Income Tax Articles

5 Things You Must Know About Tax Audit

Posted by CA. Brijesh Baranwal 09 July 2013 30231 Views

1. As per the provisions of section 44AB of the Income Tax Act, 1961, every person carrying a business whose turnover exceeds Rs. 1 Crore or carrying a profession whose receipts exceeds Rs. 25 Lacs in the finan

Section 44 AD of Income Tax Act

Posted by sanjay singhal 08 July 2013 505094 Views

Special provision for computing profits and gains of business on presumptive basis For Assessment Year 2013-14. Section 44AD (1) of the Income tax act 1961 read as under (1) Notwithstanding anything to the contrary contained in sectio

How to Save tax on Salary and increase the home take salary?

Posted by CA Vinay parmar 08 July 2013 204182 Views

Hello everyone we all face the common situation as to how to plan for the salary every year and how to reduce tax on it and increase our home take salary. Well the people from the Acco

Summary on Transfer Pricing

Posted by CA Vinay parmar 05 July 2013 102202 Views

Summary on Transfer Pricing 1) Introduction :- Transfer pricing was introduced basically to curb the tax evasion practices followed by many Multinational Groups having presence in India. These Multinational Groups normally transfer their taxable pr

Procedures to upload ITR and 3CB/3CD

Posted by Naresh Kansala 05 July 2013 380984 Views

Procedure to upload ITR and Form 3CB/3CD Based on Personal Experience 1) Firstly CHARTERED ACCOUNTANT has to register on Income Tax Site:- a) Steps to Register:-

Tax Clarifications For Your Multiple House Property Investments

Posted by Chenoy Ceil 04 July 2013 48814 Views

If you are wondering how many residential properties you can own? Well, legally speaking, there are no restrictions on owning more than one house property. Today, owning multiple house properties is fast catching up with the urban population and thu

Merilyn Shipping's case analysis with Cal-HC decision

Posted by CA Aman Gupta 04 July 2013 12070 Views

CIT -vs.- Crescent Export Syndicate (ITAT 20 of 2013) (Cal-HC) Brief Facts: The assessee incurred expenditure during the year on which TDS have not been deducted. The AO disallowed the expenditure u/s 40(a)(ia). On appeal, the Tribunal relied on

All about HUF its creation and tax benefit

Posted by CA Vinay parmar 03 July 2013 129979 Views

A HUF is a separate entity for taxation under the provisions of S.2 (31) of the Income Tax Act, 1961. This is in addition to an individual as a separate taxable entity. This indicates that a person may be assessed in two different capacities- as an

Prosecution u/s 276B for Defaults of TDS

Posted by deepak K Gujrati 02 July 2013 79037 Views

SUBJECT: TDS/INCOME TAX ACT Default in TDS Collection and Deposit How Punishable is This Offence I

Summary on section 54 exemption - capital gain with case law

Posted by CA Vinay parmar 01 July 2013 204548 Views

All about Capital Gain exemption under section 54 & 54 F and its applicability under various circumstances:- If an individual transfers any long term capital asset and plans to reinvest the sale proceeds in a new residential house property the