Income Tax Articles

Reasons for notice u/s 148 before filing of return u/s 148

CA Paras Dawar 01 September 2014 at 10:38

Assessee Can Claim Reasons For Issue Of Notice U/S 148 Before Filing Of Return U/S 148.Section 148 of the Income Tax Act, 1961 is possibly the most belligerent combat tank in the armory of Income Tax Department. This tank has been further strengthene

International Taxation- Beware of Vodafone Case

Paras mehra 30 August 2014 at 13:01

START-UPs BEWARE OF VODAFONE!By Paras Mehrawww.Quickcompany.inMr Ashish Ranjan, developer, started his business in Hong Kong. Since he was good at marketing, his business soon started generating profits. Ashish, through his Hong Kong Company e

Demand u/s 143 (1) by inc tax dept and rectification u/s 154

CA. Brijesh Baranwal 29 August 2014 at 10:36

Income Tax Return filing season for certain class of assessees including individuals not falling under tax audit provisions has just been over and by now the Income Tax Depar

Taxability of Income in Absence of Article 15

Paras mehra 27 August 2014 at 10:54

IF A PERSON IS NON RESIDENT IN BOTH THE STATES! WHERE TO TAX THE INCOME?By Paras Mehrawww.Quickcompany.in I am Paras Mehra, a Chartered Accountant. Co-founder of Quickcompany.in Many external people seek advice from me, I have been only a start up in

Reporting in 3CD Form (Tax Audit)

CA SURENDRA KUMAR RAKHECHA 25 August 2014 at 10:52

HIGH ALERT FOR ASSESSEES: : CARE TO BE TAKEN..The new form has been designed as if SCRUTINY ASSESSMENT is made by the AUDITOR himself. ..Major Changes in 3CD Reporting:.Clause 5 : .(Text with key words highlighted fo

Missed 31st July Deadline for filing Income Tax Return? What Now?

CA Chirag Chauhan 19 August 2014 at 11:18

Most of tax payers comply with 31st July deadline for filing Income tax returns. However many miss out due to other commitment in professional and personal life. Missing the deadline does not mean you cannot file your return. Infact if you have miss

Special Reserve created under section 36(1)(viii)

Member (Account Deleted) 18 August 2014 at 11:20

Special Reserve created under section 36(1)(viii) of the Income Tax Act, 1961 and Deferred Tax Liability on it.As per section 36(1)(viii) of Income Tax Act 1961 in respect of any special reserve created and maintained by a specified entity, an amount

Residential status and foreign income tax treatment

TKKKKKK 18 August 2014 at 11:20

Hi friends,If you are individual and have foreign income. You must become aware of tax treatment of foreign income.In this article, I have explained how to determine residential status for individual and tax applicable as per residential status.Know

Tax audit under income tax and cost audit: Correlation & new amendments

CMA Navneet Kr Jain 16 August 2014 at 11:57

Ensure the review of Cost Audit Reports (CAR) for the year 2013-14 before filing of Tax Audit ReportsCMA Navneet Kumar Jain Any organization has to undergo many audits like

A Birds eye view of Advance tax provisions embedded under Income-tax Act, 1961

Pooja jain 16 August 2014 at 11:55

What is advance tax? U/S 208 Advance tax shall be payable during a financial year in every case where the amount of such tax payable by the assessee during that year, as computed in accordance with the provisions. Who is liable to pay advance tax? &