Income Tax Articles

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

Income Tax - TDS and Section 40(a)(ia) - 2012 Amendment

CA Nitesh Kumar More 14 June 2014 at 12:04

DEEMED date of payment of tax by the resident payee As per Section 40(a)(ia) of the Income Tax Act, the following deduction is not allowed: (ia) Any interest, commission or brokerage, fees for professional services or fees for technical services pay

Tax Implication of Freelance Work in India - Part 1

JAINENDRA JAIN 14 June 2014 at 11:58

TAX IMPLICATION ON FREELANCER WORK IN INDIABeing inspired by many article published in caclubindia, I wish to write my first article. I request the readers to comment upon the same and any feedback and suggestion to improve in any way will be taken i

Assessee cannot be denied credit for TDS on the ground of Form 26AS mismatch

Mukesh Lunawat 14 June 2014 at 11:58

Caselaw: Rakesh Kumar Gupta vs. UOI (Allahabad High Court)(WP No 657 of 2013) Background The assessee filed a return in which he claimed a refund of Rs. 2.32 lakhs on accoun

Willful - Deliberate Failure to Failure to ITR

Nikhil Kaushik 13 June 2014 at 16:57

Application of 276CC to Willful and Deliberate Failure to File Income-tax ReturnsIssueIn past one year, many assesses have received notices from Income-tax Department (Department) for non-filing of tax returns for earlier tax years such

Understanding Penalty under income tax with latest case laws

Manish Kumar Agarwal 11 June 2014 at 11:28

Penalty is one of the weapon which is now used by Income tax department (ITD) for each & every kind of addition they are making during the assessment. Further recently the weapon also used for transfer pricing documentation also. The handling of

CBDT expanding the Scope of Audit Reports to be filed electronically

Mukesh Lunawat 11 June 2014 at 11:28

Tax Alert M2K 011/ 2014 Documents to be furnished electronically along with the return of income Scope expanded by the Central Board of Direct Taxes ('CBDT') Existing Rule As per Rule 12(2) of the Income-tax Rules 1962 (IT Rules