Income Tax Articles

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

Concept of Contemporaneous Documentation in Transfer Pricing

CA Deepanshu Bansal 14 October 2014 at 10:42

Contemporaneous documentation means information, records and other documents which exist or brought into existence at the time the taxpayer is developing or implementing any arrangement that might raise transfer pricing issues. It is important that

Be Careful - while making transactions in cash!!

CA Umesh Sharma 13 October 2014 at 11:11

Karniti Part 58 Be Carefulwhile making transactions in cash!! Arjuna (Fictional Character): Krishna, Today is 13th October last day for the promotion of Elections. In the chaos of election, crores of rupees were ceased. During this period Ele

House Rent Allowance (HRA) Vs. Rent Free Accommodations (RFA)

Sensys Technologies 09 October 2014 at 12:20

House Rent Allowance (H.R.A.) results in tax savings because accounting under Income tax act is direct exemption based. However, accounting of Rent Free accommodation is valuation based taxation and added to total income of employee presumptive basis

Equity linked saving scheme (ELSS) - The best tax saving tool

CA. Ankit Chandrakar 07 October 2014 at 10:38

WHAT IS AN EQUITY LINKED SAVING SCHEME (ELSS)? ELSS is a popular mutual fund scheme that allows you to take exposure in the equity market, while simultaneously serving as a tax-saving product. It is a type of mutual fund which invests majority of its

Revision of tax audit report

CA.MANOJ LAMBA 06 October 2014 at 11:11

The system of Tax Audit u/s 44AB has changed drastically in recent time. Particularly the change of manual filling to non filling and now from non filling to e filling has raised lot of

Pension- Taxation issues

ESHA AGRAWAL 06 October 2014 at 11:10

Pension is a retirement benefit; this is taxed as salary in the hands of the employee. Tax is deductable under section 192 of income tax act on payment. Family pension received by the dependence of the employee is taxable under th

Transfer pricing issues relating to royalty payment

RAGHAV GUPTA 04 October 2014 at 14:35

Royalty payment has been a matter of intensive discussion in India as well as internationally. Recently, the Organisation for Economic Cooperation and Development (OECD) published discussion paper on Base Erosion and Profit Shifting (BEPS) in which i

Certificate under Rule 37BB of Income Tax Rules, 1962

Milind M. Kulkarni 01 October 2014 at 12:30

Requirement for certificate of an accountant under Rule 37BB, or certificate in form 15CB as it is popularly known, originates from Section 195 (6) of Income Tax Act, 1961 (“the Act”) which requires a person making payment to a non reside

The Story behind the Extension of Due Date for ROI for AY 2014-15

Hetvi Sheth 01 October 2014 at 12:30

The order dated 20th August, 2014 issued by the Central Board of Direct Taxes (CBDT) extending the due date for obtaining and furnishing of Tax Audit Report (TAR) under section 44AB of the Act for Assessment Year 2014-15 from 30th September, 2014 to