Income Tax Articles

Concept of Advance tax

CMA Ramesh Krishnan 08 August 2011 at 12:10

Concept of Advance tax Introduction: According to sections 208 of the Income tax Act 1961, tax shall payab

NRI's can't claim concessional tax rate u/s 115H for interest

CA. Anuj Gupta 03 August 2011 at 12:19

Recently Madras High Court in the case of Dr. M MANOHAR(Appeal No 759 of 2004) decided an important question Whether the interest on the deposit made out of the interest income also qualified for concessional rate as the investment income de

Can NRI/PIO Claim Exemption on Transfer of Bonus Shares

CA. Anuj Gupta 02 August 2011 at 11:41

We all know that cost of Bonus shares is NIL as per sec. 55(2)(aa)(iii) of the Act and in normal circumstances , the gain on transfer of Bonus shares shall be fully taxable in the hands of seller. However , Income Tax Act

Understanding Allowability of Business Expenditure u/s 37

Manish Kumar Agarwal 28 July 2011 at 12:37

Understanding Allowability of Business Expenditure under section 37 of the Income Tax Act, 1961 with latest case laws Section 37 of the Income tax Act, 1961 is a residuary section for allowability of business expenditure and the same is given be

IT Initiatives by the Tax Department

TaxYogi 21 July 2011 at 15:33

E-filing and other Online Initiatives by the Tax Department Internet is one of the most important inventions of 20th century and it has a profound effect in our everyday life. Internet has been used wisely to do transactions which were pa

Tax Treatment to Doctors - Its all about Doctors

CA. Chikkerur C R 21 July 2011 at 13:51

Both Self Drugging & Self Tax Planning are not advisable Doctor is one of noble professional in the society & helps the society to be a healthy. But this professional will not be spared & will be taxed for the income generated

Exemption From Filing of Income-Tax Return : CBDT's FAQs

Akshay Sharma 20 July 2011 at 13:45

What is the purpose of this notification and who are proposed to be exempted from the requirement of filing of the return? 1. The primary objective of this notification is to exempt those salaried taxpayers from the requirement of filing income-tax

Understand Your Form 16

TaxYogi 20 July 2011 at 13:45

Understand Your Form 16 By now most salaried employees must have received their Form 16 from their employers. Now its time to file the return. Though we know that Form 16 is for tax filing but many of us still find it hard to understand t

Section 50 C

Manali Agrawal 19 July 2011 at 13:24

As Albert Einstein said "The hardest thing in this world is to understand income tax." And Vanya Cohen said"When there's a single thief it's robbery and when there are thousand thieves its taxation." Entry 82 of Indian Co

Indian Assets held by Mauritius Co. treated as sold by US Co

Vivek Sethia 19 July 2011 at 13:23

Whatever strength one may have, but if things are not planned meticulously to use strength, results may go haywire. The latest example of same comes in the form of dismissal of Writ petitions filed by Aditya Birla Nuvo Limited (F