Income Tax Articles

Tax Planning On Income

Mr. PURNA P 14 August 2007 at 03:52

Tax Planning for Income The goal of income tax planning is to minimize your federal income tax liability. You can achieve this in different ways. Typically, though, you'd look at ways to reduce your taxable income, perhaps by deferring your income or

Inconsistency in the quarterly etds and etcs returns

RAJAN GUPTA 12 August 2007 at 10:24

INCONSISTENCY IN QTRLY ETDS/ETCS STATEMENT Directrote General of Income tax(systems) is serving letters regarding inconsistency in the quarterly etds and etcs returns submiited by assessees.Formats of Table showing inconsistencies is given ABOVE.Word

Research & Development Cess Act

siddharth 06 August 2007 at 08:10

While rendering Structuring advice involving know how transfers( "Research") the following R & D Act may be consider from point of view of Tax implication. Payment of R&D CESSEXTRACTS FROM RELEVANT SECTIONS/CLAUSES OF R&D CESS ACT, 1986

MAT

CA Nikita 30 July 2007 at 07:29

The MAT credit is available in respect of MAT paid under Section 115JB of the Income-tax Act with effect from assessment year 2006-07. The amount of MAT credit would be equal to the excess of MAT over normal income-tax for the assessment year for whi

Reduction in Perq value from 20 to 15%

HVNK 30 July 2007 at 02:56

How do I find out which IT Circular has notified the reduction for company accomodation from 20% to 15%? What source of data will be used by the IT dept to decide thepopulation of a given city for housing? (e.g., if Navi Mumbai is below1 million and

Concealment-Conscious/Unconscious

CA Nikita 29 July 2007 at 03:34

Concealment or furnishing inaccurate particulars of income is liable for penalty. The concealment may be deliberate or otherwise. Provisions relating to concealment penalty have undergone frequent changes . For example, the Finance (No. 2) Act, 1977

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