Income Tax Articles

Meaning of Assessed Tax for the purpose of section 234B

CA Harsh Kothari 10 January 2015 at 11:13

Meaning of Assessed Tax for the purpose of section 234B.Introduction: We regularly face situations where we are required to compute interest under section 234B of the Income tax Act, 1961 (Act). Whereas, the present scenario is that thi

Lacuna in section 14A and rule 8D of IT Act 1961

CA HEMANT SHARMA 08 January 2015 at 12:48

Allowance of expenditure incurred in relation to exempted income during the assessment or otherwise would be prejudicial to the revenue thats why Section 14A was introduced by the Finance Act 200

Income - Tax - Deduction

Rohit Pandey 05 January 2015 at 10:53

INTRODUCTIONOften you find yourself holding your Income in one hand and Taxes in other. Income Tax Deduction is one such aspect which is ignored by large.What if you can replace your taxes with deductions (Income Tax Deductions)? Wouldnt it be

Due date for filling Revise TDS Return

Pulkit Gupta 03 January 2015 at 11:00

On filling income tax return, one of the crucial part is to fill the TDS claim during the relevant financial year which should be match with TDS Credit reflects in Form 26AS.On non-matching of TDS claimed with TDS credit reflected in Form 26AS, deman

Treatment of MTM losses on forward exchange contract

Gagan Deep Singh 02 January 2015 at 11:27

IntroductionForward Exchange Contract is one of the foreign exchange derivatives (like future contracts, options, swaps, forward exchange contracts etc.) commonly used in India by business firms to protect itself against the risk of fluctuations in f

Process for PAN application for Non Resident in India

CA Chirag Chauhan 30 December 2014 at 10:31

Indian citizen residing abroad, foreign citizen and other than individual (like company or trust or firm etc.) who wants to apply for PAN should fill the PAN application 49AA. Basically PAN application for Non Resident can be bifurcated into three c

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