Income Tax Articles

Taxation of gifts by an Individual/HUF

CMA Poornima Madhava 15 May 2015 at 10:55

As per section 56(2)(vii) of Income Tax Act, gifts received by an individual or a hindu undivided family in the form of money or property (without consideration or with inadequate consideration) is taxable as income under the head Income from Other S

Deduction in respect to contribution to pension scheme

CA Basant Patawari 13 May 2015 at 11:01

Deduction in respect to contribution to pension scheme ( NPS) notified by central Government ( Sec 80CCD ) - Assessment Year 2016-17Conditions � Section 80 CCD is applicable if the following conditions are satisfied � The Taxpayer is an

Deduction of expenditure incurred for exempt income if taken will land in trouble

CA Umesh Sharma 12 May 2015 at 10:20

Karneeti Part 88Deduction of Expenditure incurred for Exempt IncomeIf taken will land in troubleArjuna (Fictional Character): Krishna, expenditure incurred in relation to exempt income is a controversial issue and matter of discussion in these days.

Note on Income Computation and Disclosure Standards (ICDS)

Gaurav Jain 09 May 2015 at 11:52

INCOME COMPUTATION AND DISCLOSURE STANDARDS CBDT vide its Notification No: 32/2015 dated 31-03-2015 notified 10 Income Computation and Disclosure Standards (ICDS); which are to be followed at the time of computation of income chargeable to income ta

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