Income Tax Articles

Proposed changes in provisions for TDS u/s 194C for transporters

Gaurav Jain 09 May 2015 at 11:52

Proposed amendment in the TDS provision u.s 194C applicable on payments to transporters vide Finance Bill, 2015 CURRENT SCENARIO:Under the existing provisions of sub section (6) of section 194C of the Income Tax Act, 1961, there is no deduction of ta

You generously help in Nepal & Get tax Benefits in India

CA Umesh Sharma 05 May 2015 at 10:27

Karneeti Part 87You generously help in Nepal&Get tax Benefits in IndiaArjuna (Fictional Character): Krishna, The whole world has trembled due to the earthquake in Nepal. Due to this earthquake Nepal has suffered terrible financial losses. To come

Taxation under MAT

Manish Kumar Agarwal 04 May 2015 at 11:21

Normally, a company is liable to pay tax on the income computed in accordance with the provisions of the Income-Tax Act, but the profit and loss account of the company is prepared as per provisions of the Companies Act. In the past, a large number of

Return of Income

CMA Poornima Madhava 02 May 2015 at 11:16

Who has to submit return of income? Taxpayer Section under which return to be filed Minimum income to attract the provisions of filing return of income Company or firm 139(1) Any income/loss

Taxation of Forex profit and loss under section 43A

Manish Kumar Agarwal 30 April 2015 at 10:21

From the ACT. Notwithstanding anything contained in any other provision of this Act, where an assessee has acquired any asset in any previous year from a country outside India for the purposes of his business or profession and, in consequence of a c

ICDS, the basic questions

CA Sripriya K 29 April 2015 at 10:48

1. What is ICDS? The Ministry of Finance has issued ten Income Computation and Disclosure Standards (ICDS), which is a new framework for computation of taxable income 2. Who does it apply to ?It applies to all assesses in relation to their income und

FAQ on tax on income from share market

Manish Kumar Agarwal 29 April 2015 at 10:48

Income from intra-day trading is considered as speculation income and taxed as such. While speculation losses can be set off only against speculation gains, non-speculation business losses may be set off against short/long-term capital gains. KEY POI

Consequences of TDS defaults under Income Tax Act 1961

Mukesh Katara 27 April 2015 at 10:50

Consequences of TDS defaults under Income Tax Act 1961 Introduction: TDS/TCS compliances is one of the major compliance under Income Tax Act, 1961 and has a wide scope of its applicability to the business organizations. Small businesses are not much

As my TDS is deducted, no need to file Income Tax Return - A Misunderstanding of Common Man

CA Umesh Sharma 27 April 2015 at 10:50

Karneeti Part 86As my TDS is deducted, no need to file Income Tax Return � A Misunderstanding of Common Man.Arjuna (Fictional Character): Krishna, Income Tax Department is sending notices to Taxpayers for not filling Returns of last 3-4 years

ICDS- An intoduction Part I

CA Chirag 25 April 2015 at 11:42

The Central Government has notified the Income Computation and Disclosure Standard wide notification. It is further states that these standards are required to be followed while computing income under the hea