Income Tax Articles

Understanding Section 36 Deduction with Latest Case Laws

Manish Kumar Agarwal 06 December 2011 at 13:11

Under section 36 of the Income tax act, 1961 there are number of deductions available along with their conditions. Below we are discussing the summary of the few latest case laws in respect of section 36 which will make us understand the deducti

Understanding Dis-allowance Under Section 40 of Income Tax Act, 1961 with Latest Case Laws

Manish Kumar Agarwal 05 December 2011 at 16:56

Now a days, assesses are facing number of disallowance under various clauses of section 40 of the act by the Income tax officials. These issues were handled with due care at the time of the assessment itself so that in the case of forc

Taxability of VRS Compensation

CA Mandar Joshi 29 November 2011 at 13:54

Whenever any employer organisation decides to introduce a scheme of Voluntary Retirement from the service, the main issue with employees' union, apart from consensus on VRS Compensation amount, is Taxability of that amount since the amount is

Income tax Scrutiny Assessment

CA Satish Badve 29 November 2011 at 13:54

Scrutiny of the income tax return is a regular feature to find out whether the income declared in the income tax return of relevant assessment year is correct and the income tax has been paid on the same.

Income from House Property - Direct Tax Code

Selvakumar Selvaraj 21 November 2011 at 13:34

As we are expecting the DTC be implemented from 1st April 2012, we have to be familiar with the DTC provisions. In general the DTC looks and be simple but it is complicated unless otherwise if we have studied the entire provisions of the act becau

Understanding Transfer Pricing with Latest Case Laws : Part 2

Manish Kumar Agarwal 14 November 2011 at 12:35

Now a days, during transfer pricing assessment , the TPO are coming with unique ideas like valuation of intangibles , corporate guarantees, ratings provided by CRISIL etc. this all leads to corporate in a mysterious situation. Below are the summ

Analysis of Indian Taxonomy - Deficiencies & Implications

Nabeel 14 November 2011 at 12:34

Dear Friends, MCA has released the Revised Taxonomy on August 27, 2011. It has rectified Taxonomy Element related deficiencies reported by various stakeholders. However, the followin

Will govt stick to proposed DTC

Guest 11 November 2011 at 12:22

The current situation indeed is compelling the taxpayers to expect that the government may consider some tax reliefs, especially since the coming budget may be the last one to be presented by the government before the next general elections High i

Wealth Tax part 1

*RENU SINGH * 07 November 2011 at 12:08

Wealth tax :- As per section 3(2) of the wealth tax 1957, from 1993-94 , every individual , HUF and company is liable to pay wealth tax. Wealth tax is charged on the basis of The quantum of net wealth chargeable to tax under the Act. The time

Section 44 AB

M.R. PRASAD 05 November 2011 at 10:23

Section 44 AB Inserted by the Finance Act, 1984, w.e.f., 01-04-1985: A boon to C.As Practice. Up to that time, except Bank Audits, Company Audits, there is not much difference between work handled by the Income Tax Practioners, (TAX) Advocates