Income Tax Articles

Highlights of Section 194IA

CA Rohan jain 18 April 2016 at 16:47

Highlights of Section 194-IA (TDS On Sale/Purchase of IMMOVABLE PROPERTY)Crux :1.As per Finance Act of 2013, TDS is applicable on transfer of any Immovable Property(other than agricultural land), wherein the consideration of the property exceeds or i

Understanding tds on purchase of immovable property

Abhishek Ranjan Singh 18 April 2016 at 11:52

Understanding of Notice, Penalty, Late fees and Interest on TDS for Purchase of Immovable PropertyAs per Finance Act of 2013, TDS is applicable on transfer of Immovable property, wherein the consideration of the property exceed

What is Tax Deducted at Source?

Shubham Gupta 18 April 2016 at 11:52

For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called as �Tax Deducted at Source�, common

Section 44AD of the Income tax Act after Budget 16

MANSHI BAID 13 April 2016 at 10:39

SPECIAL PROVISIONS FOR COMPUTATION OF PROFIT AND GAIN OF BUSINESS ON PRESUMPTIVE BASIS(After Budget 2016)This section is nothing but provides a relaxation to the tax payers to declare income on presumptive basi

Taxation on Investors and Traders

Munim.in 12 April 2016 at 10:54

Investor or Trader?According to Central Board of Direct Taxes(CBDT): Investor: anyone who invests with the intention of earning through dividends Trader: anyone who buys and sells with the intention of profiting from

Simplification of taxation law vis-a-vis progressive tax legislation

CA CMA CS Ram Pavan Kumar Melam 07 April 2016 at 10:48

The development of a nation is measured by Gross National Product (GNP) or Per Capital Real Income (PCRI). The above two are the economic indicators used to measure the economic development of a nation. There are non-economic indicators which are of

Understanding of Compliance Query of Income Tax Department

Abhishek Ranjan Singh 06 April 2016 at 11:01

Income tax department has started sending notices (Compliance Query) to non-filers for the assessment year 2013-14 & onwards & are also using the said information to verify under-reporting of income. The income tax department has been capturing infor

Movies and Income Tax returns, what's the similarity?

CA Umesh Sharma 06 April 2016 at 11:01

Karneeti Part � 123 Movies and Income Tax returns, what�s the similarity?Arjun (Fictional character): Krishna, what are the changes made in the New Income Tax return forms (ITR forms) from 1st April 2016? Just like new sequels of films ha

Government notifies new income tax return forms for FY 2015-16

Anurag 06 April 2016 at 11:01

In briefThe Central Board of Direct Taxes has notified Income-tax return forms applicable for the financial year (FY) 2015-16 (assessment year 2016-17). There are no major changes in the forms compared to last year. The key amendments in the forms pe

Changes proposed in Form 15CB & CA - wef 1st Apr 2016

Dongre Arun 05 April 2016 at 11:02

Wef 1st Apr 2016, the provisions applicable to Income-Tax Rule 37BB read with Sec 195 is amended i.e. issuance of Form 15CB & CA. Following are the key points covered therein.The furnishing of information for payment to a non-resident, not being