Income Tax Articles

Extension of Filing Date is not extension date for payment

CA. Chikkerur C R 03 August 2013 at 08:46

Yesterday ( 31St July) was last date to file ITR for AY 2013-14 & Pay tax due on this. People including me were so busy to complete this unwanted task (Hated for few Tax Payers). Many were gathering their info in last minute; few people were se

Clubbing of Income demystified under different sections

POOJA CHANDAK 27 July 2013 at 13:54

Generally an assessee is taxed in respect of his own income. But there are some cases where assessee has to pay tax in respect of income of another person. In the case of individuals, income tax is levied on a slab system on the total income.

Form 15g - if declaration is wrong

CA. Chikkerur C R 25 July 2013 at 13:12

In India, We take most of the laws/Rules as granted one & feel we are complying with rules without studying in depth of penalty provisions of law. Indian Income Tax Rules /sections are one of those laws. Most of the people feel or under impre

Re-assessment Provisions under Income tax Act,1961

shina kampani 15 July 2013 at 12:06

Re-assessment Provisions under the Income Tax, 1961 Re-assessment is assessing the income of the assessee that is already being assessed once and also any other income which comes to the notice of the AO subsequently during the Re-assessment proceed

Widening of the scope of power of Transfer Pricing Officer in context of Section 92CA of the Income Tax Act, 1961 - An Analogous study

Ravi Kapoor 13 July 2013 at 12:04

Widening of the scope of power of Transfer Pricing Officer in context of Section 92CA of the Income Tax Act, 1961 An Analogous study In the last few years the Government of India has taken many steps in order to strengthen the Transfer Prici

CBDT rescinds Transfer pricing circular

Rahul Chilal 10 July 2013 at 13:39

History: CBDT had issued 2 circulars on 26th March 2013 relating to the selection of transfer pricing method to be adopted by Tax authorities for determination of Arms Length Price in case of research & Development units of MNCs lo

Landmark ruling on Section 271(1)(c) by Karnataka High court

Rupesh Srivastava 10 July 2013 at 13:39

(2013) TaxCorp(LJ) 1412 (HC-KARNATKATA) S. 271(1)(c) - Merely because the assessee accepted addition or deletion and did not challenge the assessment order by way of appeal, it cannot be concluded that such addition or deletion amounts to concealmen

5 Things You Must Know About Tax Audit

CA. Brijesh Baranwal 09 July 2013 at 13:38

1. As per the provisions of section 44AB of the Income Tax Act, 1961, every person carrying a business whose turnover exceeds Rs. 1 Crore or carrying a profession whose receipts exceeds Rs. 25 Lacs in the finan

Section 44 AD of Income Tax Act

sanjay singhal 08 July 2013 at 11:57

Special provision for computing profits and gains of business on presumptive basis For Assessment Year 2013-14. Section 44AD (1) of the Income tax act 1961 read as under (1) Notwithstanding anything to the contrary contained in sectio

How to Save tax on Salary and increase the home take salary?

CA Vinay parmar 08 July 2013 at 11:57

Hello everyone we all face the common situation as to how to plan for the salary every year and how to reduce tax on it and increase our home take salary. Well the people from the Acco