Income Tax Articles

Income Tax Return of Deceased Assesse

CA Jayaram Prasad Pisipati 04 June 2014 at 11:45

This article is meant for young professionals in practice who in the course of their practice come across cases where they may be requested to file return of a deceased assesse.With experience I can say that upon the death of the assesse, filing of t

Taxability of Prepaid coupons like sodexo

CA Neil Ganatra 04 June 2014 at 11:44

What is the taxability of Prepaid Coupons?As it is not possible to discuss all the perquisites in one article, let us discuss the taxability of a perquisite which is always in question taxability of prepaid coupons say for example Sodexo coup

TDS on Salary

CA Neil Ganatra 04 June 2014 at 11:44

TDS ON SALARY and Rebate U/s 87AAny person responsible for paying income chargeable in the hands of recipient as Salaries shall make TDS u/s 192 of the Income Tax Act, 1961. The article discusses some basic aspects of the provisions o

Income Tax Return - Which form to use for IT Filing AY 14-15

CA Chirag Chauhan 03 June 2014 at 11:36

The Income Tax Department has come out with all Return Form applicable for AY 2014-15. The below table will give you details of usage of forms by Assessee. Forms Who can use this Return Form Who cannot use this Return Form

Understanding Speculation Profit/ loss with latest Case Laws

Manish Kumar Agarwal 03 June 2014 at 11:36

1. S. 73 of the Income-tax Act provides that any loss computed in respect of speculation business carried on by an assessee will not be set off except against the profits and gains, if any, of another speculation business. Further, where any loss com

Understanding Section 80 IB Deduction in respect of Real Estate Companies

Manish Kumar Agarwal 29 May 2014 at 13:23

Background:- Section 80-IB (10) of the Act is aimed at promoting construction of housing projects, so as to address the problem of shortage of dwelling units. The predominant objective of this incentive provision, therefore, is to encourage better av

Karniti Part-37: Importance of Making a "Will" & its Tax effect

CA Umesh Sharma 20 May 2014 at 11:29

Arjuna (Fictional Character): Krishna, What is Will?Krishna (Fictional Character): Arjuna, Today separated families are increasing. In this era all are running behind money. Therefore wherever there is wealth, problem arises. The life o

Marry Your Way To Tax Planning

CA. Ankit Chandrakar 19 May 2014 at 12:08

WHAT IS AN HUF? The term Hindu Undivided Family is not defined in the Income Tax Act. It is defined under the Hindu Law as a family that consists of all persons lineally descended from a common ancestor,

Sec 87A-A small Rebate to Resident Individuals

CA Prashant Gupta 16 May 2014 at 12:40

Sec 87A- A small Rebate of income-tax to Resident Individuals.In Budget 2013 Finance Minister Mr. P. Chidambaram choose a middle way to give benefit to small tax payers and save a big amount of tax for tax revenue by neglected bigger slab tax payers

Service PE- Centrica India Offshore Judgement- Anlaysed

MOHIT JAIN 14 May 2014 at 11:30

SERVICE PE- Critical Observations on Judgement in Centrica India Offshore (P) Ltd. Facts:- Centrica Plc, a company incorporated in UK, along with foreign subsidiaries in Canada, collectively referred to as Overseas Entities were engaged