Income Tax Articles

Tax Glossary

Posted by gopal Santosh Darak 29 January 2015 26637 Views

To understand the subject of taxation very first of all we all have to understood the basic concepts relating to taxation just like we have to go through for driving rules before we learn to drive a Car or many times it ha

Income Tax Act - 1961 Sec 14A disallowance

Posted by CA Ram Bajaj 28 January 2015 23290 Views

Introduction 1. Section 14A was first inserted by the Finance Act, 2001. However, same was inserted with retrospective effect from 1-4-1962. The inserted section reads as under: '14A. Expenditure incurred in relation to income not includib

Enjoy the "Tax Parade" On Republic Day

Posted by CA Umesh Sharma 27 January 2015 5984 Views

Karniti Part 73Enjoy the Tax Parade On Republic DayArjuna (Fictional Character): Krishna, on 26th January, India celebrates its Republic Day. On this Republic Day the President of the United States of America Mr. Barack Obama wi

Tax Planning Under Section 80C

Posted by kunal 24 January 2015 45190 Views

Tax planning under section 80C (Chapter VIA) Investment avenuesIntroductionIn order to tax individuals on basis of their earnings (higher tax bracket for high income group and lower tax bracket for lower income group) income tax department le

HRA: An effective tax planning tool

Posted by kunal 22 January 2015 26445 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 129892 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 37615 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 15854 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