Income Tax Articles
Admission/Retirement from Partnership Firm - Taxability
Amount received by erstwhile partners on Admission of a new partner to the partnership firm � Taxability under the Income Tax Act, 1961.Reduction of share in partnership firm by an existing partner in favour of a new partner does not attract Ca
Capital Gains: Few Basics that you should Know
Capital Gains is the 3rd Head of Income described under Income Tax Act, 1961 and provisions relating to it are given from Sec. 45 to 55A. Capital gains refers to profits & gains on transfer of any capital asset. Meaning of Capital AssetIn genera
How to File Income Tax Return of a Deceased?
Greeting to all of you!!! In this article, I will discuss the step by step process to file Income Tax Return (ITR) of a deceased. For better understanding I have uploaded Screenshots, however, I have strike through some portion of the image to keep t
Lease and Depreciation claim-An analysis
Lease and Depreciation claim-An analysisLease nowadays a method of using the tangible material or equipment like Machinery, Vehicles and in a nature of like assets. Instead of buying the same the lessee takes them on lease or say hire from the lessor
Required to file ITR?
It is mandatory to file your Return of Income (ROI) and communicate your details of incomes earned to the Income Tax Department. The provisions relating to filing of ROI depends upon the status of taxpayer. The position in regard to this is described
Key point and analysis of final rule on range concept and use of multiple year data
Key Point and Analysis of Final Rules on �Range Concept� and �Multiple year data� in Transfer Pricing provisions IntroductionThe Income-tax Act provides for determination of income having regard to Arm�s Length Price (A
Way to Get Unclaimed Refund
There are many circumstance in which a person may forgot to claim the credit of Tax deducted at source or sometimes TDS has been lately credited in his account. This is specially truth of the cases where a person is either not supposed to file return
Is there a need to apply Fuzzy Logic in sec 44AB?
Sec 44AA of the Income tax Act stipulates about the compulsory maintenance of Accounts by Certain persons carrying on business or profession and return their income under the head �Profits & Gains of Business or Profession. What is the limi
Full Summary of Form 15CA & 15CB Requirements & relevant Provision
Firstly to understand the provisions & needs of Form 15CA & 15CB, we have to understand the income Tax Act & Rules made behind the compliances and transactions required the compliances of Form 15CA & 15CB.1- Section 195(6)of Income
Differences between Income Computation and Disclosure Standard and Accounting Standard
Statement showing differences between Income Computation and Disclosure Standard and Accounting Standard ICDS corresponding to accounting Standards ICDS No. ICDS Corresponding to AS Applicability on JAL I
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