Income Tax Articles

Presumptive Taxation | An analysis

Sathya Sankeerth K N 14 May 2011 at 12:27

PRESUMPTIVE TAXATION Presumptive taxation involves lump sum levies on certain small-scale business activities to whom Section 44AB is not applicable. Thus Sections 44AD, 44AE and 44AF of the Income-tax Act, 1961, provide for estimating the income

An Brief Overview of Section 80P

CA J KUMAR 12 May 2011 at 14:48

An overview of Section 80P:- Following income are available for deduction to Co-operative societies A. Income from Banking Business:- In Case of a cooperative society providing credit facilities to its members, the whole of the amount of profit

New Section 44AD - Text and Discussion

Amol Gopal Kabra (CA,CS,DISA) 11 May 2011 at 13:51

An overview of New Section 44AD of the Income Tax Act, 1961 that comes into effect from A.Y. 2011-2012 Section: 44AD Special provision for computing profits and gains of business on presumptive basis. (1) Notwithstanding anything

Loss arising in case of Bonus Stripping

Alok Siddapur 10 May 2011 at 12:27

According to Section 97(8) if all the following conditions are satisfied then loss arising on account of purchase and sale of units(hereinafter referred to as original units) shall be ignored for computing income chargable to tax 1) Any person buys

Income Tax Amendments by Finance Act, 2011

CA Ishaan 09 May 2011 at 16:23

The following changes have been effected in the Income Tax Act,1961 by way of Finance Act, 2011 : 1. Rates of Income Tax: Rates under the various categories have changed. INDIVIDUAL (EXCL. WOMEN) BELOW 65 YEARS OF AGE/HUF/AOP/BOI/AJP :

Residence & Scope of Income In Cross Border Situations

CA. Anuj Gupta 06 May 2011 at 13:53

As a general principle, law of a State has effect only within its own boundaries. This general principle, however, has a very important exception.

A short note on section 80CCC of Income Tax Act 1961

Amit Bajaj 04 May 2011 at 10:32

Section 80CCC of Income Tax Act 1961 deals with the deductions and income in respect of contributions to certain Pension funds by an individual assessee. Herebelow the relevant provisions of section 80CCC are discussed. To whom the deduction is av

Taxation Aspect of Mergers and Amalgamation

CMA. CS. Sanjay Gupta 03 May 2011 at 11:55

Taxation Aspects of Mergers and Amalgamations Under Income Tax Act, 1961 Section 2(1B) of Income Tax Act defines amalgamation as merger of one or more companies with another company or merger of two or more companies to from one c

Most Ignored Section 80GG - Deductions in Respect of Rents

Amol Gopal Kabra (CA,CS,DISA) 02 May 2011 at 11:27

SECTION 80GG DEDUCTIONS IN RESPECT OF RENTS PAID Section 80GG is a little ignored Section of the Income Tax Act, 1961. This section provides deductions to those individuals who dont get any benefit of the amount paid towards rented accomm

Failure to voluntarily apply sec 50C does not attract penalty

Amit Bajaj 29 April 2011 at 15:09

The ITAT Mumbai has given an important decision on levy of penalty u/s 271(1)(c) of Income Tax Act when a person fails to declare capital gain as per the deeming fiction of section 50C, I find this Judgment very useful and sharing it for the benefit