Income Tax Articles

Taxation Aspect of Mergers and Amalgamation

CMA. CS. Sanjay Gupta 03 May 2011 at 11:55

Taxation Aspects of Mergers and Amalgamations Under Income Tax Act, 1961 Section 2(1B) of Income Tax Act defines amalgamation as merger of one or more companies with another company or merger of two or more companies to from one c

Most Ignored Section 80GG - Deductions in Respect of Rents

Amol Gopal Kabra (CA,CS,DISA) 02 May 2011 at 11:27

SECTION 80GG DEDUCTIONS IN RESPECT OF RENTS PAID Section 80GG is a little ignored Section of the Income Tax Act, 1961. This section provides deductions to those individuals who dont get any benefit of the amount paid towards rented accomm

Failure to voluntarily apply sec 50C does not attract penalty

Amit Bajaj 29 April 2011 at 15:09

The ITAT Mumbai has given an important decision on levy of penalty u/s 271(1)(c) of Income Tax Act when a person fails to declare capital gain as per the deeming fiction of section 50C, I find this Judgment very useful and sharing it for the benefit

Section 50c applies to immovable depreciable assets

Amit Bajaj 29 April 2011 at 15:03

ITO vs United Marine Academy(Mumbai ITAT) Brief Facts: The assessee sold an office building for Rs. 49.43 lakhs. As the WDV of the said building was also Rs. 49.43 lakhs, no STCG was offered to tax. The AO held that as the stamp duty valuation of t

Common questions Sahaj and Sugam

sunil 22 April 2011 at 13:14

1. Why are the forms being Modified Key Imperatives? Centralized Processing Centers have been set up all over the country with the primary objective of processing returns on a bulk processing basis instead of case by case Processin

New Simple Income Tax Return Print Specification

Manish Kumar Agarwal 20 April 2011 at 11:39

This is in continuation of earlier article regarding the introduction of New Forms. The printing of the forms should be according to the standards set below No Black and White forms will be accepted and only standard forms with appropriate colors

New Simple Income Tax Return Form Released

Manish Kumar Agarwal 19 April 2011 at 12:04

The finance ministry today introduced Sahaj and Sugam forms to make the process of filing income tax returns simpler, user-friendly and to reduce compliance burden on salaried persons and small businessmen. Sah

Reconciliation of Income As Per Profit & Loss A/C And Income

Manish Kumar Agarwal 13 April 2011 at 15:23

RECONCILATION OF INCOME AS PER PROFIT & LOSS A/C AND INCOME AS PER TDS CERTIFICATES WHOSE CREDIT CLAIMED IN THE SAME YEAR. It must be noted that as per the provisions of section 199 of the Income Tax Act, 1961, the credit of TDS should be gr

CBDT's circular No 739 on section 40(b) (v) is invalid-HP HC

Amit Bajaj 13 April 2011 at 15:22

Himachal Pardesh High court in an important recent Judgment namely M/s Durga Dass Devki Nandan.V Income-tax Officer, Palampur decided on 11-03-2011 has held the circular No 739 dated 25-03-1996 of CBDT as invalid. The said circular is on the issue o

Default in TDS & CARO

Shreya Sanghvi 13 April 2011 at 15:21

Default in TDS & CARO - Shreya Sanghvi TDS is always a controversial issue for every assessee. Considering the defaults in TDS by deductor and disclosure of the same by auditors in C