Income Tax Articles

FAQ : TCS on sales of Goods and Services for value more than 2 lacs

Posted by Rani Jain 02 June 2016 21515 Views

Solutions to Frequently Asked Question on TCSFor amendment in Section 206C, sub section 1D of the Income Tax Act, 1961 for Sale of Goods or Provision of Service of value exceeding Rs. 2,00,000: By Rani Jain Act ��Every person, being a sel

Equalisation Levy: At a Glance

Posted by Ajay Pradeep Bansal 02 June 2016 10662 Views

Finance act 2016 has introduced Equalization levy to address challenges of the �digital economy� on the amount of consideration received by non-resident for any specified se

Tips received by waiters from customers is not salary income

Posted by rajat aggarwal 01 June 2016 5657 Views

Background and factsSection 15 of the Indian Tax Laws (ITL) includes the following incomes as chargeable to tax under the head �Income from Salary� (Salary head): Salary that is �due� from an employer or a former employer, whe

FAQ on TCS on Motor Vehicle Rs.10 Lakhs more

Posted by Rani Jain 01 June 2016 8879 Views

Solutions to Frequently Asked Question on TCSOn amendment in Section 206C, sub section 1 of the Income Tax Act, 1961 for Sale of Motor Vehicle of Value exceeding Rs. 10,00,000Finance minister, Mr. Jaitley had proposed to impose a provision for collec

Taxability of salaried individuals

Posted by Tony John 31 May 2016 13673 Views

SALARY AND TAXABILITY What is previous year?Previous year means financial year starting from 01 April and ending on 31st March. Eg. The current previous year is 2015-2016. What is Assessment Year?Every previous year shall have an assessment year. A

Treatment of Capital Gains arising on sale of Residential Property

Posted by Ajay Pradeep Bansal 30 May 2016 14520 Views

For all those persons who are buying residential properties and selling such residential properties at a later date a question

Era without black money

Posted by Mahendra Badjatya 14 November 2016 8388 Views

The money is money. Colour of money is the definition of tax law of each country. Where there is no income tax there is no colour of money and therefore there is no black money. In the sovereign country, taxation is must and therefore the chances of

Beware: tax evaders take bath in this "Kumbhmela" of income declaration scheme 2016 or else?

Posted by CA Umesh Sharma 25 May 2016 11229 Views

Arjuna(Fictional Character): Krishna, by taking a holy bath in Kumbhmela, a person purifies himself. Now the Income Tax Departmen

Assessment of HUF with perspective of important & recent cases

Posted by CA. Harsh Rathi 24 May 2016 12449 Views

Hindu Undivided Family(HUF) - A fresh perspective with important & recent case laws:Background:U/s 4 of the Income Tax Act, 1961 income tax is payable by �every person�. U/s 2(31), Person is defined to include a Hindu Undivided Family

Deferred tax analysis

Posted by Member (Account Deleted) 19 May 2016 53644 Views

The concept of Deferred Tax is not a simple to understand and many get confused while applying it in the books. So, we shall try to go through simple and lucid manner to understand the whole concept and its application in the books through e