Income Tax Articles

New and user friendly efiling site from IT Department

CA Ilayaraja 20 November 2012 at 12:07

Filing and maintaining the info relating to your Income tax returns was never so easy. But, thanks to the Income Tax Department, they have come up with a comprehensive and more user friendly website. No need of going to a professional for filing the I

Advance Pricing Agreement - A Step Ahead

Hiral Raja 19 November 2012 at 11:44

Transfer Pricing provisions were brought under the purview of Income Tax Act in 2001. Over the years, there have been substantial amount of additions/adjustments at the time of transfer pricing assessments wherein the transfer price charged by th

Business Loss set off under Sec.72: Widened scope

CA S.SAIRAM 12 November 2012 at 10:47

Business Loss set off under Sec.72: widened scope The judiciary does play a vital role in the economy by discerning the real intentions of the law. In this regard, the recent rulings with respect to carry forward and set off of losses in the tax law

Changes in Income Tax Slabs for Individuals over Last Five Assessment Years

Member (Account Deleted) 01 November 2012 at 11:52

(AY 2009-10 to AY 2013-14) Individuals other than those specified in II, III, IV below Slab Details Rate 2013-14

Disallowance of Expenses in Computation of Profit and Gains

Member (Account Deleted) 29 October 2012 at 13:50

Disallowance of Expenses in Computation of Profit and Gains of Business or Profession Part - I Section 40(a) of Income Tax Act, 1961 Purpose: Disallowance of expenses for computing income u/s 28 of Income Tax Act, 1961. Applicability: All assesses

Taxation of Dividends under Income Tax Act, 1961

CA Manish 25 October 2012 at 11:22

Exempting Section - (Section 10(34) Any income by way of dividends referred to in section 115-0 shall be exempt from income tax Indian Company All Dividend exempt from tax in the hands of the shar

Deferred Tax Entries

Member (Account Deleted) 25 October 2012 at 11:16

In my earlier article on Taxation Entries I have not touched Deferred Tax concept. Many reader friends have asked me to clear the concept and explain the entries regarding it. In this article I have tried to satisfy their expectations.

Tax collection at source: An Introduction

Tony John 20 October 2012 at 13:33

Tax in simple words refers to a compulsory contribution made to the government on a product, income or activity. The government uses the revenue from taxes to discharge the duties it has towards the people. I would like

10 consequences of Non-compliance with TDS provisions

CA Manish 19 October 2012 at 11:03

Non-compliance with TDS provisions can result in: 1. Disallowance u/s. 40(a) (ia) of Income Tax Act, 1961 (Act). 2. Raising of demand u/s. 201(1) of the Act. Reason: - Where any perso

Circulars not binding on the Assessee - A Practical Analysis

Saurabh Maheshwari 19 October 2012 at 11:02

HI! Friends and respected seniors, greetings of the day to all of you. Introduction- The revenue Departments have been empowered to issue circulars to clarify the position of law and these circulars are binding on the department(except CIT Appeals