Income Tax Articles

Tax Implication of Freelance Work in India - Part 1

JAINENDRA JAIN 14 June 2014 at 11:58

TAX IMPLICATION ON FREELANCER WORK IN INDIABeing inspired by many article published in caclubindia, I wish to write my first article. I request the readers to comment upon the same and any feedback and suggestion to improve in any way will be taken i

Assessee cannot be denied credit for TDS on the ground of Form 26AS mismatch

Mukesh Lunawat 14 June 2014 at 11:58

Caselaw: Rakesh Kumar Gupta vs. UOI (Allahabad High Court)(WP No 657 of 2013) Background The assessee filed a return in which he claimed a refund of Rs. 2.32 lakhs on accoun

Willful - Deliberate Failure to Failure to ITR

Nikhil Kaushik 13 June 2014 at 16:57

Application of 276CC to Willful and Deliberate Failure to File Income-tax ReturnsIssueIn past one year, many assesses have received notices from Income-tax Department (Department) for non-filing of tax returns for earlier tax years such

Understanding Penalty under income tax with latest case laws

Manish Kumar Agarwal 11 June 2014 at 11:28

Penalty is one of the weapon which is now used by Income tax department (ITD) for each & every kind of addition they are making during the assessment. Further recently the weapon also used for transfer pricing documentation also. The handling of

CBDT expanding the Scope of Audit Reports to be filed electronically

Mukesh Lunawat 11 June 2014 at 11:28

Tax Alert M2K 011/ 2014 Documents to be furnished electronically along with the return of income Scope expanded by the Central Board of Direct Taxes ('CBDT') Existing Rule As per Rule 12(2) of the Income-tax Rules 1962 (IT Rules

12 interesting Changes in ITR FY 13-14

S.ASWATH 10 June 2014 at 12:06

There are 12 interesting updates in the ITR of FY1314 which are : 1. There are no refund by Cheque and only e-refund will be allowedControversy : Till now there are two option such as e-refund as well as cheque. But where the refund exceeds the limit

NRI - Non Resident Indian Frequently Asked Questions on Income Tax for AY 2014-15

CA Chirag Chauhan 09 June 2014 at 12:05

Q) Who is NRI as per Income Tax Act? A) Residential status of an individual or HUF or a company is of great importance in Indian Income Tax Act as the liability to pay tax in India does not depend on the nationality or domicile of the Tax payer but o

S. 194A - Co-operative bank need not deduct tax at source on interest paid to its members

Rupesh Srivastava 09 June 2014 at 12:04

(2014) TaxCorp(LJ) 3362 (ITAT-BANGALORE) S. 194A - Co-operative bank need not deduct tax at source on interest paid to its members even if the amount exceeded Rs\- 10,000 p.a. It was held that 194A(3)(v) applies to a co-op bank and in view of the exe

Taxation of Gifts

CA. Ankit Chandrakar 05 June 2014 at 13:07

GIFT'Gift' is a transfer of a particular movable/immovable property from one person to another without consideration/adequate consideration. TAXABILITYWhere an individual or an HUF receives an amount exceeding Rs.50,000/-,

Rebate U/s 87A

CA Neil Ganatra 05 June 2014 at 12:34

Section 87A of the Income Tax Act, 1961 was introduced in Finance Act, 2013 to give benefit to a large number of people whose net total income is less than Rs. 5,00,000/-. The rebate under this section is available to resident