Income Tax Articles

The nightmare called 194-IA

Posted by ROHIT 02 May 2016 24777 Views

Most of the people who were happy and proud with their achievement of buying their own house in the recent past are now sleepless, thanks to the provision, called Section 194-IA of the Income Tax Act 1961.Some people even came upto me to explain thei

All about Form 15G/15H

Posted by CA Prateek Garg 02 May 2016 14317 Views

BACKGROUND�Chapter XVII � Collection and Recovery of Tax� of Income Tax Act 1961 provides for the various provisions related to deduction of tax at source. These provisions work as a tax collection mechanism. Apart from upfront coll

Income Tax Provision for Doctors

Posted by CA MOHIT SINGHAL 25 April 2016 28855 Views

Among the busiest of professionals, doctors have little time to learn about the latest tax law. Tax planning is often neglected in the crush of other obligations. Being India�s Top 10s income earners, they have need to give more attention to th

How to maintain safe distance from the IT department !!

Posted by ROHIT 23 April 2016 35069 Views

Do you want to keep an Arm�s Length Distance from the Income Tax Department?Obviously the Answer is YES !!! But the question here is HOW ???Here are a list of expenses/ investments, which at any point of time performed by you may invite undue a

Section 115JB of the income tax act

Posted by MANSHI BAID 21 April 2016 22890 Views

SECTION 115JB OF INCOME TAX ACT, 1961 SPECIAL PROVISION FOR PAYMENT OF TAX BY CERTAIN COMPANIES (AFTER BUDGET 2016) This section is nothing but the Minimum Tax that a company is required to pay. This section provides that in case the tax payable by a

Highlights of Section 194IA

Posted by CA Rohan jain 18 April 2016 180691 Views

Highlights of Section 194-IA (TDS On Sale/Purchase of IMMOVABLE PROPERTY)Crux :1.As per Finance Act of 2013, TDS is applicable on transfer of any Immovable Property(other than agricultural land), wherein the consideration of the property exceeds or i

Understanding tds on purchase of immovable property

Posted by Abhishek Ranjan Singh 18 April 2016 76694 Views

Understanding of Notice, Penalty, Late fees and Interest on TDS for Purchase of Immovable PropertyAs per Finance Act of 2013, TDS is applicable on transfer of Immovable property, wherein the consideration of the property exceed

Simplification of taxation law vis-a-vis progressive tax legislation

Posted by CA CMA CS Ram Pavan Kumar Melam 07 April 2016 5429 Views

The development of a nation is measured by Gross National Product (GNP) or Per Capital Real Income (PCRI). The above two are the economic indicators used to measure the economic development of a nation. There are non-economic indicators which are of

Understanding of Compliance Query of Income Tax Department

Posted by Abhishek Ranjan Singh 06 April 2016 179468 Views

Income tax department has started sending notices (Compliance Query) to non-filers for the assessment year 2013-14 & onwards & are also using the said information to verify under-reporting of income. The income tax department has been capturing infor

Movies and Income Tax returns, what's the similarity?

Posted by CA Umesh Sharma 06 April 2016 10103 Views

Karneeti Part � 123 Movies and Income Tax returns, what�s the similarity?Arjun (Fictional character): Krishna, what are the changes made in the New Income Tax return forms (ITR forms) from 1st April 2016? Just like new sequels of films ha