Income Tax Articles

Wealth Tax: Taxes on your wealth!

Garvit Dave 29 December 2012 at 13:06

Wealth tax is a direct annual tax, payable every year like your direct taxes. It is another type of direct tax by which tax is imposed on individuals coming within its purview. Pensioners, retired persons or senior citizens have not been accorded

Alimony and Tax Implications

Manish Negi 28 December 2012 at 11:59

Meaning of Alimony Alimony or maintenance is a U.S. term signifying a legal obligation to provide financial support to one's spouse from the other spouse after marital separation or

What is Salary | How to Calculate TDS on Salary

@VaibhavJ 27 December 2012 at 11:33

TDS on salary is computed on Salary under section 192. TDS on salary is computed on the estimated annual salary of the employee at the rates in force in the FY

Clubbing of Income: An essential part of Tax Filing

Garvit Dave 27 December 2012 at 11:31

Now that we know the scenarios which lead to clubbing of income, we could efficiently work around this very premise to save taxes. There is a fine line of difference between tax saving and tax evasion, spilling over from one to another could mean

Beware! Mis-selling Season Ahead!

Prof. Bajaj 27 December 2012 at 11:31

After coming back from his vacation, Sidhesh Tulange, a 33 year old Software consultant, logged into his office computer to make the first statement, Oh No !! I forgot to submit this before going to vacation. The HR department has re

New Features of New Income Tax Efiling Portal

Nishit Kaushikbhai Anadkat 26 December 2012 at 12:38

NEW FEATURES OF INCOME TAX PORTAL (https://incometaxindiaefiling.gov.in) After Assessee's Login, The Main options are - Dashboard which contains two options viz.To view Returns and Forms.List of Returns submitted showing major i

All about Depreciation

Prince Kumar Baranwal 20 December 2012 at 10:56

What is depreciation? Depreciation as per law of lexicon is defined as positive decline in the real value of a tangible asset because of consumption, wear and tear or obsolescence. The concept of depreciation is widely used for the purpose of writin

Deemed Dividend

KARTIKEY 18 December 2012 at 11:29

DEEMED DIVIDEND Deemed dividend under section 2(22) from an Indian company or any dividend from a foreign company is taxable in the hands of shareholders under the head Income from other sources, regardless of the fact whether shar

Cases on Income Tax decided by Supreme Court and High Courts

Raju S Narayanan 18 December 2012 at 11:29

Some of the case laws on Income Tax decided in the month of Nov2012: 1. Where assessee continued his employment with the firm, and was also given commission under Non-Compete Agreement ('NCA') for doing what he was normally ex

Section 50C - A detailed analysis

Kailash Mehta 17 December 2012 at 11:44

Applicability of Section 50C to sale of immovable property by Builders and sale of immovable Property in block of assets. 1. INTRODUCTION: The generation of black money is major problem in India. Various committees were formed and number of suggesti