Income Tax Articles

House Rent Allowance - Rent Paid to Wife?

Nikhil Kaushik 30 September 2013 at 12:39

House Rent Allowance - Rent Paid to Wife??(My grandmother says in Hindi, "Salary is tankha - tan means body, kha means eat). Often my clients from industry ask my advice for reducing their tax incidence. Earning a monthly salary they often end up cou

Profit and Gain under presumptive basis vis-a-vis Section 115JB

CA Dhruva Kalamanji 27 September 2013 at 12:56

As the number of zero tax companies and companies paying marginal tax had grown, the Minimum Alternate Tax Provision has been inserted in the Income Tax Act. It was felt that va

Karniti Part III-Rush hours of E-Filing of Income Tax Audit

CA Umesh Sharma 24 September 2013 at 12:16

KARNITI PART - III Rush hours of E Filing of Income Tax Audit Report Keeping this conversation between Lord Krishna and Arjuna as the foundation we will learn certain basic financial and tax matter. Let us try to get answers to our question

Provident fund under the Head of Business or Profession

CA Dhruva Kalamanji 24 September 2013 at 12:16

In this particular article I wish to share some of my views about Provident Fund contribution by the Employer and Employee, its Taxability and deduction under the head of Business or Prof

Understanding Section 10 with latest case laws Part-III

Manish Kumar Agarwal 24 September 2013 at 12:15

The most important & disputed clause under section 10 is exemption allowed to STPI and SEZ under clause 10A, 10B & 10AA. However, from FY 2011-12, the exemption is no more allowed to STPI and EOU units, however continued to allowed to SEZ U

Karniti Part-2: Pay advance income Tax & relax

CA Umesh Sharma 17 September 2013 at 18:05

Keeping conversation between Lord Krishna and Arjuna as the foundation we will learn certain basic financial and tax matter. Let us try to get answers to our questions in a bit different and joyful manner. The character of Arjuna w

Understanding deductions of section 80-IA & IB with Latest Case Laws Part II

Manish Kumar Agarwal 17 September 2013 at 18:05

We had earlier discuss in detail about the concepts of section 80-IA & IB along with various case laws earlier in article. Over a period of time, there are number of judgments comes from various levels of courts from different locations

Capital gains tax valuation (Immovable Property)

Mohammed Ibrahim 12 September 2013 at 13:04

Capital Gains Tax Valuation. (Immovable Property) (Keywords: Under Income-tax Act 1961 as amended from time to time, classification of Long Term Capital Gains (LTCG) and Short Term Capital Gains (STCG), Cost Inflation Index (CII), computation of

Applicability of Form 15CA and 15CB w.e.f 01/10/2013

CA. Anuj Gupta 10 September 2013 at 11:40

CBDT has again changed the Rule 37BB of Income Tax Rule and \the new rule will help the Indian Parties remitting/paying the monies to foreign persons/companies. Now it has been provided that in case of 28 types of payments , there shall be no need

Whether 15CA/15CB will be required for import of goods

CA. Anuj Gupta 10 September 2013 at 11:40

The amended rule 37BB (governing Form 15CA and CB) as applicable from 01/10/2013 provides for exemption from filing both Form 15CA and 15CB only for two cases:- 1. In the items covered under the Specified List (28 items which includes remittances fo