Income Tax Articles

Revenue tries to pierce the corporate veil

Posted by Ankit Dangayach 01 October 2007 6521 Views

Revenue tries to pierce the corporate veil In the recent past, controversy in relation to taxability of offshore sale or transfer of security in a foreigncompany (offshore special purpose vehicle (SPV)) has been consuming the energy of taxpayers and

Income Tax - Modern History of Income Tax

Posted by Ravikumar.G 01 October 2007 21122 Views

The Income Tax history in modern India dates back to 1860. In this year first Income Tax Act was introduced and which remained in force for a period of 5 years. This Act lapsed in 1865. Thereafter Act-II of 1886 was in force. This Act of 1886 was the

Some issues with Annual Information Return and Income-tax Return

Posted by CMA Gul S 01 October 2007 16065 Views

S.285BA of the Income-tax Act (Act) read with Rule 114E of the Income-tax Rules (Rules) requires certain specified persons to file Annual Information Returns (AIR) every year. Income-tax Return Forms, ITR - 1, 2, 3 and 4, applicable to Individuals/H

Sec 43A of the IT Act Vs. AS 11

Posted by Ravikumar.G 29 September 2007 38670 Views

Suppose a machine was imported for one lakh US dollars when the exchange rate was Rs 45 per dollar. Both in the accounting records as well as in the tax records, the transaction would have been recorded debiting the asset concerned with Rs 45 lakh. B

A brief Note of Inventory Valuation

Posted by Ravikumar.G 29 September 2007 73128 Views

Valuation of closing stock requires consideration of Income Tax, Cenvat, Accounting Standards and Company Law.Stock should be valued at cost or market value, whichever is lower, as it is a prudent business practice. This principle has been accepted i

GOT A GIFT FROM A RELATIVE ? NO TAX ON IT

Posted by Ravikumar.G 27 September 2007 5116 Views

It is widely known that gifts from relatives are tax-exempt. But what is not widely known at all is that gifts received even from non-relatives can also be completely exempt from income tax. Here is the complete run-down from a renowned tax expert. I

BIG GAINS FROM SMALL TOWNS

Posted by Ravikumar.G 27 September 2007 5213 Views

Few days ago when an income-tax raid in Chirkunda, city with a population of little over 39,000 (according to 2001 Census) in Dhanbad district of Jharkhand, yielded a disclosure of over Rs 70 crore of concealed income, it made news only in local dail

Fringe Benefit Tax(FBT): Employers Get Time

Posted by CMA Gul S 25 September 2007 5127 Views

With rules for payment of fringe benefit tax on employee stock options yet to be finalised, the Central Board of Direct Taxes (CBDT) on Wednesday extended the last date for payment of the first two instalments of advance tax to December 15 this year.

What Is the Meaning of Dependant for Claim of deduction u/s 80DD?

Posted by Ravikumar.G 25 September 2007 6933 Views

What section 80DD says "80DD. (1) Where an assessee, being an individual or a Hindu undivided family, who is a resident in India, has, during the previous year, (a) incurred any expenditure for the medical treatment (including nursing), training and

F A Q ON ITR FORMS BY INCOME-TAX DEPARTMENT

Posted by CMA Gul S 25 September 2007 15397 Views

1. What are the forms that should be used for e-Filing? Answer: The Forms that are currently available for e-Filing for A.Y. 2007-08 are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, & ITR-8. For A.Y. 2006-07 For A.Y. 2006-07, the e- return could be