Income Tax Articles
Tips received by waiters from customers is not salary income
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
Taxability of salaried individuals
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
For all those persons who are buying residential properties and selling such residential properties at a later date a question
Beware: tax evaders take bath in this "Kumbhmela" of income declaration scheme 2016 or else?
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
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
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
New procedure to file TDS returns online w.ef. 01.05.16
NEW PROCEDURE TO FILE TDS RETURNS ONLINE W.E.F. 01.05.16 REGISTRATION WITH EFILING WEBSITE � FOR TDS RETURN Log into �TRACES� with the details of the assessee whose return is to be filed. Click at �Register for E-filing�
Understanding turnover exemption u/s 10A of the IT act, 1961
In respect of claim of exemption u/s 10A, 10AA & 10B, still there is lot of confusion is there between taxpayer and the tax officer. Given below chart based on the latest judicial pronouncement will help to reduce such confusion. SN
All about Capital Gains
Capital gains was first introduced in 1946 and was in operation only for a short period, that is, in respect of capital gains which arose during the period from 1st April, 1946 to 31st March, 1948. Later it was modified and reintroduced for the purpo
The nightmare called 194-IA
Most of the people who were happy and proud with their achievement of buying their own house in the recent past are now sleepless, thanks to the provision, called Section 194-IA of the Income Tax Act 1961.Some people even came upto me to explain thei
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