Income Tax Articles

Scrutiny assessments under Income Tax Act 1961

Amit Bajaj 04 October 2010 at 11:01

The Scrutiny Assessments under Income Tax Act 1961 are made u/s 143(3). For many years now many of the returns of the assesses are accepted as they are being filed by the assesses and intimation is sent u/s 143(1) and only fewer cases are selected fo

Indo-Mauritius Treaty: Mortising Legality to Tax evasion

CA S.SAIRAM 04 October 2010 at 11:00

Indo-Mauritius Treaty: Mortising Legality to Tax evasion The thin line of demarcation between tax evasion and tax avoidance is the 'scienter' or the intent of fraud. The moment the adjudicating or apex authority fails to discern the

No penalty if audit report obtained but return filed after due date

Amit Bajaj 29 September 2010 at 11:11

No penalty u/s 271B, If the audit report is obtained within the due date, but return is filed after the due date. I have had a discussion lately on the topic whether penalty u/s 271B is imposable in case the audit report u/s 44AB is obtained within t

Income Tax Exemptions are Poor Justification for DTC

CA Anil Garg 22 September 2010 at 13:40

Experts opinions, newspaper editorials and even comments on CA Club website lavishly talk about income tax exemptions to be distorting the tax scene of the country, leading to massive leakage of revenue to the government and ultimately responsibl

Annual Tax Statement (Form 26AS)

dhaval 16 September 2010 at 11:56

Annual Tax Statement (Form 26AS) Annual Tax Statement (Form 26AS) is a statement, which is created financial year wise on the basis of TDS/TCS returns filed by the Deductor/Collector and tax deposited in the bank. Form 26AS includes details of

Annual Tax Saving Tips : Especially for salaried employees

CMA. Subhash Kumar Jha 16 September 2010 at 11:55

Annual Tax Saving Tips : Especially for salaried employees Ideally everyone should plan their tax saving from April onwards but often people tend to forget this matter after submission of their investment declarations to their employers. Often

Forex loss in Tax Laws : Evil Lurks

CA S.SAIRAM 13 September 2010 at 14:52

Our Income Tax law leaves the method of accounting to be desired by the assessee. The insistence is only on the consistency of the method of accounting employed over substantial number of years. Any claim of deduction towards Business expenditure is

Taxability of fees from Offshore Services - post Finance Act

Rajvi 10 September 2010 at 12:45

Taxability of Fees from offshore services – post Finance Act, 2010 CA Ankit Virendra Sudha Shah General understanding on taxability of fees from offshore services under the provisions of the Income-tax Act, 1961 1. After the retrospectiv

Avoiding Repetitive Appeals - SEC.158A OF Income Tax Act 196

CA S.SAIRAM 10 September 2010 at 11:43

AVOIDING REPETITIVE APPEALS - SEC.158A OF INCOME TAX ACT 1961 It is a vox populi that the judiciary system in India consumes lot of time to come up with a judgement and cases are piling up day by day. A lot many instances have been noticed where the

Taxation aspects in case of corporate restructuring

Manikanta Raju CA,CWA,(CS) 04 September 2010 at 12:32

Now a day’s cross border transactions, mergers and acquisitions and amalgamations, demergers have been increasing significantly… Various interested people of diversified profession getting benefited from the above transactions, they are