Income Tax Articles
Tax Planning Under Section 80C
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
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
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
Treatment of MTM losses on forward exchange contract
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
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
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
Benefits of recognition of Inhouse R & D Depart with DSIR
What is In-House R&D RecognitionThe Department of Scientific & Industrial Research (DSIR), which is under the Ministry of Science & Technology is operating a scheme for granting recognition and registration to in-house R&D set up of C
Sec. 36(1)(iii) and principle of commercial expediency
Section 36(1)(iii)- Principle of Commercial expediency As per Sec 36(1)(iii), Deduction shall be allowed for The amount of interest paid in respect of capital borrowed for the purposes of business or professionFor the purpose of claim
Benefits related to Research & Development expenses under Income Tax Act
KARNITI Part 68Benefits related to Research & Development expenses under Income Tax Act.Arjuna (Fictional Character): Krishna, ISRO succeeded in Mars mission by launching the largest rocket GSLV Mark III in space after lot of efforts and spending cro
Construction PE- Finer Aspects
Article 5(3) of UN model provides for existence of construction PE as under;- A building site, a construction, assembly or installation project or supervisory activities in connection therewith, but only if such site, p
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