Income Tax Articles

Mandatory Audit Report E-filling for the AY - 2013-14

Ashok 29 May 2013 at 12:35

CBDT has made it mandatory to E- file Audit Reports facility Provided that where an assessee is required to furnish a report of audit under sections 44AB, 92E or 115JB of the Act, he shall furnish the same electronically.; S.O. 1111 (E).─ I

Property Transactions and new tax effect

CA Prashant Gupta 28 May 2013 at 12:04

Property transactions Budget 2013 amended some sections related to property transactions. These amendments effect a person in many ways. Some are described below: When there is difference between property value and stamp duty value exceeds 50,000/-:

Non-agricultural property even in a remote village

Rupesh Srivastava 24 May 2013 at 12:30

Recently on 20th Feb 2013 ITAT bench held that, Non-agricultural property, whether inside the municipality or outside the municipality or even in a remote village is a capital asset and transfer of the same may generate income liable f

All about Scrutiny Assessment

Saurabh Maheshwari 23 May 2013 at 12:26

In continuation of my previous article on Income Tax procedures, I have once again come up with next part having special focus on scrutiny assessments. Links to previous parts: Part 1: Income Tax Practical Procedues in FAQ Style

Concepts behind Transfer Pricing & Career Opportunities

CA SURENDRA KUMAR RAKHECHA 23 May 2013 at 12:25

More than Rs. 45,000 Cr. is involved in TRANSFER PRICING TAX MATTERS in India. . India's share is 70% of world's DISPUTED TAX MATTERS pertaining to Transfer Pricing. At least we have "distinction marks" in this field). :) . In

What is Minimum alternate tax (MAT)

Member (Account Deleted) 21 May 2013 at 12:09

The concept of MAT was introduced under ITA to tax companies making high profits and declare dividends to their shareholders but have no significant taxable income because of exemptions, deductions and incentives. The primary cause is not tax

Entities availing DTAA benefits have to file retun in INDIA

CA. Anuj Gupta 17 May 2013 at 12:49

Those availing of treaty benefits would now have to file returns of their incomes in India, even if those arent liable to be taxed here. The government has changed the Income Tax Rules, making it mandatory for certain classes of assessees, in

Quotes on Income Tax

CA SURENDRA KUMAR RAKHECHA 16 May 2013 at 14:01

QUOTES ON INCOME TAX : CA SURENDRA RAKHECHA . . READING OF A "SECTION" GIVES DIFFERENCE RESULTS ! . . 1. At First Reading; you will HARDLY understand it. 2. At Second Reading; "SOMETHING" you will understand. 3. At Third Readin

Inclusion of Transporters Details in TDS Returns are mandatory

Ganeshbabu K 13 May 2013 at 10:47

As per Income tax act 194C, TDS is not required to be deducted on payments made to transporter If PAN number has been provided to the deductor. Further as per Section 197 of Inco

Understanding LBT & Government

Ashish Kedia 13 May 2013 at 10:47

It seems the arrogance of the government simply refuses to die! Inspite of being witness to one of the largest mass movements over the last 4-5 days by the business community in recent time, the government seems to be in no mood to show any empathy.