Income Tax Articles

Section 2(47)(v) may hit by change in 53A of the TP Act

Vaiyapuri kannan 11 February 2014 at 11:45

The real impact of the amended provision of the Registration & other Relevant Laws ( Amendment ) Act 2001 on taxation of transfer of capital assets under the circumstances referred to in clause (v )of section 2 ( 47) of the income tax A

Salary TDS - Marginal on Surcharge

T E Gautham 10 February 2014 at 13:01

As per the tax rates applicable for A.Y. 2014-15, if the annual taxable salary goes above Rs 1 crore, a surcharge of 10% on Income Tax is to be added to the Income Tax calculated as per the tax slabs. Consequently, the Total Income Tax calculation sh

Karniti Part 23: Is "LOVE" Tax free?

CA Umesh Sharma 10 February 2014 at 13:01

Arjuna (Fictional character): Krishna, Valentine's Day (14th February) is the festival of love, which is now celebrated worldwide. Love is the essence of life, it holds great importance in the life of a human being. While expressing love and affe

Salary Individual Tax deduction for 2014 Income Tax

CA Chirag Chauhan 10 February 2014 at 13:01

Salary Individual Tax deduction for 2014 as per Income Tax ActSalary Employee faces difficult task in saving tax. Though there are many section under which they can save tax, however not everyone is aware of all the benefits which they can claim. The

Mauritius Route : A Long Lasting Story

CA Bhavik Mehta 08 February 2014 at 12:26

Mauritius route A Long Lasting Story Mauritius -officially the Republic of Mauritius is an island nation in the Indian Ocean about 2,000 kilometers (1,200 mi) off the southeast coast of the African continent.Since independence in 1968, Maurit

Simple solution to complications faced by Salaried Assessees

Sahil Jolly 07 February 2014 at 11:51

Well, the scenario I am going to elucidate is not something new or unheard off, however, there are few cautions which are often ignored thereby resulting into complications being faced by Salaried Assessees. Quite some number of times it so happens w

Capital Gain Exemption under section 54GB

KCJM and Associates 06 February 2014 at 12:27

INVEST IN YOUR OWN BUSINESS AND SAVE TAX ON CAPITAL GAIN!!!Capital Gain Exemption under newly introduced section 54GB of the Income Tax ActTill 2012, one of the way to claim exemption from the chargeability of Long Term Capital Gain on transfer of a

Tax deduction at source and emerging issue

CMA Devi Vara Prasad Korada 06 February 2014 at 12:08

Tax Deduction at Source (TDS) gained so much of importance in the recent years comparing to the earlier years because of insertion of Form 26AS (Online Tax Credit Statement for Assessees). Same got more importance in the recent period with insertion

194 IA - TDS on sale of Immovable property - Complete details

CMA Devi Vara Prasad Korada 06 February 2014 at 12:07

Background:TDS on transfer of immovable property has been inserted with effective from 01-June-2013 in Finance Act 2013 by inserting a new section called 194IA.Applicability: Applicable to all the transfers of the Immovable properties expect the tran

Prosecution u/s.276CC for non-filing of ITR

KCJM and Associates 01 February 2014 at 15:55

FAILED TO FILE INCOME TAX RETURN IN TIME?????BE PREPARED TO GET ARRESTED!!!If you have not filed your return at all or by the end of the assessment year, be prepared to get handcuffed because the Income Tax Department can slap you a notice of prosecu