Income Tax Articles

Karniti Part-2: Pay advance income Tax & relax

Posted by CA Umesh Sharma 17 September 2013 12572 Views

Keeping conversation between Lord Krishna and Arjuna as the foundation we will learn certain basic financial and tax matter. Let us try to get answers to our questions in a bit different and joyful manner. The character of Arjuna w

Understanding deductions of section 80-IA & IB with Latest Case Laws Part II

Posted by Manish Kumar Agarwal 17 September 2013 42246 Views

We had earlier discuss in detail about the concepts of section 80-IA & IB along with various case laws earlier in article. Over a period of time, there are number of judgments comes from various levels of courts from different locations

Capital gains tax valuation (Immovable Property)

Posted by Mohammed Ibrahim 12 September 2013 149927 Views

Capital Gains Tax Valuation. (Immovable Property) (Keywords: Under Income-tax Act 1961 as amended from time to time, classification of Long Term Capital Gains (LTCG) and Short Term Capital Gains (STCG), Cost Inflation Index (CII), computation of

Applicability of Form 15CA and 15CB w.e.f 01/10/2013

Posted by CA. Anuj Gupta 10 September 2013 161127 Views

CBDT has again changed the Rule 37BB of Income Tax Rule and \the new rule will help the Indian Parties remitting/paying the monies to foreign persons/companies. Now it has been provided that in case of 28 types of payments , there shall be no need

Whether 15CA/15CB will be required for import of goods

Posted by CA. Anuj Gupta 10 September 2013 66436 Views

The amended rule 37BB (governing Form 15CA and CB) as applicable from 01/10/2013 provides for exemption from filing both Form 15CA and 15CB only for two cases:- 1. In the items covered under the Specified List (28 items which includes remittances fo

Karniti Part 1 - Taxation Educational exp. under income tax

Posted by CA Umesh Sharma 10 September 2013 13146 Views

In The Mahabharata on the Battlefield of Kurukshetra, the conversation between Lord Shri Krishna and Arjuna gave birth to the Holy book Bhagwat Gita Wherein Arjuna asked many

Summary of Chapter VI A - Part 1

Posted by POOJA CHANDAK 09 September 2013 62744 Views

CHAPTER VI-A SIMPLIFIED Applicable for F.Y. 2012-13 Sections- from 80A to 80GGC Deduction under Chapter-VIA is not allowed against following incomes: Long Term Capital Gains. Short Term Capital Gains u/s.111A Winnings from lotteries, crossword

Whether or not the debentures are loans covered u/s 269SS

Posted by Rupesh Srivastava 28 August 2013 30181 Views

(2013) TaxCorp(LJ) 1637 (ITAT) Income Tax Section 271D, 269SS, 269T Whether or not the debentures are loans covered u/s 269SS F.Y 2004-05, the assessee company has shown 5171.40 crores under the head as Optionally Fully Convertible Debentures

MTM Loss Disallowance - Another opportunity to revisit

Posted by CA S.SAIRAM 26 August 2013 17208 Views

Derivative losses or Mark to Market losses are known to be unreal or notional and hence the taxman hates giving deduction for them. The focus seems to be on distinguishing oneself from the acco

Prosecution and interest on late deposit of TDS

Posted by CA GOURAV MURARKA 24 August 2013 53769 Views

TDS under income tax is main source of tax collection by the Government. However many times the tax Deductors ,after deducting TDS from specified payments, are deliberately not depositing the taxes so