Income Tax Articles

Section 40(a)(ia): Whether applicable to sum payable at the year end or on all sums during year

Sagar Gupta 22 April 2014 at 12:04

Section 40(a)(ia) of the act was introduced in the Income Tax Act, 1961 by the Finance (No 2) Act, 2004 w.e.f. 01.04.2005 with the view to augment the revenue through the mechanism of tax deduction at source. This provision was bought so as to disall

Overseas shoot not taxable in India

ESHA AGRAWAL 18 April 2014 at 11:56

To facilitate shooting in foreign locations for film and TV Indian production houses utilizes services of overseas entities, the issue then arises whether these payments are subject to tax in India, in the hands of overseas parties. Endemol

Procedure of e-payment & e-filing of TDS return

SRINIVAS 16 April 2014 at 10:49

Due date for TDS Payment.Within seven days from the end of the month in which deduction is ma

Karniti Part-32: Thoughts of Great Three For Taxpayers

CA Umesh Sharma 15 April 2014 at 11:57

Arjuna (Fictional Character): Krishna, Yesterday it was Mahaveer Jayanti, today is Dr. Babasaheb Ambedkar Jayanti and tomorrow is Hanuman Jayanti. What a great coincidence this is! Jayanti of three great soul

NRI - NRO NRE Account difference, Filing Income Tax Return

CA Chirag Chauhan 15 April 2014 at 11:57

According to the Ministry of Overseas Indian Affairs, India has the second largest diaspora in the world. The overseas Indian community estimated at over 25 million is spread across ev

80G Tax Deduction Limit

Dintakurthi Tirumala 11 April 2014 at 11:15

SECTION 80G DEDUCTION ELIGIBLE COMPUTATION According to this section if the donation made to APPROVED FUNDS/CHARITABLE INSTITUTIONS deduction shall be eligible. For the purpose of this section to get deduction/exemption eligibility, donations are c

Safe harbour Rules Vs Permanent Establishment

MOHIT JAIN 07 April 2014 at 12:00

Government has notified Safe Harbour rules (SHR) to provides certainty to Indian associate enterprise of MNC group in its Transfer Pricing Assessment The bigger question is that whether safe harbour will

Compliance - Income tax Return Filing. Why? And how to reply

CA Chirag Chauhan 01 April 2014 at 11:35

The Mission of Our Income Tax Department is To promote Compliance with our direct tax laws, through caring taxpayer service and strict enforcement, and thus realize maximum resources

TDS treatment for overseas transactions including M&A

ESHA AGRAWAL 29 March 2014 at 12:35

An instruction by foreign tax division of central board of direct taxes (CBDT) will put an end to litigation relating to TDS by indian taxpayer in overseas transaction including mergers and acquistions. When any payment is made to foreign company or

All about Income Tax Returns

CA. Kapil Goel, DISA(ICAI) 27 March 2014 at 11:27

The forms used to file income taxes with the Internal Revenue Service (IRS) are known as Income Tax Returns. Tax returns are set up in an excel worksheet format, where the income figures are used to calculate the tax liabi