Income Tax Articles

Abolition of levy of wealth-tax under Wealth-tax Act, 1957

Posted by Sensys Technologies 21 May 2015 8134 Views

History of Wealth Tax ActWealth-tax Act was introduced w.e.f. 01.04.1957 on the recommendation of Prof. Nicholas Kaldor forachieving twin major objectives of reducing inequalities and helping the enforcement of Income-tax Act through cross checks.Acc

Fees u/s 234E held as constitutionally valid, will still missing

Posted by Sahil Jolly 19 May 2015 15527 Views

Fees u/s 234E held as constitutionally valid, will still missing�. Recently, in the case of Rashmikant Kundalia and another vs Union of India and others, the constitutional validity of the fees being charged u/s 234E for delay in filing TDS re

Beware of the side effects of TDS on deposits in Co-op banks

Posted by CA Umesh Sharma 18 May 2015 14878 Views

Karneeti Part 89 Beware of the side effects of TDS on the Interest of Deposits in Co-op. Banks w.e.f 1st June, 2015Arjuna (Fictional Character): Krishna, Income Tax Department has introduced the provision of TDS deduction on the Interest of Fixed Dep

Income computation & disclosure standards

Posted by Unnat Agarwal 18 May 2015 11798 Views

Introduction At present India is going through one of the major tax reforms. In last two budgets our Finance Minister had introduce lots of things to make our economy globalize. �Income Computation and Disclosure Standards is one of the parts o

MAT: Retrospective tax is back?

Posted by Karan Sahi 15 May 2015 14549 Views

IntroductionThere exists proverb in English �Once bitten, twice shy�. This proverb doesn�t hold well in case of Indian tax system. After facing the Backlash from the international investors in case of Vodafone retrospective case whi

Taxation of gifts by an Individual/HUF

Posted by CMA Poornima Madhava 15 May 2015 28186 Views

As per section 56(2)(vii) of Income Tax Act, gifts received by an individual or a hindu undivided family in the form of money or property (without consideration or with inadequate consideration) is taxable as income under the head Income from Other S

Deduction in respect to contribution to pension scheme

Posted by CA Basant Patawari 13 May 2015 8223 Views

Deduction in respect to contribution to pension scheme ( NPS) notified by central Government ( Sec 80CCD ) - Assessment Year 2016-17Conditions � Section 80 CCD is applicable if the following conditions are satisfied � The Taxpayer is an

Deduction of expenditure incurred for exempt income if taken will land in trouble

Posted by CA Umesh Sharma 12 May 2015 11606 Views

Karneeti Part 88Deduction of Expenditure incurred for Exempt IncomeIf taken will land in troubleArjuna (Fictional Character): Krishna, expenditure incurred in relation to exempt income is a controversial issue and matter of discussion in these days.

Note on Income Computation and Disclosure Standards (ICDS)

Posted by Gaurav Jain 09 May 2015 107218 Views

INCOME COMPUTATION AND DISCLOSURE STANDARDS CBDT vide its Notification No: 32/2015 dated 31-03-2015 notified 10 Income Computation and Disclosure Standards (ICDS); which are to be followed at the time of computation of income chargeable to income ta

Proposed changes in provisions for TDS u/s 194C for transporters

Posted by Gaurav Jain 09 May 2015 72781 Views

Proposed amendment in the TDS provision u.s 194C applicable on payments to transporters vide Finance Bill, 2015 CURRENT SCENARIO:Under the existing provisions of sub section (6) of section 194C of the Income Tax Act, 1961, there is no deduction of ta