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Articles Category : Income Tax
Exceptions to section 45(1)
Posted Date : 20-Dec-2012 , 12:25:05 pm | Posted By Roopak

  Exception to section 45(1)   As per the charging section of capital gains i.e. section 45(1) of the Income Tax Act, 1961, the capital gains shall be taxed in the previous year in which transfer is made. Accordingly the definition of Capital gains as provided in the section...

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Category : Income Tax | Comments : 0 | Hits : 1692

10 consequences of Non-compliance with TDS provisions
Posted Date : 09-Dec-2012 , 11:41:06 am | Posted By Mukul Gulati

10 consequences of Non-compliance with TDS provisions Non-compliance with TDS provisions can result in: Disallowance u/s. 40(a) (ia) of Income Tax Act, 1961 (Act). Raising of demand u/s. 201(1) of the Act. Reason: Where any person who is required to deduct any sum in ...

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Category : Income Tax | Comments : 1 | Hits : 1966

Newly inserted section 80ccg
Posted Date : 09-Dec-2012 , 12:48:46 am | Posted By Roopak

  RAJIV GANDHI EQUITY SAVING SCHEME SECTION 80CCG   Finance Act 2012 has come up with a new section 80CCG, to be made applicable from F.Y. 2012-13 onwards.   The Scheme not only encourages the flow of savings and improves the depth of domestic capital markets, b...

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Category : Income Tax | Comments : 0 | Hits : 3011

TDS Rates for A.Y. 2013-14
Posted Date : 08-Dec-2012 , 03:19:36 pm | Posted By Vinay Sharma

Section Particulars TDS Threshold Limit Surcharge and Education Cess 192 Salary Normal Rate As per normal computat...

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Category : Income Tax | Comments : 0 | Hits : 1399

Income Tax Slab Rates for A. Y. 2013-14
Posted Date : 03-Dec-2012 , 04:10:43 pm | Posted By Vinay Sharma

Applicable Income Tax Slab For Assessment Year 2013-14 Normal Rates of tax     Where the total income does not exceed Rs. 2,00,000/-. Nil Where the total income exceeds Rs. 2,00,000 but does not ex...

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Category : Income Tax | Comments : 0 | Hits : 65376

the Renewed and Improved Website of the IT Dept for the E-filing of the IT return
Posted Date : 09-Nov-2012 , 07:40:54 pm | Posted By CA. Ajay Agrawal

so the Renewed and Improved Website of the IT Dept for the E-filing of the IT returns -  www.incometaxindiaefiling.gov.in is ready to use -    the improved website is loaded with lot of new features - some of them are rigid.   e.g. 1)  while r...

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Category : Income Tax | Comments : 0 | Hits : 764

Taxability of Income from Real Estate
Posted Date : 31-Oct-2012 , 12:31:48 pm | Posted By CMA Arif Farooqui

Taxability of Income from Real Estate Real Estate is an ever green investment option in India and it has always given good returns. It can be a residential or commercial property. Real Estate gives recurring income in form of rent and appreciation in value in case of re-sale.  As...

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Category : Income Tax | Comments : 0 | Hits : 456

DRT has no jurisdiction to issue Certificate of Recovery against the Guarantor
Posted Date : 24-Oct-2012 , 11:18:13 am | Posted By Neeraj Dhikoliya

  (1)       It is respectfully submitted that the recovery proceedings against the Guarantor before hon’ble Debts Recovery Tribunal (hereinafter ‘DRT’ or ‘Tribunal’) under section 19 of the Recovery of Debts Due to Banks and Fin...

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Category : Income Tax | Comments : 0 | Hits : 719

Provisions relating to Certain Income of Non Residents
Posted Date : 08-Oct-2012 , 01:17:07 pm | Posted By Mukul Gulati

Provisions relating to Certain Income of Non Residents I would like discuss some provisions relating to Non Residents. Often we come across, the following incomes of Non Resident for filing return of Income under the Income Tax Act 1961: Investment Income and, Long Term Capi...

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Category : Income Tax | Comments : 0 | Hits : 480

Finalization of Balance Sheet (Practical Aspect)
Posted Date : 08-Oct-2012 , 01:13:34 pm | Posted By Mukul Gulati

INTRODUCTION – In this Article I will be discussing about some vital issues which arise while finalizing the Accounts. There are some points which are to be taken into consideration while finalizing the Accounts i.e. Finalization of Balance Sheets....

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Category : Income Tax | Comments : 0 | Hits : 2368

Direct Taxes vs. Indirect Taxes
Posted Date : 03-Oct-2012 , 02:43:55 pm | Posted By Mukul Gulati

Direct Taxes vs. Indirect Taxes Introduction The objective of imposing taxes for any State is to raise revenue and to pay the necessary expenses of the Government such as promotion of the public welfare, protection of its citizens, and to finance its multifarious activities. The State sha...

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Category : Income Tax | Comments : 0 | Hits : 739

Assessment Procedure
Posted Date : 03-Oct-2012 , 02:20:54 pm | Posted By Mukul Gulati

Assessment Procedure Sec 139(1): submission of return of income Being a co. or a firm (even those co.’s whose entire income is exempt u/s 10, etc.) Being a person other than co, firm if his total income or Total income of any other person in respect of...

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Category : Income Tax | Comments : 0 | Hits : 1685

Primer on Belated Returns
Posted Date : 24-Sep-2012 , 11:04:17 am | Posted By Mukul Gulati

Now that the extended last date for filing your Income tax returns for the year 2011-2012 is over on 31st August 2012, what options do people who have missed the deadline have?   How about filing the returns now after the due date?   He...

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Category : Income Tax | Comments : 0 | Hits : 439

Income-tax (11th Amendment) Rules, 2012.
Posted Date : 20-Sep-2012 , 12:22:22 pm | Posted By CA.Vijay M Narwani

  NOTIFICATION NO. 37/2012 [F.NO. 142/18/2012-SO(TPL)] DATED 12-9-2012  In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, na...

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Category : Income Tax | Comments : 1 | Hits : 669

How to submit Online Income Tax Rectification request
Posted Date : 14-Sep-2012 , 10:43:14 am | Posted By Mukul Gulati

Step 1: Make sure you have received an intimation under section 143 (1) from CPC Bangalore for the E-returns filed by you for AY 2012-13 or later.   Step 2: Carefully examine the intimation to see if the computation by CPC is correct even if different from ...

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Category : Income Tax | Comments : 0 | Hits : 648

360 DEGREE APPROACH TO SUCCEED IN CA OR CS !!!
Posted Date : 14-Sep-2012 , 09:52:26 am | Posted By Mukul Gulati

Hello Friends,   Through this brief write-up I would like to share with you the importance of first attempt success in CA/CS or any other professional examination. According to me Negative Exam result/failure is not very serious problem and not the end of w...

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Category : Income Tax | Comments : 0 | Hits : 611

Idea similar to Carbon Credit, called Tree Credit!
Posted Date : 12-Sep-2012 , 02:02:54 pm | Posted By Pique242

Idea similar to Carbon Credit, called Tree Credit! -Paras Kedia ParasKedia@yahoo.com I aim at planting a good idea in your mind.   We all know beautiful glaciers are melting daily in some part of the world because of Global Warming. Yet we do nothing but relish ...

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Category : Income Tax | Comments : 2 | Hits : 396

Wealth Tax Act, 1957
Posted Date : 09-Sep-2012 , 11:37:15 pm | Posted By Mukul Gulati

Wealth Tax Act, 1957 Basic Concepts: Charging Section 3:Subject to the other provisions contained in this Act, there shall be charged for every assessment year commencing on and from the 1st day of April, 1993, wealth-tax in respect of the net wealth on the corresponding valuation date of...

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Category : Income Tax | Comments : 1 | Hits : 1490

Tax Accounting for Constructions Contracts
Posted Date : 08-Sep-2012 , 12:24:55 pm | Posted By Mukul Gulati

Tax Accounting for Constructions Contracts   Dear Members,   Many Construction Contractors are Always Found in Confusion to Which System is to be Followed for Accounting as Far as Income Tax Act is Concerned.   Here...

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Category : Income Tax | Comments : 0 | Hits : 605

Treatment oF Preliminary Expenses Under Revised Schedule VI
Posted Date : 08-Sep-2012 , 12:07:48 am | Posted By CA Ramesh K Chhajer

  TREATMENT OF PRELIMINARY EXPENSES AS PER REVISED SCHEDULE VI As per the Revised Schedule VI, Preliminary expenses which are to be amortized over the period of their benefit or to be amortized as per the provisions U/S 35 D of Income Tax Act, are to shown as Unamortized Expenses und...

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Category : Income Tax | Comments : 2 | Hits : 17622

Status of HUF as a Partner in a Partnership Firm
Posted Date : 08-Sep-2012 , 12:06:33 am | Posted By CA Ramesh K Chhajer

  STATUS OF HUF IN A PARTNERSHIP FIRM   Representative of HUF in a Partnership Firm : An HUF can become a partner in a firm. The Karta or a member of the HUF can represent the HUF in a firm. A female member can also represent HUF in a partnership firm, CIT v. Banaik Indu...

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Category : Income Tax | Comments : 1 | Hits : 1127

Filing tax returns in odd situations
Posted Date : 06-Sep-2012 , 03:01:15 pm | Posted By Mukul Gulati

Filing tax returns in odd situations If travelling or seriously indisposed With online filing, you can submit your return from any corner of the world. However, if you take the offline route and are travelling overseas, any person authorized by you can file on your behalf. You need to gi...

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Category : Income Tax | Comments : 0 | Hits : 381

Section 54 exemption not available on House not having basis amenities
Posted Date : 05-Sep-2012 , 07:55:42 pm | Posted By Neeraj Dhikoliya

A perusal of the provision of section 54 shows that the exemption under the said section is available on transfer of along term capital asset in respect of residential house and land or building appurtenant thereto to an assessee who is either individual or Hindu...

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Category : Income Tax | Comments : 0 | Hits : 441

Benefits u/s 80ID
Posted Date : 04-Sep-2012 , 04:33:50 pm | Posted By Mukul Gulati

Benefits u/s 80ID Five year tax holiday for hotels located in specified districts having a world Heritage Site:   Section 80-ID of the Income-tax Act provides for a five year tax holiday to new hotels of two, three and fo...

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Category : Income Tax | Comments : 0 | Hits : 479

HOW TO VALUE THE ACCOMMODATION?
Posted Date : 31-Aug-2012 , 01:48:19 pm | Posted By Surendra Kumar Dash

  HOW TO VALUE THE ACCOMMODATION?     Accommodation: - For purpose of valuation of the perquisite of Unfurnished accommodation, all employees are divided into two categories:      I) Central Govt. & State Govt. employees; and    ...

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Category : Income Tax | Comments : 0 | Hits : 300

ELECTRONIC PAYMENT OF TAXES
Posted Date : 31-Aug-2012 , 01:47:16 pm | Posted By Surendra Kumar Dash

  ELECTRONIC PAYMENT OF TAXES   1. An optional scheme of electronic payment of taxes for income tax was introduced in 2004. However with a view to expand the scope of electronic payment of taxes, the scheme of electronic payment of taxes has been made mandatory (vide notific...

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Category : Income Tax | Comments : 0 | Hits : 202

How to use HUF for as a tax planning tool
Posted Date : 28-Aug-2012 , 09:13:58 am | Posted By Kshitij Nijhawan

"If you are paying too much tax and all possible deductions have been availed of, the only way to bring down the tax liability is by starting a Hindu Undivided Family (HUF).   Who can form HUF? Any Hindu, Sikh, Jain or Buddhist man can form an HUF, provided he is married. In...

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Category : Income Tax | Comments : 2 | Hits : 1035

RECTIFICATION OF TDS RETURN
Posted Date : 26-Aug-2012 , 09:11:19 pm | Posted By SUMIT GERA

  If you made a mistake or Want to do some changes then you need to File Corrective statement of tds Return To file corrective Statement You need to follow below mentioned steps--- 1. login with your Tan Account At tin-nsdl.com by entering your User id , password and Tan no. ...

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Category : Income Tax | Comments : 0 | Hits : 1107

Penalty for Late Filing & incorrect information in TDS/TCS Statement wef 01.07.2012
Posted Date : 24-Aug-2012 , 11:13:04 pm | Posted By Mukul Gulati

Penalty for Late Filing & incorrect information in TDS/TCS Statement wef 01.07.2012  Fee and penalty for delay in furnishing of TDS/TCS Statement and penalty for incorrect information in TDS/TCS Statement As per the existing provisions of the Income-tax Act, a deductor is require...

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Category : Income Tax | Comments : 0 | Hits : 1015

Tax Free Bonds V/S Tax Saving Bonds
Posted Date : 24-Aug-2012 , 11:08:26 pm | Posted By Mukul Gulati

Tax Free Bonds V/S Tax Saving Bonds An Analysis on Tax Free Bonds V/S Tax Saving Bonds At Present in Indian Market, Various Financial Institutes and Other Authorities are issuing various types of bonds such as Tax Free Bonds, Tax Saving Bonds.  The Major Players in Tax Free Bonds are...

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Category : Income Tax | Comments : 0 | Hits : 287

 
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