Income Tax Articles
Minimum Alternate Tax-In Most Simple manner
The concept of MAT was introduced under income tax act to tax companies having profit as per books and declaring dividends but have no significant taxable income because of exemptions, deductions, incentives and tax holidays available to them. The in
Surplus on sale of shares and securities- Capital Gains or Business Income
Issue of taxability of surplus on sale of shares and securities � Capital Gains or Business Income � Instructions in order to reduce litigation � reg.1. Sub-section (14) of Section 2 of the Income-tax Act, 1961 (�Act�) d
Budget 2016-17- Income Tax & some other comments
Introduction: This year's overall �Union Budget is �just� like an election budget- trying to please more of �poor voters-nothing is wrong in it but schemes launched for them must be strictly
Clarification on taxability of withdrawal of accumulated balance in the provident fund
The section under discussion:Section 10 (11)Section 10 (12)Rule 8 of Part A of the fourth scheduleExtract of above section from the Income Tax Act, 1961:10 (11) any payment from a provident fund to which tmhe Provident Funds Act, 1925 (19 of 1925), a
Amendments in TDS shall be substituted w.e.f 01.06.2016
S.no Changes In following particulars Change in Existing provision Old Provision 1. In Sec 192A, �Payment of accumulated balance due to an employee� New Exemption Limit exceed t
Budget Highlights 2016
Three major schemes have been introduced to help the underprivileged: Pradhan Mantri Fasal Yojana, Health insurance scheme, launching initiative to ensure LPG connection for BPL families. Focus to pass GST and bankruptcy c
Benefits granted to start-ups in the budget 2016
The budget for the F.Y.2016-17, has been presented by the H�ble Finance Minister, Sh. Arun Jaitely Ji on 29th February, 2016. With a view to promote the Start-Up culture in India and to develop entrepreneurship, the F.M. has added a Special Pro
Magic of Mauritius route and double taxation
IntroductionWhen an Indian hear the word "Mauritius" first thing come in mind is beautiful seashore, natural beauty , rivers and Honeymoon package but Mauritius is also famous for Tax haven. Placed 180th in the list of largest countries
New Guidelines for TDS and Income Tax Challan Correction
A much awaited changes in challan correction mechanism finally arrived to its destination. Now bank can themselves correct the Income Tax and TDS challans without any restriction. No need to visit even to income tax officeChallan Correction Mechanism
Tax basics for Freelancers and Startups
Freelancers and Startups are the people who decide to take charge of their life and turn their passion into profession. So, they don�t have any authority or readily organised structure of company to be a part of. The freelancers and startups ma
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