Income Tax Articles

Whether 15CA/15CB will be required for import of goods

Posted by CA. Anuj Gupta 10 September 2013 66431 Views

The amended rule 37BB (governing Form 15CA and CB) as applicable from 01/10/2013 provides for exemption from filing both Form 15CA and 15CB only for two cases:- 1. In the items covered under the Specified List (28 items which includes remittances fo

Karniti Part 1 - Taxation Educational exp. under income tax

Posted by CA Umesh Sharma 10 September 2013 13140 Views

In The Mahabharata on the Battlefield of Kurukshetra, the conversation between Lord Shri Krishna and Arjuna gave birth to the Holy book Bhagwat Gita Wherein Arjuna asked many

Summary of Chapter VI A - Part 1

Posted by POOJA CHANDAK 09 September 2013 62740 Views

CHAPTER VI-A SIMPLIFIED Applicable for F.Y. 2012-13 Sections- from 80A to 80GGC Deduction under Chapter-VIA is not allowed against following incomes: Long Term Capital Gains. Short Term Capital Gains u/s.111A Winnings from lotteries, crossword

Whether or not the debentures are loans covered u/s 269SS

Posted by Rupesh Srivastava 28 August 2013 30179 Views

(2013) TaxCorp(LJ) 1637 (ITAT) Income Tax Section 271D, 269SS, 269T Whether or not the debentures are loans covered u/s 269SS F.Y 2004-05, the assessee company has shown 5171.40 crores under the head as Optionally Fully Convertible Debentures

MTM Loss Disallowance - Another opportunity to revisit

Posted by CA S.SAIRAM 26 August 2013 17205 Views

Derivative losses or Mark to Market losses are known to be unreal or notional and hence the taxman hates giving deduction for them. The focus seems to be on distinguishing oneself from the acco

Prosecution and interest on late deposit of TDS

Posted by CA GOURAV MURARKA 24 August 2013 53765 Views

TDS under income tax is main source of tax collection by the Government. However many times the tax Deductors ,after deducting TDS from specified payments, are deliberately not depositing the taxes so

Offences & Prosecution Notes under Income Tax Act, 1961

Posted by POOJA CHANDAK 22 August 2013 61149 Views

CONTRAVENTION Contravention of order made under section 132(3) Sec.275A. A person contravening the order made u/s. 132(1) (second proviso) or 132(3),in case of search and seizure, shall

Income Tax Amendment for the Assessment Year 2014-15

Posted by vikram sharma 09 August 2013 798592 Views

Highlights of Change in Direct Taxes in the Union Budget 2013 1. Rate of Income Tax for Individual a) Slab Rate Assessment Year 2014-15 (Financial Year 2013-14) Assessment Year 2013-14 (Financial Year 2012-13)

No books, no penalty u/s 271B

Posted by Tony John 05 August 2013 45896 Views

I would like to discuss through the article, more on the controversial issue of non imposition of penalty under Section 271A and 271B if no books of accounts are prescribed under section 44AA with a recent case law. Before we go deep into the topic

Capital Gains summary-specially for CA Final

Posted by POOJA CHANDAK 03 August 2013 56006 Views

CAPITAL GAINS Applicable for A.Y.2013-14 Today very few people might have not known the word Capital Gains Tax. Section 45 of the Income Tax Act, 1961 deals with taxability of capital gains. Section 45 says that any profits & gains arising fro