Income Tax Articles

S. 2(47)(v), 54EC- Transfer of Property - Date of agreement

Rupesh Srivastava 01 May 2013 at 13:03

Recently on 26th April 2013, ITAT bench held that under Transfer of Property Act twin conditions - It is not necessary that both conditions should be satisfied in one year but at the same time only upon satisfying the second condition also it would

Recent amendments for Electoral trusts

Gaurav Jain 26 April 2013 at 12:04

Note on Electoral Trust With an object to reform the system of funding to political parties , the Finance Act (No. 2), 2009 introduced a set of provisions (Section 13B) for the electoral trust under the Income Tax Act, 1961 (the Act). Sectio

How to Deal with order U/S 263 of IT Act

Kkchhaparia 26 April 2013 at 11:35

1. Section 263 deals with the powers of the Commissioner to revise the orders pre-judicial to the interest of the Revenue. During recent times, this power is being utilised frequently, particularly with respect to assessment passed u/s 147 of I.

One profit level indicator of a comparable

Rupesh Srivastava 25 April 2013 at 12:09

HC: Tribunal was wrong in holding that if one profit level indicator of a comparable Whether, in view of the first proviso to section 92C(2) of the Income-tax Act, 1961, the Tribunal was correct in holding that if one profit level indicator of a co

Section 145A of the Income Tax Act

Manoj Pala 23 April 2013 at 12:09

Section 145A shall be substituted for the existing section 145A by the Finance (No. 2) Act, 2009, w.e.f. 1-4-2010: Method of accounting in certain cases. 145A. Notwithstanding anything to the contrary contained in section 145, (a) the

Increasing rate of MAT, Reducing the MAT Credit

Deepak Agrawal 23 April 2013 at 12:09

In the Finance Bill, 2000, the government introduced the new provision u/s. 115JB: The extract of the same from the memorandum to finance bill was as under: The new provisions provide t

Sec. 54F:Judicial Analysis-Investment in more than one units

Deepak Agrawal 22 April 2013 at 11:16

Judicial Position on Exemption u/s. 54F where investment is made in more than one Residential House Property units/adjacent flats/more than one unit on different floors: 1. Section 54F is reproduced as under: Section 54F provides that-

Analysis | Domestic Transfer Pricing

Bhanu Prakash Rao 17 April 2013 at 12:38

Domestic Transfer pricing Widening of scope of Section 40A(2), Transfer Pricing regulations to apply to domestic transactions, (Applicable for the AY 2013-14) Under Section 40A(2) of Income Tax Act, 1961 in case of any transaction with a rela

Is Gross receipt professional income of CA

Rupesh Srivastava 17 April 2013 at 12:38

On 12th April 2013 ITAT bench held that CA professional income, the service tax realised should have been included in the gross receipts unless paid to Government exchequer within the due date of filing of return. Further ITAT rejects assessee clai

All about Gifts

G S Rao 16 April 2013 at 12:53

Introduction: Gifts are generally given by donors to show their love and affection. Sometimes gifts are used as a tool for tax planning. An attempt is made in this article to cover the essentials of a valid gift as per the provisions of the Transf