Posted Date : 06-Jul-2012 , 03:22:48 pm | Posted By Vikash Kumar Jha

TAXATION OF CERTAIN TRANSACTIONS WITHOUT CONSIDERATION OR FOR INADEQUATE CONSIDERATION [Clauses 3, 20, 21, 33 OF THE BILL]            Under the existing provisions of section 56(2)(vii), any sum of money or any proper...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1485

Posted Date : 06-Jul-2012 , 01:21:18 pm | Posted By Surendra Kumar Dash

Far Reaching Amendments to Transfer Pricing Provisions The following amendments are proposed to the Transfer Pricing provisions, which would have far reaching implications, not only on cross-border transactions between Associated Enterprises, but also on large value transactions between d...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 543

Posted Date : 06-Jul-2012 , 01:20:01 pm | Posted By Surendra Kumar Dash

Expansion of definition of ‘related parties’ for domestic transactions Section 40A (2) (a) provides for disallowance of expenditure/part of expenditure payable/paid to related party‘in domestic transactions, considered by the as excess or unreasonable having regard to the f...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 867

Posted Date : 05-Jul-2012 , 09:20:57 am | Posted By Deepak Tanwar

How to Know the Name of Person we are having PAN Number?  How to Verify PAN for Free? How to know of person as on his PAN Card? As we all know Income Tax Act has provided that TDS to be deducted @ 20% if a person do not provide his PAN. Sometimes person provides his P...

Continue Reading...

Category : Income Tax | Comments : 2 | Hits : 5070

Posted Date : 03-Jul-2012 , 03:24:38 pm | Posted By Deepak Tanwar

Gratuity:- Gratuity’ is a retirement benefit. Gratuity Act, 1972 act envisages in providing retirement benefit to the workman who have rendered long and unblemished service to the employer. Gratuity is a reward for long and meritorious servi...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1120

Posted Date : 03-Jul-2012 , 09:37:32 am | Posted By Deepak Tanwar

TDS Rates / Chart Under Income Tax Act, 1961 for Financial Year 2012-12/ Assessment Year 2013-14 on Salary(Section 192) ,  Interest on Specified & Other Securities (Section 193), Deemed Dividend & Other Dividend , Interest other than interest on security, Winning from Lotteries, Winn...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 3118

Posted Date : 29-Jun-2012 , 06:21:02 pm | Posted By SHIKHA SONI

  ...It s not over yet...Brush up your communication skills to stand different from the general run of the mill stuff...Here a few tips how to do it on your own :- 1. Improve pronunciation and diction ~ Focus on elongating your vowel sounds. This will also automatically slo...

Continue Reading...

Category : Income Tax | Comments : 1 | Hits : 418

Posted Date : 27-Jun-2012 , 04:45:33 pm | Posted By CA. Anup Sharma

INDIAN MICROFINANCE IN PERIL                                             ...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 234

Posted Date : 22-Jun-2012 , 01:10:47 pm | Posted By Surendra Kumar Dash

  Businesses have been grown over the period of time due to general growth of the economy and varied other reasons. But at the same time various numbers of business and service providers, irrespective of their area of operations, earni...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 950

Posted Date : 17-Jun-2012 , 08:18:17 pm | Posted By SHIKHA SONI

For most  of the people  ‘tax savings’ brings to mind life insurance, PPF, NSC, and equity-linked savings scheme, among others, that qualify for tax deduction under Section 80 C of the Income-Tax Act. An individual can claim tax deductions of up to Rs 1 la...

Continue Reading...

Category : Income Tax | Comments : 3 | Hits : 1837

Posted Date : 14-Jun-2012 , 09:01:18 am | Posted By Deepak Tanwar

Dear All, Procedure to pretrive forget assword of e-filing   1. Click on forget password Link  – Link   2. Enter your PAN on Screen which appears after above click and Press OK.   3.  Please ...

Continue Reading...

Category : Income Tax | Comments : 3 | Hits : 1070

Posted Date : 12-Jun-2012 , 09:25:35 am | Posted By Deepak Tanwar

Procedure to request for Form 16/16A   1. Login to TAN Registration Account with user id, password and TAN.   2. Request for Form 16A can be made for the TAN logged in only. One TAN cannot request for Form 16A of another TAN. &n...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1578

Posted Date : 08-Jun-2012 , 09:04:47 am | Posted By Deepak Tanwar

Procedure for Download of File Merge Utility (in case file is split) and Merging Split Quarterly Consolidated TDS/TCS statement A.      Procedure for Download of File Merging Utility 1)      Download “File Merge Utility” from T...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 616

Posted Date : 07-Jun-2012 , 10:11:52 pm | Posted By Deepak Tanwar

While applying DIN of an applicant, following Documents are required to be attached with the DIN 1 Form as Proof of Identity and as Proof of Residence (As per DIN Help Form): Proof of Identity of applicant In case of Indian nationals, Income-tax PAN is a mandatory requirement for proof of...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 2206

Posted Date : 05-Jun-2012 , 11:46:25 pm | Posted By CS Shilpi Bhardwaj

Preparation of Cash Flow Statement Cash flow statement. As the name itself indicates the statement which only deals with inflow and outflow of cash (and cash equivalents) during the accounting year. Our work is to classify those inflows and outflows into three activities namely operating, i...

Continue Reading...

Category : Income Tax | Comments : 1 | Hits : 636

Posted Date : 05-Jun-2012 , 08:55:01 pm | Posted By Vikash Kumar Jha

  Relatives from whom Gift is permissible under Income Tax Act   Father (Papa or Pitaji)                       &nbs...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 887

Posted Date : 05-Jun-2012 , 08:51:24 pm | Posted By Vikash Kumar Jha

In this article an attempt has been made to make a analysis of provisions under different laws relating to Related Party Transactions.  An awareness of various provisions is very much required so as to take adequate care while entering into related party transaction and di...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 656

Posted Date : 23-May-2012 , 01:12:17 pm | Posted By CA Vikas Maheshwari

Section 203 of the Income-tax Act 1961 (“the Act”) read with the Rule 31 of the Income-tax Rules 1962 (“the IT Rules”) requires the deductor to issue certificate of tax deduction at source (TDS) to the deductee. The relevant form for such TDS certificate...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1748

Posted Date : 23-May-2012 , 01:08:59 pm | Posted By CA Vikas Maheshwari

What is National Savings Certificate? National Savings Certificate is an Investment alternative developed by Government of India with an intention to induce persons to a saving habit and to develop National Savings. National Savings Certificate is issued through Post Offices; they are the nod...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1344

Posted Date : 22-May-2012 , 02:46:20 pm | Posted By CA Vikas Maheshwari

Leave Travel Allowance affects every salaried employee. Here we give you a quick low-down on what to expect. 1. You can get LTA only if you have applied for leave from your company and have actually travelled. However, international travel is not valid. You must have travelled within the cou...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 541

Posted Date : 10-May-2012 , 05:29:06 pm | Posted By Rishabh Upadhyay

GAAR- General Anti Avoidance Rules   Finance Minister Pranab Mukherjee's clarification on General Anti-Avoidance Rules (GAAR) fired up the markets on Monday, when global indices were deep in the red. A look at why GAAR has caused panic among investors: ...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1144

Posted Date : 08-May-2012 , 11:29:45 am | Posted By SUMIT KUMAR MEHARIA

  Speech of the Finance Minister whilst moving the amendments to the  Finance Bill 2012 : The following is the speech delivered by Shri. Pranab Mukerjee, Finance Minister, while moving the amendments to the Finance Bill 2012 on 7th May 2012. Madam Speaker, I presented ...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 486

Posted Date : 04-May-2012 , 12:54:13 pm | Posted By Vikash Kumar Jha

Salary, Net Salary, Gross Salary, Cost to Company are they same or different. For most people it is plain confusion especially when one gets a new job. The excitement of getting first job is punctured on getting the first pay. It is usually less than what the fresher employee e...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 964

Posted Date : 04-May-2012 , 10:48:04 am | Posted By CA Vikas Maheshwari

Under the existing provisions of the Income-tax Act, Minimum Alternate Tax (MAT) and Alternate Minimum Tax (AMT) are levied on companies and limited liability partnerships (LLPs) respectively. However, no such tax is levied on the other form of business organisations such as partnership firms, so...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 2092

Posted Date : 01-May-2012 , 12:55:49 pm | Posted By Akanksha Handa

A thought provoking note and a reality of life….. Long time ago, there was an Emperor who told his horseman that if he could ride on his horse and cover as much land area as he likes, then the Emperor would give him the area of land he has covered. Sure enough, the horseman quickly...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 532

Posted Date : 29-Apr-2012 , 04:37:29 pm | Posted By CA Ramesh K Chhajer

  ABOLISHING BENEFIT OF EXEMPTION LIMIT IN CASE OF UNDISCLOSED INOCME As currently provided U/S 68, 69, 69A, 69B, 69C, and 69D, if any undisclosed income is found then the Tax on such income is being calculated as per the Slab Of Income Tax and the benefit of exemption limit is being...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 435

Posted Date : 24-Apr-2012 , 11:04:13 am | Posted By Rishabh Upadhyay

You will soon get the Form 16 with details of your income and taxes paid from your employer. Then you have a couple of months to file your tax returns. However, the Central Board of Direct Taxes (CBDT) has issued a notification which has made it mandatory for individu...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 533

Posted Date : 22-Apr-2012 , 02:25:04 pm | Posted By CA Ramesh K Chhajer

  TDS ON DIRECTOR REMUNERATION As per current provisions of Income Tax Act 1961, an employer has to deduct Tax at source on the salary paid to employees as per the provisions U/S 192 of Income Tax Act 1961, and in the scope of the term employee, it also includes Managing Director and...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 3561

Posted Date : 19-Apr-2012 , 04:59:43 pm | Posted By CA Ramesh K Chhajer

CONCEPT OF ALTERNATE MINIMUM TAX As per the current provisions of income Tax Act , 1961 Companies are liable to par MAT (Minimum Alternative Tax) on their Book Profits and the LLP (limited Liability Partnership) are liable to pay AMT (Alternate Minimum Tax) in substitution of normal Income Ta...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1021

Posted Date : 10-Apr-2012 , 04:11:46 pm | Posted By CA.Khurana Vivek

  Census is an activity which is carried out in India every decade. The aim of the census is to take a count of the population of the country, understand the detailed demographics and use this for detailed planning of future activities and resource distribution.   India Cens...

Continue Reading...

Category : Income Tax | Comments : 2 | Hits : 6495