Income Tax Articles

Hussh..Finally Income Tax Return e-filed Now Face Revamped Income Tax Department

CA Umesh Sharma 02 December 2014 at 10:57

Karniti Part 65Hussh....Finally Income Tax Return e-filed Now Face Revamped Income Tax Department Arjuna (Fictional Character): Krishna, Income Tax Payer to whom Tax Audit is applicable has become relaxed after e-filing Income tax return on 30th Novembe

FTS u/s 9 of Income Tax Act, 1961

CA Nischal Agarwal 22 November 2014 at 11:33

Installation & Commissioning Expenses are not covered under the definition of FTS u/s 9 of Income Tax Act, 1961 The issue is no longer res integra as it has been held by Honble ITAT Mumbai in case of Bennet Coleman & Co. Ltd. Vs ITO(TD

Arye wah! Instructions to reduce hardship of taxpayer in Income Tax Scrutiny

CA Umesh Sharma 10 November 2014 at 10:50

Karniti Part 62Arye wah! Instructions to reduce hardship of taxpayer in Income Tax Scrutiny.Arjuna (Fictional Character): Krishna, recently on 7th November 2014, the Central Board of Direct Taxes has issued instructions for reducing hardship of taxpa

What is the colour of my money - Black or White?

CA Umesh Sharma 03 November 2014 at 10:58

Karniti Part 61What is the colour of my moneyBlack or White?Arjuna (Fictional Character): Krishna, why is there such a lot of confusion over on the colour of money? Supreme Court, Government and citizens are all busy in the discussion of the

Football & Income Tax- Penalty, in both, is Hefty

CA Umesh Sharma 27 October 2014 at 10:28

Arjuna (Fictional Character): Krishna, Diwali was celebrated in pomp and splendor. Following the IPL in Cricket, the "Indian Super League" for football has started. It will be really interesting game

Gratuity-Taxation issues

ESHA AGRAWAL 21 October 2014 at 11:10

Job-hopping can increase your pay, but good old loyalty also has its perks. Stay on with your employer for five years or more, and you are entitled to gratuity when you resign, retire or are retrenched. Going b

Happy Diwali with crackers of Income Tax

CA Umesh Sharma 21 October 2014 at 10:50

Karniti Part 59Happy Diwali with crackers of Income TaxArjuna (Fictional Character): Krishna, recently the result of Maharashtra & Hariyana States Election is declared. In this some politician's crackers have exploded and someone's got defused. On th

Taxability of Interest Income of Non-Resident

MOHIT JAIN 17 October 2014 at 10:54

In this article, analysis is being done on Tax Rate applicable on Interest income to Non-resident. The Tax Rates on interest income to non-resident is dependent upon following 3 crucial factors:- Nature

Section 5(C) of Banking Regulation Act, 1949

CA Dixarth Bhanshali 15 October 2014 at 11:26

TEXT OF REMAINING PROVISIONS OF ALLIED ACTS REFERRED TO IN INCOME-TAX ACT SECTION 5(c) OF BANKING REGULATION ACT, 1949Interpretation.5.In this Act, unless there is anything repugnant in the subject or context,** ** **(c) banking company means any com

TP Alert | Vodafone Case: Bom HC decoded applicability of TP

RAGHAV GUPTA 14 October 2014 at 10:42

Vodafone Case Summary: Bombay HC rules on the applicability of TP provisions to issue of shares to associated enterprises; holds share premium does not give rise to incomeSection 92(1) of the Income Tax Act (Act) states th