Income Tax Articles

Substance over Form-TDS

CA Nikita 23 July 2007 at 01:18

Mere nomenclature used in the lease agreement, such as security deposit or advance deposit, will not be conclusive of the nature of the payment. The reality of the transaction will have to be looked into.Tax law seeks to safeguard the interests of th

Taxman's brush with fine art of evasion

CA Nikita 03 July 2007 at 00:51

Tax evasion, some say, has become a fine art in India. So, it wasperhaps a matter of time before fine art came under the I-T scanner.It would certainly be hard for taxmen to ignore this phenomenon,with the Indian art market currently valued at $350 m

New I-T return form's a tough nut

CA Nikita 03 July 2007 at 00:49

Are the new income tax returns (ITR) `saral' indeed? For close to adecade, successive finance ministers have sought to make the returnseasy to file although many taxpayers are not convinced.According to finance minister P Chidambaram, the return form

The right to cross examine

Late CA Sampat Jain 02 July 2007 at 03:32

The right of cross-examination June, 30th 2007 All the evidence collected by the Assessing Officer which is tobe used against the assessee must be placed before the latter who mustalso be given an opportunity to rebut. An int

cash loan !!!!!!! AIDMK

CA Nikita 26 June 2007 at 08:24

CHENNAI, JUNE 25, 2007 : VEAI NNIRADNirmala was a heartthrob ofTamil cinema and a favourite of MGR. She took a loan of Rs. 4,65,000from the AIDMK in cash and was awarded a sentence of two yearsRigorous Imprisonment in addition to a fine of Rs.4,65,00

Get online, not in line, to pay tax

CA Nikita 21 June 2007 at 07:51

Paying taxes has never been simpler with the authorities introducing the mechanism of online payment. The use of electronic means to deliver services is not only an efficient and speedy process, but it also facilitates a transparent process for disse

DDT as I-T must be added to 'book profit' while computing MAT

CA Nikita 21 June 2007 at 07:41

The increase in the dividend distribution tax (DDT) rate in the Finance Act 2007 was viewed sceptically by the industry. The levy of minimum alternate tax (MAT) on the IT sector, which is enjoying tax deduction under section 10A/10B of the Income Tax

Income Tax Rules providing tax exemption to charitable and religious entities modified

CA Nikita 20 June 2007 at 01:52

June, 14th 2007Charitable and religious entities -Amendments to rules providing tax exemption The Ministry of Finance explained the relevant changes made to the Income Tax Rules 1962 that provided tax exemption to charitable and religious entities. T

Frequently asked question on e-TDS

Guest 09 June 2007 at 02:31

FREQUENTLY ASKED QUESTION ON e-TDS1. What is annual e-TDS/TCS Return?Ans. Annual e-TDS/TCS return is the TDS return under section 206 of the Income Tax Act (prepared in Form Nos. 24, 26 or 27) or TCS return under section 206C of the Income Tax Act (p

What is Income Tax

Suraj Jain 12 March 2007 at 09:31

An income tax is a tax levied on the financial income of persons, corporations, or other legal entities. Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When th