To understand the subject of taxation very first of all we all have to understood the basic concepts relating to taxation just like we have to go through for driving rules before we learn to drive a Car or many times it ha
Introduction 1. Section 14A was first inserted by the Finance Act, 2001. However, same was inserted with retrospective effect from 1-4-1962. The inserted section reads as under: '14A. Expenditure incurred in relation to income not includib
Karniti Part 73Enjoy the Tax Parade On Republic DayArjuna (Fictional Character): Krishna, on 26th January, India celebrates its Republic Day. On this Republic Day the President of the United States of America Mr. Barack Obama wi
Tax planning under section 80C (Chapter VIA) Investment avenuesIntroductionIn order to tax individuals on basis of their earnings (higher tax bracket for high income group and lower tax bracket for lower income group) income tax department le
IntroductionAccording to Section 14 of Income Tax Act, 1961, the income of a person is classified under various defined heads of income. Thus, for the purpose of computation of total income, the income is first categorized under the heads of income a
Meaning of Assessed Tax for the purpose of section 234B.Introduction: We regularly face situations where we are required to compute interest under section 234B of the Income tax Act, 1961 (Act). Whereas, the present scenario is that thi
Allowance of expenditure incurred in relation to exempted income during the assessment or otherwise would be prejudicial to the revenue thats why Section 14A was introduced by the Finance Act 200
INTRODUCTIONOften you find yourself holding your Income in one hand and Taxes in other. Income Tax Deduction is one such aspect which is ignored by large.What if you can replace your taxes with deductions (Income Tax Deductions)? Wouldnt it be
On filling income tax return, one of the crucial part is to fill the TDS claim during the relevant financial year which should be match with TDS Credit reflects in Form 26AS.On non-matching of TDS claimed with TDS credit reflected in Form 26AS, deman
IntroductionForward Exchange Contract is one of the foreign exchange derivatives (like future contracts, options, swaps, forward exchange contracts etc.) commonly used in India by business firms to protect itself against the risk of fluctuations in f
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