Income Tax Articles
TCS on cash sale of goods or services
Finance Act, 2016 imposed TCS on cash sale of goods or services with effect from 1-6-2016. New Sub Section (1D) of Section 206C is as follow: Every person, being a seller, who receives any amount in cash as consideration for sale of bullion or jewell
Equalisation Levy: At a Glance
Finance act 2016 has introduced Equalization levy to address challenges of the �digital economy� on the amount of consideration received by non-resident for any specified se
FAQ : TCS on sales of Goods and Services for value more than 2 lacs
Solutions to Frequently Asked Question on TCSFor amendment in Section 206C, sub section 1D of the Income Tax Act, 1961 for Sale of Goods or Provision of Service of value exceeding Rs. 2,00,000: By Rani Jain Act ��Every person, being a sel
FAQ on TCS on Motor Vehicle Rs.10 Lakhs more
Solutions to Frequently Asked Question on TCSOn amendment in Section 206C, sub section 1 of the Income Tax Act, 1961 for Sale of Motor Vehicle of Value exceeding Rs. 10,00,000Finance minister, Mr. Jaitley had proposed to impose a provision for collec
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
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