1.As per Finance Act of 2013, TDS is applicable on transfer of any Immovable Property(other than agricultural land), wherein the consideration of the property exceeds or i
Understanding tds on purchase of immovable property
Understanding of Notice, Penalty, Late fees and Interest on TDS for Purchase of Immovable PropertyAs per Finance Act of 2013, TDS is applicable on transfer of Immovable property, wherein the consideration of the property exceed
What is Tax Deducted at Source?
For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called as �Tax Deducted at Source�, common
Section 44AD of the Income tax Act after Budget 16
SPECIAL PROVISIONS FOR COMPUTATION OF PROFIT AND GAIN OF BUSINESS ON PRESUMPTIVE BASIS(After Budget 2016)This section is nothing but provides a relaxation to the tax payers to declare income on presumptive basi
Taxation on Investors and Traders
Investor or Trader?According to Central Board of Direct Taxes(CBDT): Investor: anyone who invests with the intention of earning through dividends Trader: anyone who buys and sells with the intention of profiting from
Simplification of taxation law vis-a-vis progressive tax legislation
The development of a nation is measured by Gross National Product (GNP) or Per Capital Real Income (PCRI). The above two are the economic indicators used to measure the economic development of a nation. There are non-economic indicators which are of
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