Income Tax Articles
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
ICDS, the basic questions
1. What is ICDS? The Ministry of Finance has issued ten Income Computation and Disclosure Standards (ICDS), which is a new framework for computation of taxable income 2. Who does it apply to ?It applies to all assesses in relation to their income und
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
As my TDS is deducted, no need to file Income Tax Return - A Misunderstanding of Common Man
Karneeti Part 86As my TDS is deducted, no need to file Income Tax Return � A Misunderstanding of Common Man.Arjuna (Fictional Character): Krishna, Income Tax Department is sending notices to Taxpayers for not filling Returns of last 3-4 years
ICDS- An intoduction Part I
The Central Government has notified the Income Computation and Disclosure Standard wide notification. It is further states that these standards are required to be followed while computing income under the hea
100% deduction of additional deprecation
100% Deduction Of Additional Deprecation Irrespective to Date Of Installation With a view to give a boost to the manufacturing sector, an additional depreciation shall be allowed to an industrial undertaking, subject to the provision given below. Su
Practical issues in penalty u/s. 271D & 271E
Provisions Of 269SS, 269T, 271D AND 271E As Per Finance Bill 2014 And Finance Bill 2015 And Some Issues Regarding Penalty U/S 271D, 271E And Relating To Amendments. Consequences of contravention of section 269SS: Section 271D of Income Tax Act 1961 p
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