Income Tax Articles

Understanding section 28 with latest case laws

Manish Kumar Agarwal 23 December 2011 at 12:23

The usage of section 28 to justify any expenditure or loss is rarely found. We try to substantiate the same under section 36 or 37 and sometimes not able to get the deduction due to limitations and conditions laid down in that section. Thats

DTC not Tabled - Indian Slowdown

Indraneel Sen Gupta 22 December 2011 at 17:28

The much awaited Direct tax code is being delayed further as the chances of Parliaments standing committee on finance submitting its report on the Bill in the ongoing Winter Session, which concludes on December 23, are bleak. With barely

Exemption From ITR Filing : A Mirage ?

Prof. Bajaj 21 December 2011 at 11:26

Phew !! Thank God (and thanks to Pranav Babu) I dont have to file ITR this year. It is such a painful process, Said Ajay Dixit, a 27 year old BPO Executive to his friend Kapil. And how did you arrive at this conclusion,

How to get credit for TDS

Guest 08 December 2011 at 13:05

The person who will be receiving the income should file a declaration with the payer of the income, stating that such income is taxable as the income of the specified persons who are supposed to be taxed on such income How often have you had the

Understanding Section 36 Deduction with Latest Case Laws

Manish Kumar Agarwal 06 December 2011 at 13:11

Under section 36 of the Income tax act, 1961 there are number of deductions available along with their conditions. Below we are discussing the summary of the few latest case laws in respect of section 36 which will make us understand the deducti

Understanding Dis-allowance Under Section 40 of Income Tax Act, 1961 with Latest Case Laws

Manish Kumar Agarwal 05 December 2011 at 16:56

Now a days, assesses are facing number of disallowance under various clauses of section 40 of the act by the Income tax officials. These issues were handled with due care at the time of the assessment itself so that in the case of forc

Taxability of VRS Compensation

CA Mandar Joshi 29 November 2011 at 13:54

Whenever any employer organisation decides to introduce a scheme of Voluntary Retirement from the service, the main issue with employees' union, apart from consensus on VRS Compensation amount, is Taxability of that amount since the amount is

Income tax Scrutiny Assessment

CA Satish Badve 29 November 2011 at 13:54

Scrutiny of the income tax return is a regular feature to find out whether the income declared in the income tax return of relevant assessment year is correct and the income tax has been paid on the same.

Income from House Property - Direct Tax Code

Selvakumar Selvaraj 21 November 2011 at 13:34

As we are expecting the DTC be implemented from 1st April 2012, we have to be familiar with the DTC provisions. In general the DTC looks and be simple but it is complicated unless otherwise if we have studied the entire provisions of the act becau

Understanding Transfer Pricing with Latest Case Laws : Part 2

Manish Kumar Agarwal 14 November 2011 at 12:35

Now a days, during transfer pricing assessment , the TPO are coming with unique ideas like valuation of intangibles , corporate guarantees, ratings provided by CRISIL etc. this all leads to corporate in a mysterious situation. Below are the summ