Income Tax Articles

Enjoy the "Tax Parade" On Republic Day

CA Umesh Sharma 27 January 2015 at 11:16

Karniti Part 73Enjoy the Tax Parade On Republic DayArjuna (Fictional Character): Krishna, on 26th January, India celebrates its Republic Day. On this Republic Day the President of the United States of America Mr. Barack Obama wi

Tax Planning Under Section 80C

kunal 24 January 2015 at 17:35

Tax planning under section 80C (Chapter VIA) Investment avenuesIntroductionIn order to tax individuals on basis of their earnings (higher tax bracket for high income group and lower tax bracket for lower income group) income tax department le

HRA: An effective tax planning tool

kunal 22 January 2015 at 10:45

IntroductionAccording to Section 14 of Income Tax Act, 1961, the income of a person is classified under various defined heads of income. Thus, for the purpose of computation of total income, the income is first categorized under the heads of income a

Meaning of Assessed Tax for the purpose of section 234B

CA Harsh Kothari 10 January 2015 at 11:13

Meaning of Assessed Tax for the purpose of section 234B.Introduction: We regularly face situations where we are required to compute interest under section 234B of the Income tax Act, 1961 (Act). Whereas, the present scenario is that thi

Lacuna in section 14A and rule 8D of IT Act 1961

CA HEMANT SHARMA 08 January 2015 at 12:48

Allowance of expenditure incurred in relation to exempted income during the assessment or otherwise would be prejudicial to the revenue thats why Section 14A was introduced by the Finance Act 200

Income - Tax - Deduction

Rohit Pandey 05 January 2015 at 10:53

INTRODUCTIONOften you find yourself holding your Income in one hand and Taxes in other. Income Tax Deduction is one such aspect which is ignored by large.What if you can replace your taxes with deductions (Income Tax Deductions)? Wouldnt it be

Due date for filling Revise TDS Return

Pulkit Gupta 03 January 2015 at 11:00

On filling income tax return, one of the crucial part is to fill the TDS claim during the relevant financial year which should be match with TDS Credit reflects in Form 26AS.On non-matching of TDS claimed with TDS credit reflected in Form 26AS, deman

Treatment of MTM losses on forward exchange contract

Gagan Deep Singh 02 January 2015 at 11:27

IntroductionForward Exchange Contract is one of the foreign exchange derivatives (like future contracts, options, swaps, forward exchange contracts etc.) commonly used in India by business firms to protect itself against the risk of fluctuations in f

Process for PAN application for Non Resident in India

CA Chirag Chauhan 30 December 2014 at 10:31

Indian citizen residing abroad, foreign citizen and other than individual (like company or trust or firm etc.) who wants to apply for PAN should fill the PAN application 49AA. Basically PAN application for Non Resident can be bifurcated into three c

$Interest Under Section 234A\B\C$

Interest Under Section 234A\B\C

CA Kumar Mukesh 29 December 2014 at 17:57

We all are aware that when the section 234A\B\C, but only few of us are able to compute accurate Interest under these section.The purpose of this article to cross verify the interest calculated by system against our manual workings. Some readers mayt