Income Tax Articles

5 Things You Must Know About Tax Audit

CA. Brijesh Baranwal 09 July 2013 at 13:38

1. As per the provisions of section 44AB of the Income Tax Act, 1961, every person carrying a business whose turnover exceeds Rs. 1 Crore or carrying a profession whose receipts exceeds Rs. 25 Lacs in the finan

Section 44 AD of Income Tax Act

sanjay singhal 08 July 2013 at 11:57

Special provision for computing profits and gains of business on presumptive basis For Assessment Year 2013-14. Section 44AD (1) of the Income tax act 1961 read as under (1) Notwithstanding anything to the contrary contained in sectio

How to Save tax on Salary and increase the home take salary?

CA Vinay parmar 08 July 2013 at 11:57

Hello everyone we all face the common situation as to how to plan for the salary every year and how to reduce tax on it and increase our home take salary. Well the people from the Acco

Summary on Transfer Pricing

CA Vinay parmar 05 July 2013 at 12:34

Summary on Transfer Pricing 1) Introduction :- Transfer pricing was introduced basically to curb the tax evasion practices followed by many Multinational Groups having presence in India. These Multinational Groups normally transfer their taxable pr

Procedures to upload ITR and 3CB/3CD

Naresh Kansala 05 July 2013 at 12:34

Procedure to upload ITR and Form 3CB/3CD Based on Personal Experience 1) Firstly CHARTERED ACCOUNTANT has to register on Income Tax Site:- a) Steps to Register:-

Tax Clarifications For Your Multiple House Property Investments

Chenoy Ceil 04 July 2013 at 11:42

If you are wondering how many residential properties you can own? Well, legally speaking, there are no restrictions on owning more than one house property. Today, owning multiple house properties is fast catching up with the urban population and thu

Merilyn Shipping's case analysis with Cal-HC decision

CA Aman Gupta 04 July 2013 at 11:25

CIT -vs.- Crescent Export Syndicate (ITAT 20 of 2013) (Cal-HC) Brief Facts: The assessee incurred expenditure during the year on which TDS have not been deducted. The AO disallowed the expenditure u/s 40(a)(ia). On appeal, the Tribunal relied on

All about HUF its creation and tax benefit

CA Vinay parmar 03 July 2013 at 12:10

A HUF is a separate entity for taxation under the provisions of S.2 (31) of the Income Tax Act, 1961. This is in addition to an individual as a separate taxable entity. This indicates that a person may be assessed in two different capacities- as an

Prosecution u/s 276B for Defaults of TDS

deepak K Gujrati 02 July 2013 at 11:49

SUBJECT: TDS/INCOME TAX ACT Default in TDS Collection and Deposit How Punishable is This Offence I

Summary on section 54 exemption - capital gain with case law

CA Vinay parmar 01 July 2013 at 12:30

All about Capital Gain exemption under section 54 & 54 F and its applicability under various circumstances:- If an individual transfers any long term capital asset and plans to reinvest the sale proceeds in a new residential house property the