Income Tax Articles

Burden of proof to claim interest expenditure is on the assessee

Rupesh Srivastava 11 March 2013 at 12:09

S. 14A , burden of proof to claim interest expenditure is on the assessee. Subscribe TaxCorp e-Practice for the full report and to receive daily updates on Tax Laws. As informed in 11th Sep. 2012 and reported in (2012) 6 TaxCorp (DT) 52547 (SC), Inv

Income Tax Practical Procedures in FAQ Style

Saurabh Maheshwari 06 March 2013 at 12:29

Introduction: Income Tax has always been a challenge not only for students, professionals or for Department but also for tribunals and courts. The reason may be the vastness and depth of the provisions of law which makes it sometimes complicated.

Interest: A Comparative Analysis

Souvik Kumar Ghosh 06 March 2013 at 12:29

Law under Service Tax: Services are being taxed under the Negative List approach w.e.f. 01.07.2012. The Negative List, incorporated under Sec-66D of the Finance Act, contains a list of services which are not liable for service tax. Services by wa

Judgments Overruled by Finance Bill 2013

Rupesh Srivastava 05 March 2013 at 13:47

Finance Bill 2013 may overrule Following Court decision. 1. Proposed Amendment in Application of seized assets under section 132B The existing provisions contained in section 132B of the Income-tax Act, inter alia, provide that seized assets may be

Basic Exemption/Rebate under Income Tax - Budget 2013 FAQ's

Manoj Agarwal 03 March 2013 at 15:40

Income Tax Credit/REBATE of Rs. 2,000 - Detailed Analysis / FAQs Frequently Asked Questions (FAQs) Q1. Whether basic exemption limit for Individuals, HUFs, AOP & BOI under the Income Tax Act, 1961 has been raised

FAQ - Deduction for Interest on education Loan

@VaibhavJ 03 March 2013 at 15:37

Q. Who is eligible for deduction us/ 80E? A. Education loan should be taken by Individual (not to HUF or other type of Assessee ) Q. Is loan taken in name of any family member is eligible fo

Budget 2013 Direct Taxes Highlights

CA. VIKAS RAI 03 March 2013 at 15:35

PROVISIONS RELATING TO DIRECT TAXES- 1. No Change in slab rates & Super Rich Tax postponed - There no change in slabs, but the Individual & HUF whose income is upto 5 Lacs get a Tax credit of Rs.2,000/-. Effectively slab is increased for t

Direct Tax Budget - Highlights

Member (Account Deleted) 02 March 2013 at 11:29

Direct Tax Highlights 1. Tax Rate Comparison A) Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person No change in the rates of income tax applicable to individual, Hin

Sec 80EE - Should you rush to buy a house?

CA Suraj Lakhotia 02 March 2013 at 11:07

Increasing savings and their optimal allocation for productive uses lead to higher economic growth. The household sector must be incentivised to save in financial instruments rather than buy gold. Excerpt from Budget Speech

Budget 2013 Direct Tax Perspective

Pavan Jain S 28 February 2013 at 22:54

Highlights of Union Budget 2013 Direct Tax perspective: Section /Schedule Head Amendment/New Provision Effective date Part III to Schedule I Advance taxe