Income Tax Articles
TDS on Rent u/s 194I
What is tax deduction at source?Persons responsible for making payment of income (rent), are responsible to deduct tax at source and deposit the same to the Government Treasury within the time stipulated.The recipient of the income (though s/he gets
Harsh Penalty for Property Transaction in Cash of Rs. 20,000 or more w.e.f. 1st June, 2015
Karneeti Part 90Harsh Penalty for Property Transaction in Cash of Rs. 20,000 or more w.e.f. 1st June, 2015 Arjuna (Fictional Character): Krishna, It is said that black money is used in the transactions of immovable properties. To restrict the use of
International taxation
International Tax is best regarded as the body of legal provisions of different countries that covers the tax aspects of cross - border transactions. It is concerned with Direc
Opening an account under Capital Gain Scheme 1988
Opening an account under Capital Gain Scheme 1988 You�ve had a Long Term Capital Gain under the respective Section(s) of the Income Tax Act. Now, you must be wondering as to how you will save yourself from the Tax liability arising as a result
Abolition of levy of wealth-tax under Wealth-tax Act, 1957
History of Wealth Tax ActWealth-tax Act was introduced w.e.f. 01.04.1957 on the recommendation of Prof. Nicholas Kaldor forachieving twin major objectives of reducing inequalities and helping the enforcement of Income-tax Act through cross checks.Acc
Fees u/s 234E held as constitutionally valid, will still missing
Fees u/s 234E held as constitutionally valid, will still missing�. Recently, in the case of Rashmikant Kundalia and another vs Union of India and others, the constitutional validity of the fees being charged u/s 234E for delay in filing TDS re
Beware of the side effects of TDS on deposits in Co-op banks
Karneeti Part 89 Beware of the side effects of TDS on the Interest of Deposits in Co-op. Banks w.e.f 1st June, 2015Arjuna (Fictional Character): Krishna, Income Tax Department has introduced the provision of TDS deduction on the Interest of Fixed Dep
Income computation & disclosure standards
Introduction At present India is going through one of the major tax reforms. In last two budgets our Finance Minister had introduce lots of things to make our economy globalize. �Income Computation and Disclosure Standards is one of the parts o
MAT: Retrospective tax is back?
IntroductionThere exists proverb in English �Once bitten, twice shy�. This proverb doesn�t hold well in case of Indian tax system. After facing the Backlash from the international investors in case of Vodafone retrospective case whi
Taxation of gifts by an Individual/HUF
As per section 56(2)(vii) of Income Tax Act, gifts received by an individual or a hindu undivided family in the form of money or property (without consideration or with inadequate consideration) is taxable as income under the head Income from Other S
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