Income Tax Articles

Loss arising in case of Bonus Stripping

Alok Siddapur 10 May 2011 at 12:27

According to Section 97(8) if all the following conditions are satisfied then loss arising on account of purchase and sale of units(hereinafter referred to as original units) shall be ignored for computing income chargable to tax 1) Any person buys

Income Tax Amendments by Finance Act, 2011

CA Ishaan 09 May 2011 at 16:23

The following changes have been effected in the Income Tax Act,1961 by way of Finance Act, 2011 : 1. Rates of Income Tax: Rates under the various categories have changed. INDIVIDUAL (EXCL. WOMEN) BELOW 65 YEARS OF AGE/HUF/AOP/BOI/AJP :

Residence & Scope of Income In Cross Border Situations

CA. Anuj Gupta 06 May 2011 at 13:53

As a general principle, law of a State has effect only within its own boundaries. This general principle, however, has a very important exception.

A short note on section 80CCC of Income Tax Act 1961

Amit Bajaj 04 May 2011 at 10:32

Section 80CCC of Income Tax Act 1961 deals with the deductions and income in respect of contributions to certain Pension funds by an individual assessee. Herebelow the relevant provisions of section 80CCC are discussed. To whom the deduction is av

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