Income Tax Articles

Interesting Times for Foreign Debt

CA Shail Shah 11 August 2012 at 13:35

INDIA Inc. is for some interesting times with the exchange rate hitting the roof. The Government is doing its bit to attract foreign debt. Be it the announcement made during the Budget exercise or the recent amendments made to the Foreign Exchange l

Filing tax returns in odd situations

CA MK Agarwal 09 August 2012 at 11:46

Filing tax returns in odd situations If travelling or seriously indisposed with online filing, you can submit your return from any corner of the world. However, if you take the offline route and are travelling overseas, any person authorized by yo

What to do when you get a tax notice?

CA MK Agarwal 07 August 2012 at 11:54

A missive from the tax department sends a wave of panic in the average taxpayer even though it may just be a routine enquiry or even a clarification sought by the assessing officer (AO). The mere thought that

Purchase of Immovable Property from Non-Resident

Yogesh Agarwal 03 August 2012 at 11:40

"I write this article only so because I have come across with one practical problem with the payment to Non Resident for buying immovable Property from h

5 Mistakes to avoid while filing your IT Returns!

Prof. Bajaj 13 July 2012 at 11:43

And now its that month of the year, when the running around starts for IT returns filing. With the advent of technology, and the initiatives taken by Income-Tax department, hopefully we will not see long queues in the Income Tax Office, for ITR fi

Point of Taxation

PUNEET GOYAL 10 July 2012 at 12:54

Service tax will be paid on accrual basis except in certain specified cases. 1. Earlier service tax was payable on receipt of payment in respect of taxable services provided.

Who's Stealing my money?

Prof. Bajaj 09 July 2012 at 12:05

Today I have accumulated enough money to buy a new bicycle for myself , said Rahul, a 13 year old kid, who was saving money from last 3 years in his piggy bank. He was quite impressed with his fathers philosophy of saving mone

Draft Guidelines for upcoming GAAR provisions

Niraj K Shah 03 July 2012 at 13:53

Draft guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of section 101 of the Income Tax Act, 1961. What is GAAR? GAAR stands for General Anti- Avoidance Rules. In several countries anti tax avoida

Rajiv Gandhi equity saving scheme sec 80CCG

CA Prashant Gupta 03 July 2012 at 13:52

Finance Act 2012 has inserted a new section 80 CCG, This will be applicable for the A.Y. 2013-14. Following conditions must be fulfilled to claim this deduction: i. The gross total income of the assessee for the relevant Assessm

Understanding deductions of section 80-IA & IB

Manish Kumar Agarwal 02 July 2012 at 11:34

Chapter VIA of the Income Tax Act, 1961 covers only deductions available to assessee under section 80 of the Income tax act, 1961. The assessee by some act as mentioned can reduce its taxable under this provisions. Amongst number of sub-sections of