Income Tax Articles

FAQ on TCS on Motor Vehicle Rs.10 Lakhs more

Rani Jain 01 June 2016 at 10:23

Solutions to Frequently Asked Question on TCSOn amendment in Section 206C, sub section 1 of the Income Tax Act, 1961 for Sale of Motor Vehicle of Value exceeding Rs. 10,00,000Finance minister, Mr. Jaitley had proposed to impose a provision for collec

Tips received by waiters from customers is not salary income

rajat aggarwal 01 June 2016 at 10:22

Background and factsSection 15 of the Indian Tax Laws (ITL) includes the following incomes as chargeable to tax under the head �Income from Salary� (Salary head): Salary that is �due� from an employer or a former employer, whe

Taxability of salaried individuals

Tony John 31 May 2016 at 10:59

SALARY AND TAXABILITY What is previous year?Previous year means financial year starting from 01 April and ending on 31st March. Eg. The current previous year is 2015-2016. What is Assessment Year?Every previous year shall have an assessment year. A

Treatment of Capital Gains arising on sale of Residential Property

Ajay Pradeep Bansal 30 May 2016 at 10:53

For all those persons who are buying residential properties and selling such residential properties at a later date a question

Era without black money

Mahendra Badjatya 28 May 2016 at 11:08

The money is money. Colour of money is the definition of tax law of each country. Where there is no income tax there is no colour of money and therefore there is no black money. In the sovereign country, taxation is must and therefore the chances of

Beware: tax evaders take bath in this "Kumbhmela" of income declaration scheme 2016 or else?

CA Umesh Sharma 25 May 2016 at 10:43

Arjuna(Fictional Character): Krishna, by taking a holy bath in Kumbhmela, a person purifies himself. Now the Income Tax Departmen

Assessment of HUF with perspective of important & recent cases

CA. Harsh Rathi 24 May 2016 at 10:50

Hindu Undivided Family(HUF) - A fresh perspective with important & recent case laws:Background:U/s 4 of the Income Tax Act, 1961 income tax is payable by �every person�. U/s 2(31), Person is defined to include a Hindu Undivided Family

Deferred tax analysis

Member (Account Deleted) 19 May 2016 at 10:49

The concept of Deferred Tax is not a simple to understand and many get confused while applying it in the books. So, we shall try to go through simple and lucid manner to understand the whole concept and its application in the books through e

New procedure to file TDS returns online w.ef. 01.05.16

CA. Ankit Chandrakar 10 May 2016 at 11:02

NEW PROCEDURE TO FILE TDS RETURNS ONLINE W.E.F. 01.05.16 REGISTRATION WITH EFILING WEBSITE � FOR TDS RETURN Log into �TRACES� with the details of the assessee whose return is to be filed. Click at �Register for E-filing�

Understanding turnover exemption u/s 10A of the IT act, 1961

Manish Kumar Agarwal 05 May 2016 at 10:54

In respect of claim of exemption u/s 10A, 10AA & 10B, still there is lot of confusion is there between taxpayer and the tax officer. Given below chart based on the latest judicial pronouncement will help to reduce such confusion. SN