TDS is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of
Prerequisites for Claiming Bad Debts In order to claim deduction of bad debts u/s 36(1)(vii) following conditions must be cumulatively satisfied: 1) It must be a DEBT: A debt is a present obligation to pay an ascertainable sum of money, wheth
Advance Tax – Better to payOld saying; - Nothing's certain but death and taxes, Every Income Tax Asseesee whose Tax liability is more than Rs 10,000 must pay Advance Tax. Income Tax Assessee can be any one – Sala
Background & Introduction They say the only thing that doesnt change is change itself and that is true for Direct Tax Laws. The taxation laws in our country undergo many changes. Direct Tax Laws is an important area of c
Direct Tax Code and its Impact on Power Sector When archaic rules have to be replaced with new ones, the changes must be dramatic and path breaking. --- Union Finance Minister Pranab Mukherjee at the time of releasing the draft D
Section 194B TDS on Winnings from Lottery According to section 194B of the Income Tax Act 1956, The person responsible for paying to any person any income by way of winnings from lottery or crossword puzzle or card game and other ga
WHETHER HIGHER STOCK THAN ACTUAL DECLARED TO BANK ATTRACTS ADDITIONS U/S 69 OF INCOME TAX ACT 1961 Section 69 of Income Tax Act deals with the cases of unexplained investments which have been made by the assessee but not accounted for in his books o
PROVISIONING FOR BENEFIT IN CASE OF HOSPITALIZATION EXPENSES As a citizen of India, I would like to bring forth an issue which I feel may be given a serious thought for the benefit of all. Slabs of individual tax payer depends upon his/her income a
ADVENT OF APA IN TRANSFER PRICING TAXATIONp.s.prabhakarThe arena of International taxation has always been quite complex as much as it has been exciting (for tax practitioners in particular). What with residency rules, PE provisions, TP regimes, 195
[Deduction in case of a person with disability. 80U. (1) In computing the total income of an individual, being a resident, who, at any time during the previous year, is certified by the medical authority to be a person with disability, there shal
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