Income Tax Articles

Hardships - Restriction of Single Email ID & Phone No to Four

ANKUR 01 July 2014 at 12:34

The Income Tax Dept. has mandated pre-filling of Mobile No. & Email ID before filing of return of an assessee. Further one Mobile No. and Email ID can not be used for more than 4 times for incorporation in any assessee detail. This has bro

Handy MAT Provision

pawan tewari 30 June 2014 at 12:58

Objective behind the introduction of MAT: Normally, a company is liable to pay tax on the income computed in accordance with the provisions of the income tax Act , but the profit and loss account of the company is prepared as per provisions of the Co

All Taxpayers please note new changes in the Income Tax Return

CA Umesh Sharma 30 June 2014 at 12:58

Arjuna (Fictional Character): Krishna, June Month is coming to end. Now, it's time to file Income Tax Returns for the year 2013-14. The due date for filing the income tax returns is 30th S

The Union Budget-2014 - Expectations from the Salaried Case

CMA Ramesh Krishnan 30 June 2014 at 12:55

Introduction: Union Budget for the year 2014-15 going to be presented by the Finance Minister during forth coming budget session in the Parliament. Increase the economic growth &

Solution to restricted use of email ID for 4 times only on IT E-filing Website

CA Tejas Andharia 27 June 2014 at 13:06

Recently, on www.incometaxindiaefiling.gov.in , assessee is compulsorily required to get its email ID and password registered. Further, maximum permissible usage of each of them is 4 times only. We know that most of the assessees in India do not ha

TDS - is not tedious

Vandana Saluja 26 June 2014 at 11:36

1. Background of deduction of tax at source 1.1 What is Tax Deducted at source i.e TDS? TDS is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of making/crediting certain specific

Tax & Corporate law implication on Capital reduction

vikash kumar singh 23 June 2014 at 12:04

IntroductionABC (Company) consider to reduce the equity share capital of the promoters of the company pursuant to which, the company will distribute land to the promoters by entering into a scheme of capital reduction sanctioned by High Court in acco

Sec 71 of Income Tax Act - A common man's dilemma

sksen 20 June 2014 at 13:07

From Assessment year 2005-06, Sec .71 of the Income-tax Act, 1961 (the Act) lay down that a loss computed under the head Profits and Gains of Business or Profession shall not be allowed to be set off against the income assessable under

Karniti Part-41: Taxation of Gold

CA Umesh Sharma 17 June 2014 at 12:47

Arjuna (Fictional Character): Krishna,. Recently lot of gold is found in the world famous temple of Phadmanabhan of Kerela. Old is gold; as well gold is old mean of investment. Many other types of precious metal, stones are there bu

Recent Case Laws on Direct Tax

CA Abhay Agrawal 16 June 2014 at 12:27

Direct Tax updates Recent Judgements - From the Courtroom A. Tribunal 1. Subsequent commercial-use cannot disentitle Sec 54F exemption if building constructed for residential-purpose: Relevan