Income Tax Articles

Draft Guidelines for upcoming GAAR provisions

Niraj K Shah 03 July 2012 at 13:53

Draft guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of section 101 of the Income Tax Act, 1961. What is GAAR? GAAR stands for General Anti- Avoidance Rules. In several countries anti tax avoida

Rajiv Gandhi equity saving scheme sec 80CCG

CA Prashant Gupta 03 July 2012 at 13:52

Finance Act 2012 has inserted a new section 80 CCG, This will be applicable for the A.Y. 2013-14. Following conditions must be fulfilled to claim this deduction: i. The gross total income of the assessee for the relevant Assessm

Understanding deductions of section 80-IA & IB

Manish Kumar Agarwal 02 July 2012 at 11:34

Chapter VIA of the Income Tax Act, 1961 covers only deductions available to assessee under section 80 of the Income tax act, 1961. The assessee by some act as mentioned can reduce its taxable under this provisions. Amongst number of sub-sections of

What are the consequences of Non - Filing of Returns

Amita jhunjhunwala 30 June 2012 at 15:39

Q. What is Income Tax Return Filing? Ans: Return of Income is nothing but an evidence of the income earned by a person (individual, company, LLP, AOP, BOI, and HUF etc.). It is merely mode

Non- Compliance of TDS might discontinue your business

Amita jhunjhunwala 30 June 2012 at 15:39

Opening : The entire economy of the world revolves around one universal statement Somebodys income is somebodys payment. TDS drives it origin from this unive

Understanding Income from Other Source with Latest Case Laws

Manish Kumar Agarwal 25 June 2012 at 12:04

Any income which does not fall under the heads of Salary, House Property, Business & Profession and Capital Gain will fall under the head Income from Other Source. Hence, this is the residuary head of income. Hence, it is very important to under

Transfer Pricing - Specified Domestic Transaction

Jinesh Bhagdev 23 June 2012 at 12:41

Transfer pricing until now was applicable to companies having cross border transactions with their ASSOCIATED ENTERPRISE. However, Finance Bill 2012, honoring the supreme court ruling in case of CIT vs. M/S Glaxo Smithkline Asia (P) Ltd. (Special

Tax Saving Tips

SHIKHA SONI 22 June 2012 at 12:15

For most of the people tax savings brings to mind life insurance, PPF, NSC, and equity-linked savings scheme, among others, that qualify for tax deduction under Section 80 C of the Income-Tax Act. An individual can claim tax deduct

Taxation of Food Allowance in the hands of Employer/ee

arun 18 June 2012 at 12:15

Taxability in the hand of company and employee of free food In todays competitive environment the employers are constantly working hard with their Human resource department to lure their talented employees to retain them for future. For thi

Clubbing of Income

Saurabh Maheshwari 12 June 2012 at 11:04

Clubbing of Income or Income of other person included in the Assessees Income- Namastey and Hello to everyone,I am going to write my first article on CCI.. I thank CCI very much for selecting my article Under the Income Tax A