Income Tax Articles

HRA: An effective tax planning tool

Posted by kunal 22 January 2015 26444 Views

IntroductionAccording to Section 14 of Income Tax Act, 1961, the income of a person is classified under various defined heads of income. Thus, for the purpose of computation of total income, the income is first categorized under the heads of income a

Lacuna in section 14A and rule 8D of IT Act 1961

Posted by CA HEMANT SHARMA 08 January 2015 20658 Views

Allowance of expenditure incurred in relation to exempted income during the assessment or otherwise would be prejudicial to the revenue thats why Section 14A was introduced by the Finance Act 200

Due date for filling Revise TDS Return

Posted by Pulkit Gupta 03 January 2015 129891 Views

On filling income tax return, one of the crucial part is to fill the TDS claim during the relevant financial year which should be match with TDS Credit reflects in Form 26AS.On non-matching of TDS claimed with TDS credit reflected in Form 26AS, deman

Treatment of MTM losses on forward exchange contract

Posted by Gagan Deep Singh 02 January 2015 37614 Views

IntroductionForward Exchange Contract is one of the foreign exchange derivatives (like future contracts, options, swaps, forward exchange contracts etc.) commonly used in India by business firms to protect itself against the risk of fluctuations in f

Process for PAN application for Non Resident in India

Posted by CA Chirag Chauhan 30 December 2014 15853 Views

Indian citizen residing abroad, foreign citizen and other than individual (like company or trust or firm etc.) who wants to apply for PAN should fill the PAN application 49AA. Basically PAN application for Non Resident can be bifurcated into three c

$Interest Under Section 234A\B\C$

Interest Under Section 234A\B\C

Posted by CA Kumar Mukesh 29 December 2014 35689 Views

We all are aware that when the section 234A\B\C, but only few of us are able to compute accurate Interest under these section.The purpose of this article to cross verify the interest calculated by system against our manual workings. Some readers mayt

Benefits of recognition of Inhouse R & D Depart with DSIR

Posted by Utpal Mehta 29 December 2014 36999 Views

What is In-House R&D RecognitionThe Department of Scientific & Industrial Research (DSIR), which is under the Ministry of Science & Technology is operating a scheme for granting recognition and registration to in-house R&D set up of C

Sec. 36(1)(iii) and principle of commercial expediency

Posted by C.A. Mohit Mittal 24 December 2014 46108 Views

Section 36(1)(iii)- Principle of Commercial expediency As per Sec 36(1)(iii), Deduction shall be allowed for The amount of interest paid in respect of capital borrowed for the purposes of business or professionFor the purpose of claim

Benefits related to Research & Development expenses under Income Tax Act

Posted by CA Umesh Sharma 22 December 2014 13156 Views

KARNITI Part 68Benefits related to Research & Development expenses under Income Tax Act.Arjuna (Fictional Character): Krishna, ISRO succeeded in Mars mission by launching the largest rocket GSLV Mark III in space after lot of efforts and spending cro

Construction PE- Finer Aspects

Posted by MOHIT JAIN 22 December 2014 5530 Views

Article 5(3) of UN model provides for existence of construction PE as under;- A building site, a construction, assembly or installation project or supervisory activities in connection therewith, but only if such site, p