Income Tax Articles

Black economy sources, cause and effect analysis with remedies

Posted by CA CMA CS Ram Pavan Kumar Melam 09 January 2016 10274 Views

The higher education sector, real estate deals, mining income etc., are major sources of India�s black economy (hereafter mentioned to as �informal economy / informal income / informal money�) and is nearly 75% of the size of its re

Section 35 of Income Tax Act - A Student's Guide

Posted by Tony John 07 January 2016 156930 Views

With roughly 4 months left for May 2016 exams, it is high time the students taking up the exams start their preparations. Direct taxes is arguably the most voluminous of all papers. And In Direct Taxes, Profits and Gains from Business and Professions

Taxation of Association of Persons

Posted by Tony John 01 March 2019 179019 Views

The income tax Act prescribes a specific mode for calculation of income and taxability in the case of Association of Persons.Let's first discuss what is an Association of Persons.An association of persons means an association in which two or m

Section 44AD of Income Tax Act - a Boon or Harm to the Country

Posted by Sundararajan S 30 December 2015 22239 Views

The history of accounting is thousands of years old and can be traced to ancient civilizations. The early deve

Dividends under Income Tax Act

Posted by Tony John 29 December 2015 46185 Views

Dividend in simple words, refers to the amount paid to shareholder in proportion to the shareholding in the company, out of the total sum so distributed.Let�s look at the meaning of dividend as per Income Tax Act. As per Section 2(22)

Place of Effective Management - a New concept of determining Tax residency

Posted by CA Ankit mangla 28 December 2015 8266 Views

Place of Effective Management- a New concept of determining Tax residencyIntroductionAs per OECD model Convention, For the purposes of this Convention, the term "resident of a Contracting State" means any person who, under the laws of that

Learn Section 139(1) with Santa Clause

Posted by Karan Khatri 28 December 2015 20308 Views

CA Student: Hi Santa, how are things? Got a minute? I�ve got my list here and I�d like to go over it with you if you don�t mind�Santa Clause: Well, I am busy. And besides, have you been good this year?CA Student: Well, see S

POEM - Redefining taxation of foreign arms managed from India

Posted by Tony John 24 December 2015 15022 Views

POEM � is the buzzword of corporates having subsidiaries outside India and foreign firms outsourcing high end critical functons to India . This concept is introduced to tax in India income which has been earned by foreign corporations managed

Concept of Business trust introduced by Finance act 2014-2015

Posted by Ankur Gupta 23 December 2015 25348 Views

IntroductionHon'ble Finance Minister introduced the concept of Business Trust. In India, Business Trust would operate as Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). Real Estate Investment Trusts (REITS) have b

Depreciation allowance under section 32 of the Income Tax Act, 1961

Posted by CA CMA CS Ram Pavan Kumar Melam 17 July 2023 521841 Views

Depreciation is an allowance on capital assets acquired and put to use and not an expenditure unlike repairs to machinery, plant or furniture. It need not be incurred by the assessee