Income Tax Articles

S. 194A - Co-operative bank need not deduct tax at source on interest paid to its members

Rupesh Srivastava 09 June 2014 at 12:04

(2014) TaxCorp(LJ) 3362 (ITAT-BANGALORE) S. 194A - Co-operative bank need not deduct tax at source on interest paid to its members even if the amount exceeded Rs\- 10,000 p.a. It was held that 194A(3)(v) applies to a co-op bank and in view of the exe

Taxation of Gifts

CA. Ankit Chandrakar 05 June 2014 at 13:07

GIFT'Gift' is a transfer of a particular movable/immovable property from one person to another without consideration/adequate consideration. TAXABILITYWhere an individual or an HUF receives an amount exceeding Rs.50,000/-,

Rebate U/s 87A

CA Neil Ganatra 05 June 2014 at 12:34

Section 87A of the Income Tax Act, 1961 was introduced in Finance Act, 2013 to give benefit to a large number of people whose net total income is less than Rs. 5,00,000/-. The rebate under this section is available to resident

Income Tax Return of Deceased Assesse

CA Jayaram Prasad Pisipati 04 June 2014 at 11:45

This article is meant for young professionals in practice who in the course of their practice come across cases where they may be requested to file return of a deceased assesse.With experience I can say that upon the death of the assesse, filing of t

Taxability of Prepaid coupons like sodexo

CA Neil Ganatra 04 June 2014 at 11:44

What is the taxability of Prepaid Coupons?As it is not possible to discuss all the perquisites in one article, let us discuss the taxability of a perquisite which is always in question taxability of prepaid coupons say for example Sodexo coup

TDS on Salary

CA Neil Ganatra 04 June 2014 at 11:44

TDS ON SALARY and Rebate U/s 87AAny person responsible for paying income chargeable in the hands of recipient as Salaries shall make TDS u/s 192 of the Income Tax Act, 1961. The article discusses some basic aspects of the provisions o

Income Tax Return - Which form to use for IT Filing AY 14-15

CA Chirag Chauhan 03 June 2014 at 11:36

The Income Tax Department has come out with all Return Form applicable for AY 2014-15. The below table will give you details of usage of forms by Assessee. Forms Who can use this Return Form Who cannot use this Return Form

Understanding Speculation Profit/ loss with latest Case Laws

Manish Kumar Agarwal 03 June 2014 at 11:36

1. S. 73 of the Income-tax Act provides that any loss computed in respect of speculation business carried on by an assessee will not be set off except against the profits and gains, if any, of another speculation business. Further, where any loss com

Understanding Section 80 IB Deduction in respect of Real Estate Companies

Manish Kumar Agarwal 29 May 2014 at 13:23

Background:- Section 80-IB (10) of the Act is aimed at promoting construction of housing projects, so as to address the problem of shortage of dwelling units. The predominant objective of this incentive provision, therefore, is to encourage better av

Karniti Part-37: Importance of Making a "Will" & its Tax effect

CA Umesh Sharma 20 May 2014 at 11:29

Arjuna (Fictional Character): Krishna, What is Will?Krishna (Fictional Character): Arjuna, Today separated families are increasing. In this era all are running behind money. Therefore wherever there is wealth, problem arises. The life o