Income Tax Articles
Quantum jump in CAs passing out in 2010
Quantum jump in CAs passing out in 2010 The number of chartered accountants passing out from the Institute of Chartered Accountants of India (ICAI) is set to more than double by 2010 to 25,000-30,000 from
What to Check before investing for Section 80C
What to Check before investing for Section 80C or How to Make Best Use of Section 80CMost of the Income Tax payee try to save tax by saving under Section 80C of the Income Tax Act. However, it is important to know the Section in toto so that one ca
TDS ON SERVICE TAX ON RENT/FEES U/S 194-I & 194 -J
A long awaited clarification regarding tds on service tax on rent payment u/s 194-I has been Issued by the CBDT. Details about the issue is given hereunderBrief about section 194-I Rent is to be deducted by all person on payment of rent except huf
No time limit for giving effect to an appeal order.
Nilesh Shah Writes:Cell: 92246-59941E mail: nilesh63@vsnl.comNo time limit for giving effect to an appeal order.The statute i.e section 153 does not prescribe a time limit for giving effect to the order in appeal. An addition confirmed in first appea
Change in the method of valuation of closing stock.
Nilesh Shah Writes:Cell: 92246-59941E mail: nilesh63@vsnl.comChange in the method of valuation of closing stock.Where the Assessing Officer revises the method of valuation of closing stock u/s 145A, he is bound to revise the valuation of opening stoc
Accrual of interest before the accrual of principal amount.
Nilesh Shah Writes:Cell: 92246-59941E mail: nilesh63@vsnl.comAccrual of interest before the accrual of principal amount.Interest income on compensation for compulsory acquisition is assessable on year to year basis as was decided by the Supreme Court
Whether a father can make a gift to his son's HUF.
Nilesh Shah writes:Cell 92246-59941E Mail: nilesh63@vsnl.comThe provisions of section 56(1)(v) were introduced for the first time by the Finance No 2 Act,2004 with effect from 1-4-2005.What has the Finance Bill No 2, 2004 has to say when the provisio
Recovery of tax & garnishee proceedings.
Nilesh Shah Writes:Cell: 92246-59941E Mail: nilesh63@vsnl.comGarnishee proceedings on the Unit Trust of India (UTI)or on any other mutual fund or on banks is essentially one of attachment. Where the Income tax authorities ask for pre mature redeempti
Essential ingredients of a gift.
Nilesh Shah Writes:Cell: 92246-59941E mail: nilesh63@vsnl.comEssential ingredients of a gift.Chapter VII of the Transfer of Property Act,1882 deals with Gifts of movable & immovable properties. Section 122 defines 'gift' as under:"Gift is a
Protect Yourself From Unnecessary Tax Loss Today!!
Protect Yourself From Unnecessary Tax Loss Today!!Taxes are important and should be paid. They are the money that we pay to the government so that the government can serve us better. However, payment of taxes is a complicated problem. There can aris
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