Income Tax Articles

Taxation of Forex profit and loss under section 43A

Posted by Manish Kumar Agarwal 30 April 2015 77576 Views

From the ACT. Notwithstanding anything contained in any other provision of this Act, where an assessee has acquired any asset in any previous year from a country outside India for the purposes of his business or profession and, in consequence of a c

ICDS, the basic questions

Posted by CA Sripriya K 29 April 2015 32010 Views

1. What is ICDS? The Ministry of Finance has issued ten Income Computation and Disclosure Standards (ICDS), which is a new framework for computation of taxable income 2. Who does it apply to ?It applies to all assesses in relation to their income und

FAQ on tax on income from share market

Posted by Manish Kumar Agarwal 29 April 2015 56054 Views

Income from intra-day trading is considered as speculation income and taxed as such. While speculation losses can be set off only against speculation gains, non-speculation business losses may be set off against short/long-term capital gains. KEY POI

Consequences of TDS defaults under Income Tax Act 1961

Posted by Mukesh Katara 27 April 2015 23613 Views

Consequences of TDS defaults under Income Tax Act 1961 Introduction: TDS/TCS compliances is one of the major compliance under Income Tax Act, 1961 and has a wide scope of its applicability to the business organizations. Small businesses are not much

As my TDS is deducted, no need to file Income Tax Return - A Misunderstanding of Common Man

Posted by CA Umesh Sharma 27 April 2015 24863 Views

Karneeti Part 86As my TDS is deducted, no need to file Income Tax Return � A Misunderstanding of Common Man.Arjuna (Fictional Character): Krishna, Income Tax Department is sending notices to Taxpayers for not filling Returns of last 3-4 years

ICDS- An intoduction Part I

Posted by CA Chirag 25 April 2015 17749 Views

The Central Government has notified the Income Computation and Disclosure Standard wide notification. It is further states that these standards are required to be followed while computing income under the hea

100% deduction of additional deprecation

Posted by CA Pankaj Kr Agrawal 24 April 2015 20035 Views

100% Deduction Of Additional Deprecation Irrespective to Date Of Installation With a view to give a boost to the manufacturing sector, an additional depreciation shall be allowed to an industrial undertaking, subject to the provision given below. Su

Practical issues in penalty u/s. 271D & 271E

Posted by NAVIN AGICHA 22 April 2015 8687 Views

Provisions Of 269SS, 269T, 271D AND 271E As Per Finance Bill 2014 And Finance Bill 2015 And Some Issues Regarding Penalty U/S 271D, 271E And Relating To Amendments. Consequences of contravention of section 269SS: Section 271D of Income Tax Act 1961 p

New income tax returns and U-turn

Posted by CA Umesh Sharma 20 April 2015 17332 Views

Karneeti Part 85New Income Tax Returns with data of foreign return, But now again a U-turnArjuna (Fictional Character): Krishna, Financial year 2014-15 is over. Now Income Tax Return will have to be filed for that year. The Department has notified s

Carry forward and set off of losses in tabular form

Posted by CA Pankaj Kr Agrawal 20 April 2015 20845 Views

Introduction :- The public finance domain of Economics deals with principles/cannons of taxations. There are various models of Taxation but in the developing economies progressive system of taxation has been advocated which means a person having larg