Income Tax Articles

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

100% deduction of additional deprecation

CA Pankaj Kr Agrawal 24 April 2015 at 10:10

100% Deduction Of Additional Deprecation Irrespective to Date Of Installation With a view to give a boost to the manufacturing sector, an additional depreciation shall be allowed to an industrial undertaking, subject to the provision given below. Su

Practical issues in penalty u/s. 271D & 271E

NAVIN AGICHA 22 April 2015 at 10:38

Provisions Of 269SS, 269T, 271D AND 271E As Per Finance Bill 2014 And Finance Bill 2015 And Some Issues Regarding Penalty U/S 271D, 271E And Relating To Amendments. Consequences of contravention of section 269SS: Section 271D of Income Tax Act 1961 p

New income tax returns and U-turn

CA Umesh Sharma 20 April 2015 at 10:30

Karneeti Part 85New Income Tax Returns with data of foreign return, But now again a U-turnArjuna (Fictional Character): Krishna, Financial year 2014-15 is over. Now Income Tax Return will have to be filed for that year. The Department has notified s

Carry forward and set off of losses in tabular form

CA Pankaj Kr Agrawal 20 April 2015 at 10:30

Introduction :- The public finance domain of Economics deals with principles/cannons of taxations. There are various models of Taxation but in the developing economies progressive system of taxation has been advocated which means a person having larg

Regarding non deduction and short deduction of TDS

NAVIN AGICHA 20 April 2015 at 10:29

Section 40(a)(ia) [any interest, commission or brokerage, [rent, royalty,] fees for professional services or fees for technical services payable to a resident, or amounts payable to a contractor or

Tax Accounting Standards (ICDS) - An Overview

CA KiranKumar.K 16 April 2015 at 11:01

Whats the need: It has been a discussion since two decades arguing that the Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) are so flexible that it&rsquo