Income Tax Articles

DIRECT TAX CODE - Will it achieve anything for taxpayers?

CA Anil Garg 30 August 2010 at 11:57

Post Rao era, most reforms in tax laws have promised a lot but delivered very little. VAT was announced with a view to avoid cascading effect of taxes and reduce the burden of compliance on the business community. In reality, govt revenues have go

Search Seizure etc. simplified

Member (Account Deleted) 30 August 2010 at 11:53

SEARCH, SEIZURE AND SURVEY SIMPLIFIED Search and Seizure are the burning topics in current Tax scenario. It seems that North Block is completing its direct as well as indirect tax targets through this amour of ‘SEARCH & SEIZURE’. A

Understanding the provisions relating to Transfer Pricing

Amit Bajaj 25 August 2010 at 11:47

With the advent of MNCs(Multi National Concerns) a trend has also been adopted by the MNCs to structure their investments and business strategy in such a way that profits are maximized in such jurisdictions where tax rates are low, which give rise to

Knowhow write-off: Comparing Sec. 32 and Sec.35AB

CA S.SAIRAM 23 August 2010 at 11:53

Knowhow write-off: Comparing Sec. 32 and Sec.35AB of IT ACT 1961The definition for Knowhow in the IT Act 1961 is “any industrial information or technique likely to assist in the manufacture or processing of goods or in the working of a mine, oi

Extra deduction of Rs. 20,000 under section 80CCF

Nandan Narula 21 August 2010 at 15:16

Another avenue to save tax was introduced in the Budget 2010 in the form of section 80CCF. This section allows a deduction of Rs. 20,000 for investments made in Infrastructure Bonds. Recently, IFCI has come up with an issue of Long Term Infrastructu

Procedural Provision relating to TDS

Amit Bajaj 18 August 2010 at 11:53

T.D.S means the Tax deducted at source. Whenever a person liable to deduct tax of another person under Income Tax Act, deducts tax, the credit of such tax is given to the deductee when his liability to pay income tax is calculated. Such credit is giv

Presumptive income schemes for small Assessees

Amit Bajaj 17 August 2010 at 11:08

There are many presumptive income schemes for small businessmen engaged in civil construction, transport business, retailers etc. A person covered under these schemes can declare his income under these sections on presumptive basis and can get himsel

Filing income tax return after due date

Amit Bajaj 17 August 2010 at 11:06

The due date for filing income tax return for corporate aseessees and other aseessees who are required to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30th September and for others it is

The biggest litigant in the Government of India

Venkateswara Rao Sapare 16 August 2010 at 11:51

The biggest litigant in the Government of India “It is my proud privilege to be part of this momentous occasion in the history of the Income Tax Department, which is celebrating 150 years of Income Tax in India. For the first time in