Income Tax Articles

All about HUF its creation and tax benefit

CA Vinay parmar 03 July 2013 at 12:10

A HUF is a separate entity for taxation under the provisions of S.2 (31) of the Income Tax Act, 1961. This is in addition to an individual as a separate taxable entity. This indicates that a person may be assessed in two different capacities- as an

Prosecution u/s 276B for Defaults of TDS

deepak K Gujrati 02 July 2013 at 11:49

SUBJECT: TDS/INCOME TAX ACT Default in TDS Collection and Deposit How Punishable is This Offence I

Summary on section 54 exemption - capital gain with case law

CA Vinay parmar 01 July 2013 at 12:30

All about Capital Gain exemption under section 54 & 54 F and its applicability under various circumstances:- If an individual transfers any long term capital asset and plans to reinvest the sale proceeds in a new residential house property the

Deeming Fiction for Real Estate: Is it beyond Reality?

CA. Bikash Bogi 01 July 2013 at 12:29

Roti, Kapda aur Makan, are 3 basic needs of a common man, out of which buying a Makan is one of the common dreams of every Indian. Time and again various representations have been

Some lights on sec 44AA, 44AB, 44AD

TKKKKKK 29 June 2013 at 12:39

44AA: MAINTENANCE OF BOOKS OF ACCOUNTS WHO SHOULD MAINTAIN : If a person carrying on business / profession and income from such business/ profession has exceeded 1,20,000 in any of the three p.y. or current p.y. (for newly set up business) I

Income Tax Effectiveness in India

Suresh S Anandham 28 June 2013 at 12:27

Understanding effectiveness of Income Tax in India India is growing currently at the rate of approximately 5% per annum (as against over 6% in the previous year) as per the revised estimate by the Central government. Although Reserve Bank of India&r

Pointwise checklist on preparation of online format 3CD

CA Hardik Mehta 28 June 2013 at 12:27

Form 3CB/3CD Checklist Note: Ch stands for Characters Form 3CB 1. Select I if the firm of auditor is proprietorship and We for partnership from drop down option. Select the year under audit fro

Tax Deduction on Purchase of Immoveable Property

Prateek Manocha 28 June 2013 at 12:27

This provision is applicable on transfer of immoveable property of Rs. 50 lacs or more. It requires TDS to be deducted at 1% of the price being paid by the purchaser of an immoveable property, irrespective of quantum of capital gains. If the seller d

S.10(23c)(iii)(ad) - Limit of 1 crore exemption available

Rupesh Srivastava 25 June 2013 at 12:09

Recently Hon`ble high court held that u/s 10(23c)(iii)(ad) - Limit of 1 crore exemption available to the assessee as annual receipts of each of the institutions. Assessee is running as many as 23 educational institutions upto assessment years 1

All about Renting of immovable property

nitin 24 June 2013 at 12:35

1. INTRODUCTION Renting of Immovable property has been taxed under the earlier tax regime vide Section 65 (105) (zzzz). Renting of immovable property has been brought into tax net vide Notification No. 23/2007-ST dated 01.06.2007.But After 1.7.20