Income Tax Articles
Deduction in respect to contribution to pension scheme
Deduction in respect to contribution to pension scheme ( NPS) notified by central Government ( Sec 80CCD ) - Assessment Year 2016-17Conditions � Section 80 CCD is applicable if the following conditions are satisfied � The Taxpayer is an
Deduction of expenditure incurred for exempt income if taken will land in trouble
Karneeti Part 88Deduction of Expenditure incurred for Exempt IncomeIf taken will land in troubleArjuna (Fictional Character): Krishna, expenditure incurred in relation to exempt income is a controversial issue and matter of discussion in these days.
Note on Income Computation and Disclosure Standards (ICDS)
INCOME COMPUTATION AND DISCLOSURE STANDARDS CBDT vide its Notification No: 32/2015 dated 31-03-2015 notified 10 Income Computation and Disclosure Standards (ICDS); which are to be followed at the time of computation of income chargeable to income ta
Proposed changes in provisions for TDS u/s 194C for transporters
Proposed amendment in the TDS provision u.s 194C applicable on payments to transporters vide Finance Bill, 2015 CURRENT SCENARIO:Under the existing provisions of sub section (6) of section 194C of the Income Tax Act, 1961, there is no deduction of ta
You generously help in Nepal & Get tax Benefits in India
Karneeti Part 87You generously help in Nepal&Get tax Benefits in IndiaArjuna (Fictional Character): Krishna, The whole world has trembled due to the earthquake in Nepal. Due to this earthquake Nepal has suffered terrible financial losses. To come
Taxation under MAT
Normally, a company is liable to pay tax on the income computed in accordance with the provisions of the Income-Tax Act, but the profit and loss account of the company is prepared as per provisions of the Companies Act. In the past, a large number of
Return of Income
Who has to submit return of income? Taxpayer Section under which return to be filed Minimum income to attract the provisions of filing return of income Company or firm 139(1) Any income/loss
Taxation of Forex profit and loss under section 43A
From the ACT. Notwithstanding anything contained in any other provision of this Act, where an assessee has acquired any asset in any previous year from a country outside India for the purposes of his business or profession and, in consequence of a c
FAQ on tax on income from share market
Income from intra-day trading is considered as speculation income and taxed as such. While speculation losses can be set off only against speculation gains, non-speculation business losses may be set off against short/long-term capital gains. KEY POI
Consequences of TDS defaults under Income Tax Act 1961
Consequences of TDS defaults under Income Tax Act 1961 Introduction: TDS/TCS compliances is one of the major compliance under Income Tax Act, 1961 and has a wide scope of its applicability to the business organizations. Small businesses are not much
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