Income Tax Articles

Tax Clarifications For Your Multiple House Property Investments

Posted by Chenoy Ceil 04 July 2013 48817 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 12074 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 130085 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 79051 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 204558 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

Deeming Fiction for Real Estate: Is it beyond Reality?

Posted by CA. Bikash Bogi 01 July 2013 7156 Views

Roti, Kapda aur Makan, are 3 basic needs of a common man, out of which buying a Makan is one of the common dreams of every Indian. Time and again various representations have been

Some lights on sec 44AA, 44AB, 44AD

Posted by TKKKKKK 29 June 2013 314759 Views

44AA: MAINTENANCE OF BOOKS OF ACCOUNTS WHO SHOULD MAINTAIN : If a person carrying on business / profession and income from such business/ profession has exceeded 1,20,000 in any of the three p.y. or current p.y. (for newly set up business) I

Income Tax Effectiveness in India

Posted by Suresh S Anandham 28 June 2013 8666 Views

Understanding effectiveness of Income Tax in India India is growing currently at the rate of approximately 5% per annum (as against over 6% in the previous year) as per the revised estimate by the Central government. Although Reserve Bank of India&r

Pointwise checklist on preparation of online format 3CD

Posted by CA Hardik Mehta 28 June 2013 19984 Views

Form 3CB/3CD Checklist Note: Ch stands for Characters Form 3CB 1. Select I if the firm of auditor is proprietorship and We for partnership from drop down option. Select the year under audit fro

Tax Deduction on Purchase of Immoveable Property

Posted by Prateek Manocha 28 June 2013 14180 Views

This provision is applicable on transfer of immoveable property of Rs. 50 lacs or more. It requires TDS to be deducted at 1% of the price being paid by the purchaser of an immoveable property, irrespective of quantum of capital gains. If the seller d