Income Tax Articles

Inclusion of Transporters Details in TDS Returns are mandatory

Posted by Ganeshbabu K 13 May 2013 112060 Views

As per Income tax act 194C, TDS is not required to be deducted on payments made to transporter If PAN number has been provided to the deductor. Further as per Section 197 of Inco

Understanding LBT & Government

Posted by Ashish Kedia 13 May 2013 23911 Views

It seems the arrogance of the government simply refuses to die! Inspite of being witness to one of the largest mass movements over the last 4-5 days by the business community in recent time, the government seems to be in no mood to show any empathy.

About New ITRs for A Y 2013-14

Posted by CA Pardeep Chanana 10 May 2013 56060 Views

Form & mode of filling of Income Tax Return for A Y 2013-14 Relevant Sections of Income Tax Act, 1961:- 139(1), 139(3), 139(4A), 139(4B), 139(4C), 139(4D), 142(1), 148(1), 153A All Applicable Return Forms for A Y 2013-14:- ITR 1 (SAHAJ)

Specified Domestic Transaction

Posted by CA Pardeep Chanana 10 May 2013 60672 Views

INTRODUCTION Applicability of transfer pricing provisions was earlier limited to International Transactions only. With effect from 01.04.2013, the scope of Transfer Pricing provisions is extended to Specified Do

Changes in Tax Returns filing norms - from F.Y. 2012-13

Posted by CA Priyanka Srivastava 10 May 2013 21502 Views

W.E.F. from F.Y. 2012-13, following persons have to file returns electronically: (Vide Notification No. 34/2013, dated 01.05.2013) 1. Every person (not being a company or person filing ITR 7) if Total Income is above Rs. 5 lacs. 2. Resident Indivi

Common Income tax procedures at one place

Posted by Saurabh Maheshwari 09 May 2013 49478 Views

In continuation of my previous article, posted almost 2 months back I am writing once again but I am extremely sorry for such a delay but the same was due to some other commitments.Thanks for wonderful response to the first part of

Deduction u/s pension scheme worthy or not as per income tax

Posted by CA Prashant Gupta 08 May 2013 30036 Views

Any individual can deposit contribution to Notified Pension Scheme by central Government. If person is employed then his contribution will get deduction u/s 80CCD (1) and employer contribution will get deduction u/s 80CCD (2). Any self employed can

S. 2(47)(v), 54EC- Transfer of Property - Date of agreement

Posted by Rupesh Srivastava 01 May 2013 27595 Views

Recently on 26th April 2013, ITAT bench held that under Transfer of Property Act twin conditions - It is not necessary that both conditions should be satisfied in one year but at the same time only upon satisfying the second condition also it would

Recent amendments for Electoral trusts

Posted by Gaurav Jain 26 April 2013 17710 Views

Note on Electoral Trust With an object to reform the system of funding to political parties , the Finance Act (No. 2), 2009 introduced a set of provisions (Section 13B) for the electoral trust under the Income Tax Act, 1961 (the Act). Sectio

How to Deal with order U/S 263 of IT Act

Posted by Kkchhaparia 26 April 2013 111926 Views

1. Section 263 deals with the powers of the Commissioner to revise the orders pre-judicial to the interest of the Revenue. During recent times, this power is being utilised frequently, particularly with respect to assessment passed u/s 147 of I.