Income Tax Articles

A personal Letter to Salaried Class on recent exemption

CA. Chikkerur C R 11 July 2011 at 12:40

A personal Letter to Salaried Class on recent exemption notification No need to wear Helmet & ride. If accident happens, we will not give you insurance" Dear Salary ITRians Hope you all had read recent notification by IT dept on ex

27 FAQs on Tax Deduction and Collection Account Number (TAN)

Harish Chandra 06 July 2011 at 13:18

Tax Deduction and Collection Account Number (TAN) Frequently Asked Questions and Answers (FAQs)

Brought Forward Business Losses can be set off against STCG

CA Aman Gupta 01 July 2011 at 13:37

Digital Electronics Ltd. vs. Addl. CIT (2011) 49 DTR 484/135 TTJ 419 (Mum.)(Trib.) Brief Facts In the course of assessment proceedings, the AO noted that the assessee has set off brought forward losses against short-term capital gains on sale

Deferred Tax Liability

CS Ankur Srivastava 25 June 2011 at 20:18

Deferred Tax Liability is the difference between the provision of tax and actual tax. It is the timing difference that arises because of the tax calculated as per Companies Act and Income Tax Act. Example:- Provision for Tax in the P/L was Rs.

Amendment in the process of issue of TDS Certificate

CS Bijoy 22 June 2011 at 12:24

The Department of Income Tax of India make amendment in the process of issue of TDS certificate by CIRCULAR NO. 3/2011 [F. NO. 275/34/2011-(IT-B) DATED 13-5-2011. Section 203 of the Income-tax Act 1961 ("the Act") read with the Rule 31

Penalties under the Income Tax Act

Neha Yadav 16 June 2011 at 11:50

PENALTIES UNDER THE INCOME-TAX ACT For non-compliance with the different provisions of our Income Tax Act, Section 140A, 143(1A), 221 and 271 to 275 give the reference to levy penalty on a assessee. An assessee might be prosecuted for his comply wit

TDS applicability on provision for expenses

CA Prabhakar Dubey 10 June 2011 at 13:16

Hi All, Recently I have read the article on CACLUBINDIA that TDS will be applicable on provision for expenses. First we must understand that what is the provision for expenses we booked in the books of accounts. As per AS 29, provision is the estima

Filing revised return under Income Tax Act, 1961

Amit Bajaj 06 June 2011 at 13:19

If a person has filed his return of Income u/s 139(1) of Income Tax Act 1961 i.e within the due date of filing the return and if he subsequently finds that in the original return he has committed some mistake bonafidely then he can revise his return

Procedure for issuance of Lower/Nil TDS Certificate

Manish Kumar Agarwal 04 June 2011 at 13:15

Procedure for issuance of Lower / Nil TDS Certificate Every finance professional are making estimated accounts of the company and based on that you can also prepare the estimated computation of total income assuming same adjustmen