Income Tax Articles

Some lights on sec 44AA, 44AB, 44AD

TKKKKKK 29 June 2013 at 12:39

44AA: MAINTENANCE OF BOOKS OF ACCOUNTS WHO SHOULD MAINTAIN : If a person carrying on business / profession and income from such business/ profession has exceeded 1,20,000 in any of the three p.y. or current p.y. (for newly set up business) I

Income Tax Effectiveness in India

Suresh S Anandham 28 June 2013 at 12:27

Understanding effectiveness of Income Tax in India India is growing currently at the rate of approximately 5% per annum (as against over 6% in the previous year) as per the revised estimate by the Central government. Although Reserve Bank of India&r

Pointwise checklist on preparation of online format 3CD

CA Hardik Mehta 28 June 2013 at 12:27

Form 3CB/3CD Checklist Note: Ch stands for Characters Form 3CB 1. Select I if the firm of auditor is proprietorship and We for partnership from drop down option. Select the year under audit fro

Tax Deduction on Purchase of Immoveable Property

Prateek Manocha 28 June 2013 at 12:27

This provision is applicable on transfer of immoveable property of Rs. 50 lacs or more. It requires TDS to be deducted at 1% of the price being paid by the purchaser of an immoveable property, irrespective of quantum of capital gains. If the seller d

S.10(23c)(iii)(ad) - Limit of 1 crore exemption available

Rupesh Srivastava 25 June 2013 at 12:09

Recently Hon`ble high court held that u/s 10(23c)(iii)(ad) - Limit of 1 crore exemption available to the assessee as annual receipts of each of the institutions. Assessee is running as many as 23 educational institutions upto assessment years 1

All about Renting of immovable property

nitin 24 June 2013 at 12:35

1. INTRODUCTION Renting of Immovable property has been taxed under the earlier tax regime vide Section 65 (105) (zzzz). Renting of immovable property has been brought into tax net vide Notification No. 23/2007-ST dated 01.06.2007.But After 1.7.20

Why should we file Income Tax return on Time?

CA Kapil Verma 22 June 2013 at 12:11

As per income tax act 1956, if the income of any person exceed the basic exemption limited limit of income tax act. Then he or she is required to file his/her income tax return accourding to the time limit specified in the section 139(1). Last dates

Cost of Acquisition of a Capital Asset acquired u/s 49(1)(ii)/(iii)(a) of the Income Tax Act, 1961

Bhaskaran Chackrapani Warrier 21 June 2013 at 10:58

COST OF ACQUISITION OF A CAPITAL ASSET ACQUIRED U/S 49(1)(ii) / (iii)(a) OF THE INCOME TAX ACT,1961. The income of a person has to be computed under any or all five heads of income for the purpose of levying income tax. Section 14

Sec 54 benefit: Exchange of Old Flat under redevelopment

CA Vinay parmar 20 June 2013 at 11:46

Hello Friends, there are many Redevelopment of Buildings cases are coming up and thus would like to write an Article on the above, wherein Old Flats are Exchange with New Flats along with cash or other consideration under the Redevelopment Agreement

Hedging Loss on FC Forward Contract not Speculation Loss

Ajay Agrawal 17 June 2013 at 11:58

TAX FLASH: CIT v Friends And Friends Shipping Pvt Ltd. - Gujarat High Court S. 43(5): Loss on foreign currency forward contracts by a manufacturer/ exporter is a hedging loss and not a speculation loss FACTS OF T