Income Tax Articles

CBDT's circular No 739 on section 40(b) (v) is invalid-HP HC

Amit Bajaj 13 April 2011 at 15:22

Himachal Pardesh High court in an important recent Judgment namely M/s Durga Dass Devki Nandan.V Income-tax Officer, Palampur decided on 11-03-2011 has held the circular No 739 dated 25-03-1996 of CBDT as invalid. The said circular is on the issue o

Default in TDS & CARO

Shreya Sanghvi 13 April 2011 at 15:21

Default in TDS & CARO - Shreya Sanghvi TDS is always a controversial issue for every assessee. Considering the defaults in TDS by deductor and disclosure of the same by auditors in C

Amendment in Form 13

Manish Kumar Agarwal 04 April 2011 at 11:35

This is to inform you that the Central Board of Direct Taxes (CBDT) vide Notification No. 133/2011 dated March 29th 2011 has notified Incomeâ€tax (Second Amendment) Rules, 2011 which amends Rule- 28AA dealing with issue of Certificate for

Gross Profit Rate - Application of section 145(3) of the Income Tax Act

deepak K Gujrati 29 March 2011 at 15:49

GROSS PROFIT RATE Application of section 145(3) OF THE INCOME TAX ACT By Deepak k Gujrati FCA SYNOPSIS COMPONENTS OF GROSS PROFIT WHEN GROSS PROFIT RATE IS LOWER THAN PREVIOUS YEAR DEFECTS IN BOOKS OF ACCOUNTS APPLICATION OF SECTION 145(3

Understanding Section 14A Impact With Case Laws

Manish Kumar Agarwal 21 March 2011 at 11:57

Now a days, every assessee who is doing investment in shares are getting hitted hard by the impact of section 14A. The AO are adding back a huge sum on account of this, whereas the assessee had not e

Important Changes in eTDS Returns

Manish Kumar Agarwal 21 March 2011 at 11:57

Guidelines for reporting TDS transactions where amount paid to deductee has not exceeded the threshold limit Guidelines for reporting TDS transactions where amount paid to deductee has not exceeded the threshold limit in the first quarter but in sub

Scope of scrutiny assessment in AIR cases under Income Tax

Amit Bajaj 21 March 2011 at 11:55

Income Tax Department nowadays selects almost all cases for scrutiny assessment under section 143(2) of Income Tax Act 1961 based upon AIR(Annual Information Return) transactions or through CASS. It is sometimes seen that when a case is selecte

Capital Gains - some issues

Member (Account Deleted) 18 March 2011 at 11:14

ISSUES IN CAPITAL GAINS INTRODUCTION The concept of Capital gains needs a thorough study and interpretation to understand and apply them practically. Hence, the issues on capital gains are mostly concept oriented and often vary on the

Budget 2011-12 For Employees

CA. Dashrath Maheshwari 09 March 2011 at 11:52

BUDGET 2011-12 FOR EMPLOYEES WHAT WE GOT WHAT NOT GOT New category of VERY senior citizens (above 80 years) to get higher IT deduction limit of `. 5 lakh (How much people will come under this categor

Capital Gain on Conversion of Capital Asset Into Stock

Amit Bajaj 07 March 2011 at 11:08

Section 45(2) of Income Tax Act deals with the cases where a capital asset is converted into stock in trade. Whenever a capital asset is converted into stock in trade by an assessee it is deemed as transfer of capital asset and attracts capital