Income Tax Articles

Whether or not the debentures are loans covered u/s 269SS

Rupesh Srivastava 28 August 2013 at 12:28

(2013) TaxCorp(LJ) 1637 (ITAT) Income Tax Section 271D, 269SS, 269T Whether or not the debentures are loans covered u/s 269SS F.Y 2004-05, the assessee company has shown 5171.40 crores under the head as Optionally Fully Convertible Debentures

MTM Loss Disallowance - Another opportunity to revisit

CA S.SAIRAM 26 August 2013 at 13:46

Derivative losses or Mark to Market losses are known to be unreal or notional and hence the taxman hates giving deduction for them. The focus seems to be on distinguishing oneself from the acco

Prosecution and interest on late deposit of TDS

CA GOURAV MURARKA 24 August 2013 at 11:53

TDS under income tax is main source of tax collection by the Government. However many times the tax Deductors ,after deducting TDS from specified payments, are deliberately not depositing the taxes so

Offences & Prosecution Notes under Income Tax Act, 1961

POOJA CHANDAK 22 August 2013 at 12:37

CONTRAVENTION Contravention of order made under section 132(3) Sec.275A. A person contravening the order made u/s. 132(1) (second proviso) or 132(3),in case of search and seizure, shall

Income Tax Amendment for the Assessment Year 2014-15

vikram sharma 09 August 2013 at 13:02

Highlights of Change in Direct Taxes in the Union Budget 2013 1. Rate of Income Tax for Individual a) Slab Rate Assessment Year 2014-15 (Financial Year 2013-14) Assessment Year 2013-14 (Financial Year 2012-13)

No books, no penalty u/s 271B

Tony John 05 August 2013 at 07:40

I would like to discuss through the article, more on the controversial issue of non imposition of penalty under Section 271A and 271B if no books of accounts are prescribed under section 44AA with a recent case law. Before we go deep into the topic

Capital Gains summary-specially for CA Final

POOJA CHANDAK 03 August 2013 at 08:46

CAPITAL GAINS Applicable for A.Y.2013-14 Today very few people might have not known the word Capital Gains Tax. Section 45 of the Income Tax Act, 1961 deals with taxability of capital gains. Section 45 says that any profits & gains arising fro

Extension of Filing Date is not extension date for payment

CA. Chikkerur C R 03 August 2013 at 08:46

Yesterday ( 31St July) was last date to file ITR for AY 2013-14 & Pay tax due on this. People including me were so busy to complete this unwanted task (Hated for few Tax Payers). Many were gathering their info in last minute; few people were se

Clubbing of Income demystified under different sections

POOJA CHANDAK 27 July 2013 at 13:54

Generally an assessee is taxed in respect of his own income. But there are some cases where assessee has to pay tax in respect of income of another person. In the case of individuals, income tax is levied on a slab system on the total income.

Form 15g - if declaration is wrong

CA. Chikkerur C R 25 July 2013 at 13:12

In India, We take most of the laws/Rules as granted one & feel we are complying with rules without studying in depth of penalty provisions of law. Indian Income Tax Rules /sections are one of those laws. Most of the people feel or under impre