Income Tax Articles

NOTES ON INCOME FROM CAPITAL GAIN

CA Puneet Jethliya 30 September 2009 at 13:19

TRANSFERIt includes sales, exchange, redemption of zero coupon bonds and sale of anycapital asset with consideration. SHORT TERM CAPITAL GAINFor shares, securities hold for 12 months or less.Other assets hold for 36 months or less.For the following

Section 44AB - What if ITR not filed by Sep?

Lucknow CA Club 29 September 2009 at 11:38

Dear Friends,Everytime the deadlines approches, there seems to be a lot of confusion over if the penalty 271B for failure to "furnish" the Tax Audit Report u/s 44AB. The confusion appears to have arisen due to fragmented reading of circular

Understanding - Assessment Procedure in IT Act

CA CS CIMA Prakash Somani 23 September 2009 at 13:43

Sec 139(1): submission of return of income* Being a co. or a firm(even those co’s whose entire income is exempt u/s 10, etc)* Being a person other than co, firm 1) if his total income or 2) total income of any other person in

NOTES ON INCOME FROM BUSINESS OR PROFESSION

CA Puneet Jethliya 19 September 2009 at 12:20

Sec. 2(13) defines "business" to include any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture. Sec. 2(36) defines "profession" to include vocation. i.e. income earned not on the basis of prof

The Basics of ERP Implementation

Dilip K Raina 07 September 2009 at 21:56

The need for Enterprise Resources Planning was felt because of the growth of business houses which used to operate within a limited area and with a comparatively lesser capital .These business houses were being managed by owners direct

Dos and Dont's for ITR-V

vidyasagar 01 September 2009 at 16:57

Dos and Dont's for printing and submitting of ITR-Vs to ITD-CPC Bangalore Please use Ink Jet /Laser printer to print the ITR-V Form. The ITR-V Form should be printed only in black ink. Do not use any other ink option to print ITR V. Use of D

MAT - Tax on Gross Assets- Whether fair and logical?

Hiral Raja 25 August 2009 at 11:33

Under the erstwhile Income Tax Act, 1961, MAT was levied u/s. 115 JB on book profits. The idea of levying MAT on book profits was to ensure that the entity pays tax at least on book profits even though the tax payable by it under the Income Tax Act c

International Tax Compilation Terminologies

Jinesh Bhagdev 22 August 2009 at 12:18

Economies are coming closer & closer due to globalization. Number of cross-border transactions has increased. Cross border transactions have led to a dynamic change in the system of taxation. New issues have aroused due to different styles of bus

Is it Simplified Direct Taxes Code?

Mahesh Kapasi 17 August 2009 at 13:59

Is it Simplified Direct Taxes Code? Income Tax is one of most complicated tax law. In order to simplify it an attempt has been made by the government to simplify it so that common income tax payers can easily understand it and comply with it. But

NEW DTC-SOME HIGHLIGHTS

CA Sudhir Halakhandi 13 August 2009 at 13:03

SOME HIGHLIGTHS OF DIRECT TAX CODE PRESENTED FOR DISCUSSION BY FINANCE MINISTER MR. PRANAB MUKHARJEE 1.THE INCOME TAX RATES IN DTC THE TAX RATE FOR INDIVIDUAL OTHER THAN WOMEN AND SENIOR CITIZENS (1). Where the total income do