Taxpayers Articles

Black and White Money Trail: How Shell Companies help this?

CA Bhavik Mehta 18 March 2014 at 11:25

Black and white money trail: How shell companies help this thriving business There are a few things that we very well know exist and still would not speak about, only because they have become part and parcel of our everyday life. Today we will talk a

Karniti Part 26:1st Step of March end, Prepare Comp. Balance

CA Umesh Sharma 07 March 2014 at 12:36

(March Ending Special Part 1)Take first feet, Prepare Comparative Balance Sheet Arjuna (fictional character): O Krishna, current Financial year is on verge of ending in the month of March. Government departments due to ma

Top 10 Indian Cyber Crimes while filing online ITR's

F.S Dhiman 03 February 2014 at 13:31

Generally all the assessee/tax professionals are internet savvy to file income tax return online , but unknowingly they may be commit cyber crime under Information Technology Act 2000 1. Sending request to pas

Black Money Minus Corruption is Benign: Counter Point

CA Anil Garg 17 January 2014 at 13:48

Suddenly, it has become fashionable in India to talk about black money and behave as if it is the root cause of all problems and we all will become prosperous no sooner black money is put to tax net within the control of our dear government which has

Taxation of Salary - Points need to know as an employee

CMA Ramesh Krishnan 15 January 2014 at 10:59

Taxation of Salary Points need to know as an employee (Part- 1) Introduction: It is January again and the first month of last quarter for the financial year 2013-14, All the employers are in the process of start asking your proofs for your

Replacing all taxes with banking transaction tax !

CA Anil Garg 10 January 2014 at 13:58

In prelude to General Elections, several radical ideas are being circulated. Baba Ramdev is believed to have propounded this idea, supported by Gadkari and finally, endorsed by Modi, though they have not committed to it as yet. Let us examine the mer

Citizen's Charter is incomplete without Business Services

CA Anil Garg 06 January 2014 at 12:51

It is heartening to listen to Mr. Kejriwals speech in Delhi Assembly during vote of confidence. He has rightly mentioned that Citizens Charter is an integral part of anti-corruption measures. A government official is likely to stop doin

Mandatory Pan Under The Income-tax Act

CA Pallav Singhania 03 January 2014 at 12:49

A Permanent Account Number (PAN) is one of the most important documents in the country today. It is an identification number which the Income Tax Department gives to all taxpayers. You need to quote the PAN for all financial transactions like opening

Short and Simple Wealth Tax

CA Pallav Singhania 26 December 2013 at 12:48

CHARGEABILITY (SECTION 3) Wealth tax is charged for every assessment year in respect of net wealth of the corresponding valuation date of every individual, HUF and company, at the rate of 1% on the amount by which the net wealth exceeds Rs. 30,00,0

Income from Salary Simplified

CA Pallav Singhania 21 October 2013 at 16:54

BASIS OF CHARGE: [Section 15] As per Section 15, salary consists of the following: any salary due from an employer or a former employer to an assessee in the previous year, whether actually paid or not; any salary paid or allowed to him in the