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 : 806

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 : 542

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 : 2467

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 : 818

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 : 1746

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 : 501

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 : 733

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 : 713

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 : 665

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 : 465

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 : 1568

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 : 658

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 : 17717

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 : 1184

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 : 438

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 : 496

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 : 526

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 : 348

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 : 250

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 : 1093