Income Tax Articles

Form 26AS with respect to Tax Deducted at Source (TDS)

Sahil Jolly 26 February 2014 at 16:55

Form 26AS is, in essence, an acknowledgement of sorts when it comes to Tax Deducted at Source (TDS). Which is to say that Form 26AS shows the amount of TDS, which has been deducted and is available as credit against our Income Tax liability, if any.T

Karniti Part 25 : Let's Drive Car safely Car from Pot holes on

CA Umesh Sharma 25 February 2014 at 16:25

Lets Drive Car safely Car from Pot holes on the roads of Income TaxArjuna (fictional character): Recently the Finance Minister cut down the excise duty levied on cars and other vehicles. Now one can purchase new car at lower price. Further, re

Section 234E Cracked

Dingu 24 February 2014 at 10:25

Of late this month we must have received lot of demand from CPC seeking demand for non remittance of 234E FEES (not Tax). Well here is something to crunch on 234E will not apply to cases where TDS payment is made beyond the time limit prescribed for

Beware !! Another Fraud in the Air !!

Prof. Bajaj 24 February 2014 at 10:24

Mr. Rajeev Kumar, a Chartered Accountant, working with a leading Automobile company was worried about his insurance policy. He had bought an insurance-cum-investment plan from a company (say K) 3 years back with an annual premium of Rs

Taxability of Foreign companies in recent times

CA. Kunal Lakhotia 24 February 2014 at 10:23

Controversy on taxability of Engineering Procurement & Construction (EPC) company EPC companies are those which design the installation, procure the necessary materials and build the project, either directly or by subcontracting par

Proposed DTC is anti-reform

CA Anil Garg 20 February 2014 at 11:52

Income Tax law must have suffered the most volatility and changes since enactment in 1961. Government has been twisting it at will in order to extract more and more revenue. This must have the dubious distinction of being subject matter of highest li

Double Taxation avoidance Agreement

@*CS Siddharth Bumb. * 17 February 2014 at 12:54

Hello Friends,We will discuss on Double taxation avoidance agreement (DTAA). First we will understand the need of DTAA and its introduction.NEED AND IMPORTANCE OF DTAA : In modern world, no one stops doing business in his territory only, a businessm

Karniti P24: Income Tax Dept "Fielding" for Cricket Players

CA Umesh Sharma 17 February 2014 at 12:54

Arjuna (fictional character): Krishna, recently players were purchased in crores of rupees for IPL cricket matches. All are crazy about cricket. How income tax is levied on the money re

Reverse Mortgage: Advantages and Drawbacks

CA Gaurav Choradia 13 February 2014 at 12:22

Senior Citizens are an increasing component of the Indian Society and dependency in old age is increasing in the country. While on the one hand, there is significant increase in longevity and low mortality, on the other hand, cost of good health

Interpretation of 'month' as per the IT Act 1961

Srinivasan Rangarajan 11 February 2014 at 11:45

A 'month' under the Income Tax Act,1961 - An English Calendar monthOR a lunar month of 30 days?You may be knowing that full interest is being charged for delayed remittance of tax for a part of a month (of the English Calendar, interpreting