Income Tax Articles

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

Tax Audit - A Glance (Part -III), Exhaustive reporting on 3CD

Karan Teli 17 September 2011 at 22:34

Greetings of the day to every one!!! I deeply apologise for the delay in writing my article but as you all know that as the Tax audit season going on, I am also engrossed in it and somehow tried to write this article with great efforts

Tax Audit - A Glance (Part -II)

Karan Teli 10 September 2011 at 14:01

Greetings of the day to every one!!! First of all, thank you every one for the comments which I have received on my part -1 of TAX AUDITS A GLANCE. In the first part of this series, I had discussed about what provis

Tax Audit - A glance

Karan Teli 03 September 2011 at 13:04

Hello everyone. Happy Ganesh Chaturthi To all.... These days we all are busy with our tax audits schedules and many of the small firms have their most earnings and survival on tax

TDS on Provision for Expenses

Manish Kumar Agarwal 30 August 2011 at 12:11

One of the most disputed arguments between assessee and income tax department is that whether payments made towards specified expenditure attracts disqualification u/s 40(a) (ia) and applicability of this section to provisions made at the year end a

Visit Days of NRIs to be Excluded For Finding Residential Status

CA. Anuj Gupta 16 August 2011 at 19:19

The moment one become resident in India as per Income Tax Act, his global income becomes taxable. If one is Non Resident , his income earned outside India is not taxable . So, for a non resident , there is always danger of taxation of global income