Income Tax Articles

Six Easy Step To Reduce Your Tax Liabilities

CA Vap Patel 07 March 2014 at 12:34

As 31st March is coming closer, everyone is busy in tax planning. There are many illegal way to avoid tax but why to opt for that when you have many other legal way to reduce your tax liabilities.Here are the Six most easy way to counter attack with

TDS on Reimbursement of Expenses to Non-Residents

MOHIT JAIN 06 March 2014 at 12:59

TDS on Reimbursement of Expenses to Non-Resident To elucidate the concept, considered the following cases from TDS deduction perspective u/s 195 of the Income Tax Act:- Rs. 10 lacs paid as Fees for Technical Services to Non-Resident (NR) and his exp

Tax Benefit on Housing Loan

C.S.SAVEESH.K.V. 05 March 2014 at 13:21

(Sec. 24, 80C and 80 EE of Income Tax Act) Repayment of Housing are divided into 2 components1. Repayment of the Principal portion2. Repayment of the InterestSection 80C: Tax benefit on Housing Loan (Principal Amount) The amount paid as Repayment of

Taxability on Non-Resident Sportsperson

MOHIT JAIN 28 February 2014 at 13:19

Taxability of Non Resident Sportsperson/Entertainer/Sports Association Taxability of any Non-Resident in India is governed by the provisions of Income Tax Act and Provisions of DTAA, whichever is more beneficial.In case of taxability of Non Resident

TDS - Consequences of Default

Lalit kundalia 27 February 2014 at 13:52

TDS - TDS means 'Tax Deducted at Source'. TDS is one of the modes of collection of taxes, by which a certain percentage of amount is deducted by a person at the time of making / crediting certain specific nature of payment to the other person

FII-Taxability on gain from Shares

MOHIT JAIN 27 February 2014 at 13:52

Foreign Institutional Investors (Resident of Countries with which India has DTAA) (FII) Taxability on gains on transactions in Shares of Indian Companies & on Derivative. FII are incorporated in their respective countries with an objecti

Form 26AS with respect to Tax Deducted at Source (TDS)

Sahil Jolly 26 February 2014 at 16:55

Form 26AS is, in essence, an acknowledgement of sorts when it comes to Tax Deducted at Source (TDS). Which is to say that Form 26AS shows the amount of TDS, which has been deducted and is available as credit against our Income Tax liability, if any.T

Karniti Part 25 : Let's Drive Car safely Car from Pot holes on

CA Umesh Sharma 25 February 2014 at 16:25

Lets Drive Car safely Car from Pot holes on the roads of Income TaxArjuna (fictional character): Recently the Finance Minister cut down the excise duty levied on cars and other vehicles. Now one can purchase new car at lower price. Further, re

Section 234E Cracked

Dingu 24 February 2014 at 10:25

Of late this month we must have received lot of demand from CPC seeking demand for non remittance of 234E FEES (not Tax). Well here is something to crunch on 234E will not apply to cases where TDS payment is made beyond the time limit prescribed for

Beware !! Another Fraud in the Air !!

Prof. Bajaj 24 February 2014 at 10:24

Mr. Rajeev Kumar, a Chartered Accountant, working with a leading Automobile company was worried about his insurance policy. He had bought an insurance-cum-investment plan from a company (say K) 3 years back with an annual premium of Rs