Income Tax Articles

Highlights of Section 194IA

Posted by CA Rohan jain 18 April 2016 180719 Views

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

Posted by Abhishek Ranjan Singh 18 April 2016 76710 Views

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?

Posted by Shubham Gupta 13 May 2023 7474 Views

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

Posted by MANSHI BAID 17 June 2016 32003 Views

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

Posted by Munim.in 17 June 2016 9268 Views

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

Posted by CA CMA CS Ram Pavan Kumar Melam 07 April 2016 5445 Views

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

Understanding of Compliance Query of Income Tax Department

Posted by Abhishek Ranjan Singh 06 April 2016 179494 Views

Income tax department has started sending notices (Compliance Query) to non-filers for the assessment year 2013-14 & onwards & are also using the said information to verify under-reporting of income. The income tax department has been capturing infor

Movies and Income Tax returns, what's the similarity?

Posted by CA Umesh Sharma 06 April 2016 10137 Views

Karneeti Part � 123 Movies and Income Tax returns, what�s the similarity?Arjun (Fictional character): Krishna, what are the changes made in the New Income Tax return forms (ITR forms) from 1st April 2016? Just like new sequels of films ha

Government notifies new income tax return forms for FY 2015-16

Posted by Anurag 28 June 2016 14013 Views

In briefThe Central Board of Direct Taxes has notified Income-tax return forms applicable for the financial year (FY) 2015-16 (assessment year 2016-17). There are no major changes in the forms compared to last year. The key amendments in the forms pe

Changes proposed in Form 15CB & CA - wef 1st Apr 2016

Posted by Dongre Arun 05 April 2016 34073 Views

Wef 1st Apr 2016, the provisions applicable to Income-Tax Rule 37BB read with Sec 195 is amended i.e. issuance of Form 15CB & CA. Following are the key points covered therein.The furnishing of information for payment to a non-resident, not being