Income Tax Articles

Changes introduced in procedures related to furnishing of Form 15CA and 15CB

CA Prateek Garg 21 December 2015 at 10:38

CBDT vide its notification no 93/2015 dated 16th December 2015 substituted the old rule 37BB with entirely new rule 37BB. The new rule 37BB incorporates the following procedures for furnishing of declarations on foreign payments. FURNISHING OF FORM 1

Notable Changes in Form 15CA and 15CB

Gaurav Jain 18 December 2015 at 15:13

The CBDT has amended Rule 37 BB of the Income-tax Rules and made notable changes which are as under:i. No Form 15CA and 15CB will be required to be furnished by an individual for remittance which do not requiring RBI approval under its LRS.ii. Furthe

Understanding Section 54

Tony John 14 December 2015 at 10:39

Capital gains is one of the most complicated heads of income envisaged in the Income Tax Act, 1961.Capital gains tax directly affects the investment decisions one may have to take. There are various options available under law to avoid paying capital

Section 44AD of the IT Act 1961

MANSHI BAID 08 December 2015 at 10:29

SPECIAL PROVISIONS FOR COMPUTATION OF PROFIT AND GAIN OF BUSINESS ON PRESUMPTIVE BASISThis section provides that ELIGIBLE ASSESSEES can in respect of ELIGIBLE BUSINESS can declare 8% or more of the Total turnov

Admission/Retirement from Partnership Firm - Taxability

Member (Account Deleted) 16 November 2015 at 12:22

Amount received by erstwhile partners on Admission of a new partner to the partnership firm � Taxability under the Income Tax Act, 1961.Reduction of share in partnership firm by an existing partner in favour of a new partner does not attract Ca

Capital Gains: Few Basics that you should Know

Damandeep Singh 13 November 2015 at 14:48

Capital Gains is the 3rd Head of Income described under Income Tax Act, 1961 and provisions relating to it are given from Sec. 45 to 55A. Capital gains refers to profits & gains on transfer of any capital asset. Meaning of Capital AssetIn genera

How to File Income Tax Return of a Deceased?

Amit Bavishi 13 November 2015 at 10:48

Greeting to all of you!!! In this article, I will discuss the step by step process to file Income Tax Return (ITR) of a deceased. For better understanding I have uploaded Screenshots, however, I have strike through some portion of the image to keep t

Lease and Depreciation claim-An analysis

Yogesh Agarwal 07 November 2015 at 13:05

Lease and Depreciation claim-An analysisLease nowadays a method of using the tangible material or equipment like Machinery, Vehicles and in a nature of like assets. Instead of buying the same the lessee takes them on lease or say hire from the lessor

Required to file ITR?

Pulkit Agrawal 03 November 2015 at 10:53

It is mandatory to file your Return of Income (ROI) and communicate your details of incomes earned to the Income Tax Department. The provisions relating to filing of ROI depends upon the status of taxpayer. The position in regard to this is described

Key point and analysis of final rule on range concept and use of multiple year data

RAGHAV GUPTA 30 October 2015 at 10:42

Key Point and Analysis of Final Rules on �Range Concept� and �Multiple year data� in Transfer Pricing provisions IntroductionThe Income-tax Act provides for determination of income having regard to Arm�s Length Price (A