Income Tax Articles

Special Reserve created under section 36(1)(viii)

Member (Account Deleted) 18 August 2014 at 11:20

Special Reserve created under section 36(1)(viii) of the Income Tax Act, 1961 and Deferred Tax Liability on it.As per section 36(1)(viii) of Income Tax Act 1961 in respect of any special reserve created and maintained by a specified entity, an amount

Residential status and foreign income tax treatment

TKKKKKK 18 August 2014 at 11:20

Hi friends,If you are individual and have foreign income. You must become aware of tax treatment of foreign income.In this article, I have explained how to determine residential status for individual and tax applicable as per residential status.Know

Tax audit under income tax and cost audit: Correlation & new amendments

CMA Navneet Kr Jain 16 August 2014 at 11:57

Ensure the review of Cost Audit Reports (CAR) for the year 2013-14 before filing of Tax Audit ReportsCMA Navneet Kumar Jain Any organization has to undergo many audits like

A Birds eye view of Advance tax provisions embedded under Income-tax Act, 1961

Pooja jain 16 August 2014 at 11:55

What is advance tax? U/S 208 Advance tax shall be payable during a financial year in every case where the amount of such tax payable by the assessee during that year, as computed in accordance with the provisions. Who is liable to pay advance tax? &

Indirect Tax Impact - Tax Audit - AY 14-15

Madhukar N Hiregange 16 August 2014 at 11:52

Tax Audit Under IT Act. for AY 14-15 Indirect Tax ComplianceCA Madhukar N Hiregange & CA Roopa Nayak The tax audit under Income Tax has undergone a change. There are already a number of compliances which professionals felt was asking for

Do you want your Income Tax Refund? Use Right To Info

ANAND 14 August 2014 at 11:29

Do you want your Income Tax Refund? Use Right To Information Act 2005 The Right to Information Act, 2005(RTI) is a potent tool for tax payers to find solutions to their everyday problems. Unfortunately, most taxpayers & tax professionals have no

Re-assessment Jurisdiction of Assessing Officer

MOHIT JAIN 13 August 2014 at 10:36

Re-assessment Jurisdiction by Assessing Officer 1. Initiation of re-assessment proceedings (issue of notice u/s 148) should be strictly in accordance with the cumulative conditions stipulated in sections 147, 149 & 151 of Income Tax Act, 1961, ot

A Brief Guide to TDS

CA Kumar Kedia 07 August 2014 at 11:22

Govt. of India collects the tax basically by three modes, i.e. Self assessment, Advance Tax and one of them is TDS( i.e Tax deduction at source.Discussing in brief what exactly the TDS is? TDS is the tax which is deducted at the

DT Fundas - understanding of legislative system

Member (Account Deleted) 04 August 2014 at 11:36

let us understand our legislative system. Constitution of India is the supreme law of India. India has been further divided into 2 categories by constitution i.e. Central India (India as a whole) and Independent states (States). Parliament has been e

Black Money - Income Tax weapon of Search & Seizure becoming Stingless!

Guest 04 August 2014 at 11:35

Today, I intend to discuss the most powerful and intrusive tool of Search & Seizure that the Income Tax Department possesses. In fact, in general public perception, the Income Tax Department is better known for its 'raids' on corporate ho