Income Tax Articles

Understanding Tax deducted at source with latest case laws:

Manish Kumar Agarwal 20 October 2011 at 16:39

UNDERSTANDING TAX DEDUCTED AT SOURCE WITH LATEST CASE LAWS: PART - II In the part I of the article Understanding TDS with case laws published on February 2011 now we should move ahead and should discuss the latest judicial development in the are

Laws related to NRIs in India

CA. Brijesh Baranwal 19 October 2011 at 15:27

12 POINTS TO KNOW FOR NRIS/TO BE NRIs 1. NRIs whose taxable Indian Income exceeds basic exemption limit or who have earned short-term or long-term capital gains from sale of any investments or assets are liable to file income tax return in In

Section 271 (1) (c) of the Income-tax Act, 1961

CA Vanesh Nadar 14 October 2011 at 13:25

SECTION 271 (1) (c) PENALTIES Penalty under clause c of Sub-Section 1 of Section 271 of the Income-tax Act,

Generation/Absorption of Black Money in Property Transaction

Amar Makhijani 08 October 2011 at 13:27

ISSUE SUBMITTED FOR CONSIDERATION OF COMMITTEE ON BLACK MONEY GENERATION/ABSORPTION OF BLACK MONEY IN PROPERTY TRANSACTIONS-PRACTICAL WAY TO PREVENT/MINIMISE IT Black Money, whether generated by tax evasion or corruption, is largely i

Pension Overview

nandini mishra 28 September 2011 at 12:08

Pension: - As per Section 17 (1) (ii) of the Income Tax Act, 1961 pension is a payment made by the employer after the retirement/ death of the employee as a reward for past service. Who is eligible for pension/family pension: -

Understanding Deemed Dividend with Latest Case Laws

Manish Kumar Agarwal 27 September 2011 at 17:13

Now a days, in a modern organization , there will exist a complicate business structure of holding & subsidiary companies along with closely held companies. There will be routine flow of funds between these companies. It is very important to h

Provision for Expenses - Allowable expenditure

Manish Kumar Agarwal 21 September 2011 at 12:52

We have to make provision for various expenses based on the estimates at the year end as we are following the accrual system of accounting. But the income tax department was disallowing the same on the ground that same being contingent in n

Chargeability of gifts made to HUF u/s 56 of IT Act

Gaurav Pahuja 20 September 2011 at 13:47

Chargeability of gifts made to HUF u/s 56 of I.T Act 1961 In this article the author has made an attempt to distinguish between the exemption benefits granted to Individual or HUF on gift received by them, although both of them are covered by the

Correction in Challan Paid

Manish Kumar Agarwal 20 September 2011 at 13:47

Summary : Earlier correction was not possible in challans while making errors at the time of payment. Same is now possible from bank, but you should contact the bank within 7 days. Challan Correction Mechanism Under OLTAS (On Line Tax Accou

Problems and Solutions in E-TDS

SIVARAMAN and SUNDARAM 19 September 2011 at 18:21

E TDS PROBLEMS AND SOLUTIONS The topic of TDS (Tax Deducted At Source) is most important now days. If the assessee does not get the Tax credit in his Income Tax Return for the TDS deducted by the deductor, this may result in additional