Income Tax Articles

Simple solution to complications faced by Salaried Assessees

Sahil Jolly 07 February 2014 at 11:51

Well, the scenario I am going to elucidate is not something new or unheard off, however, there are few cautions which are often ignored thereby resulting into complications being faced by Salaried Assessees. Quite some number of times it so happens w

Capital Gain Exemption under section 54GB

KCJM and Associates 06 February 2014 at 12:27

INVEST IN YOUR OWN BUSINESS AND SAVE TAX ON CAPITAL GAIN!!!Capital Gain Exemption under newly introduced section 54GB of the Income Tax ActTill 2012, one of the way to claim exemption from the chargeability of Long Term Capital Gain on transfer of a

Tax deduction at source and emerging issue

CMA Devi Vara Prasad Korada 06 February 2014 at 12:08

Tax Deduction at Source (TDS) gained so much of importance in the recent years comparing to the earlier years because of insertion of Form 26AS (Online Tax Credit Statement for Assessees). Same got more importance in the recent period with insertion

194 IA - TDS on sale of Immovable property - Complete details

CMA Devi Vara Prasad Korada 06 February 2014 at 12:07

Background:TDS on transfer of immovable property has been inserted with effective from 01-June-2013 in Finance Act 2013 by inserting a new section called 194IA.Applicability: Applicable to all the transfers of the Immovable properties expect the tran

Prosecution u/s.276CC for non-filing of ITR

KCJM and Associates 01 February 2014 at 15:55

FAILED TO FILE INCOME TAX RETURN IN TIME?????BE PREPARED TO GET ARRESTED!!!If you have not filed your return at all or by the end of the assessment year, be prepared to get handcuffed because the Income Tax Department can slap you a notice of prosecu

Instances of losses not deductible for business income

CA KULDEEP PRAJAPATI ROOPWAL 01 February 2014 at 15:53

Where the assesse, a retired partner of a firm, wrote off an amount owned by the firm to it several years after the dissolution of the firm, It was held that the amount so written off was not de

Ways to save Tax

ESHA AGRAWAL 31 January 2014 at 12:33

Many options, Many advice, and a deadline approaching fast, many taxpayer have to make investment. Are you confused? Before you invest in a tax saving instrument just go through the cover story to choose which option is best for yo

Karniti Part-20: Salary earners now "Dent" in claiming Allowance of "House Rent"

CA Umesh Sharma 21 January 2014 at 12:34

Salary earners there is now "Dent" in claiming Allowance of "House Rent" Arjuna(Fictional Character): Krishna, all the salaried people might be busy in providing information to their employers for computing income tax, deductions and exemptions from

TDS Compliances and Penalties

POOJA CHANDAK 21 January 2014 at 12:34

TDS PROVISIONS & COMPLIANCES [A] Mandatory Filing of TDS StatementsEvery person responsible for deduction of tax under Chapter XVII-B shall, in accordance with the provisions of Section 200(3), submit the following Quarterly Statements to the Dir

Deduction for Interest on Education Loan

Rohit 17 January 2014 at 13:49

Q.1 Who can claim deduction?Only Individual can claim deduction under section 80E.Q.2 What is Expenditure Qualified for deduction under section 80E?Interest paid on Loan.Loan should be taken:1. for Study after Senior Secondary or its equivalent2. fro