Income Tax Articles

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

You generously help in Nepal & Get tax Benefits in India

Posted by CA Umesh Sharma 05 May 2015 11843 Views

Karneeti Part 87You generously help in Nepal&Get tax Benefits in IndiaArjuna (Fictional Character): Krishna, The whole world has trembled due to the earthquake in Nepal. Due to this earthquake Nepal has suffered terrible financial losses. To come

Taxation under MAT

Posted by Manish Kumar Agarwal 04 May 2015 29373 Views

Normally, a company is liable to pay tax on the income computed in accordance with the provisions of the Income-Tax Act, but the profit and loss account of the company is prepared as per provisions of the Companies Act. In the past, a large number of

Return of Income

Posted by CMA Poornima Madhava 02 May 2015 31756 Views

Who has to submit return of income? Taxpayer Section under which return to be filed Minimum income to attract the provisions of filing return of income Company or firm 139(1) Any income/loss

Taxation of Forex profit and loss under section 43A

Posted by Manish Kumar Agarwal 30 April 2015 77608 Views

From the ACT. Notwithstanding anything contained in any other provision of this Act, where an assessee has acquired any asset in any previous year from a country outside India for the purposes of his business or profession and, in consequence of a c

FAQ on tax on income from share market

Posted by Manish Kumar Agarwal 29 April 2015 56056 Views

Income from intra-day trading is considered as speculation income and taxed as such. While speculation losses can be set off only against speculation gains, non-speculation business losses may be set off against short/long-term capital gains. KEY POI

Consequences of TDS defaults under Income Tax Act 1961

Posted by Mukesh Katara 27 April 2015 23613 Views

Consequences of TDS defaults under Income Tax Act 1961 Introduction: TDS/TCS compliances is one of the major compliance under Income Tax Act, 1961 and has a wide scope of its applicability to the business organizations. Small businesses are not much

As my TDS is deducted, no need to file Income Tax Return - A Misunderstanding of Common Man

Posted by CA Umesh Sharma 27 April 2015 24869 Views

Karneeti Part 86As my TDS is deducted, no need to file Income Tax Return � A Misunderstanding of Common Man.Arjuna (Fictional Character): Krishna, Income Tax Department is sending notices to Taxpayers for not filling Returns of last 3-4 years