Income Tax Articles

TDS on Immovable Property

Bimal Jain 04 June 2013 at 18:26

The Finance Bill 2013 had proposed to introduce Section 194IA to the Income Tax Act, 1961 (the ITA) which provided that the purchaser of an immovable property worth over Rs. 50 lakhs (other than agricultural land) is required to deduct

TDS/TCS Rates Chart for A Y 2014-15

CA Pardeep Chanana 04 June 2013 at 17:06

TDS Rate Chart for A Y 2014-15 on Payments other than Salary and Wages Section No. Nature of Payment Threshold Total Payment During the Year Payment to Individual or H

Tax Residency Certificate

Deepak Agrawal 01 June 2013 at 16:30

Significance of Tax Residency Certificate (TRC) for claiming benefit provided under DTAA: Section 90 of the Income Tax Act empowers the Central Government to enter into an agreement with the Government of any foreign country or specified territory

E-Filing is mandatory Income is more than 5 lacs

CA Prasenjit 29 May 2013 at 12:38

The Central Board of Direct Taxes (CBDT) is Spreading e-tax net through Notification dated 34/2013 dated 01.05.2013. E-filing of I-T returns is now mandatory for individuals, including salaried taxpayers, earning more than Rs 5 lakh taxable income d

Mandatory Audit Report E-filling for the AY - 2013-14

Ashok 29 May 2013 at 12:35

CBDT has made it mandatory to E- file Audit Reports facility Provided that where an assessee is required to furnish a report of audit under sections 44AB, 92E or 115JB of the Act, he shall furnish the same electronically.; S.O. 1111 (E).─ I

Property Transactions and new tax effect

CA Prashant Gupta 28 May 2013 at 12:04

Property transactions Budget 2013 amended some sections related to property transactions. These amendments effect a person in many ways. Some are described below: When there is difference between property value and stamp duty value exceeds 50,000/-:

Non-agricultural property even in a remote village

Rupesh Srivastava 24 May 2013 at 12:30

Recently on 20th Feb 2013 ITAT bench held that, Non-agricultural property, whether inside the municipality or outside the municipality or even in a remote village is a capital asset and transfer of the same may generate income liable f

All about Scrutiny Assessment

Saurabh Maheshwari 23 May 2013 at 12:26

In continuation of my previous article on Income Tax procedures, I have once again come up with next part having special focus on scrutiny assessments. Links to previous parts: Part 1: Income Tax Practical Procedues in FAQ Style

Concepts behind Transfer Pricing & Career Opportunities

CA SURENDRA KUMAR RAKHECHA 23 May 2013 at 12:25

More than Rs. 45,000 Cr. is involved in TRANSFER PRICING TAX MATTERS in India. . India's share is 70% of world's DISPUTED TAX MATTERS pertaining to Transfer Pricing. At least we have "distinction marks" in this field). :) . In

What is Minimum alternate tax (MAT)

Member (Account Deleted) 21 May 2013 at 12:09

The concept of MAT was introduced under ITA to tax companies making high profits and declare dividends to their shareholders but have no significant taxable income because of exemptions, deductions and incentives. The primary cause is not tax