Income Tax Articles

Scope of scrutiny assessment in AIR cases under Income Tax

Amit Bajaj 21 March 2011 at 11:55

Income Tax Department nowadays selects almost all cases for scrutiny assessment under section 143(2) of Income Tax Act 1961 based upon AIR(Annual Information Return) transactions or through CASS. It is sometimes seen that when a case is selecte

Capital Gains - some issues

Member (Account Deleted) 18 March 2011 at 11:14

ISSUES IN CAPITAL GAINS INTRODUCTION The concept of Capital gains needs a thorough study and interpretation to understand and apply them practically. Hence, the issues on capital gains are mostly concept oriented and often vary on the

Budget 2011-12 For Employees

CA. Dashrath Maheshwari 09 March 2011 at 11:52

BUDGET 2011-12 FOR EMPLOYEES WHAT WE GOT WHAT NOT GOT New category of VERY senior citizens (above 80 years) to get higher IT deduction limit of `. 5 lakh (How much people will come under this categor

Capital Gain on Conversion of Capital Asset Into Stock

Amit Bajaj 07 March 2011 at 11:08

Section 45(2) of Income Tax Act deals with the cases where a capital asset is converted into stock in trade. Whenever a capital asset is converted into stock in trade by an assessee it is deemed as transfer of capital asset and attracts capital

Payment of TDS

Manish Kumar Agarwal 07 March 2011 at 11:07

Dear All, You kind attention is invited to my trailing mail dated June 9th 2010 highlighting therein the amendment made vide Notification No. 41/2010 dated 31 May 2010 and the notable features of the amended TDS Rules. These are as under: (a) Time

Budget 2011 Income Tax

Mahesh Kapasi 03 March 2011 at 15:22

www.caclubindia.com/homepage/maheshkapasi MAHESH KAPASI E-Mail: maheshkapasi49@gmail.com Chartered Accountant

A few thoughts on Section 14A

Ryan Saldanha 03 March 2011 at 15:18

Income-tax Act, 1961 has so many complicated provisions. I feel it is best to uncomplicate that which is complicated. As Denzel Washington said in movie PHILADELPHIA, All right, Mr. Laird, explain this to me like I'm a four-year-old

Income declared u/s 44AD-no need to explain each cash deposit

Amit Bajaj 02 March 2011 at 12:06

Income declared u/s 44AD- Assessee not liable to explain each entry of cash deposit. I have found the following Judgement very useful for small assessees who declares their income under presumptive income schemes and I am sharing it here for benefit

Direct Tax Impact on Budget 2011

Manish Kumar Agarwal 01 March 2011 at 22:45

MAJOR HIGHLIGHTS OF UNION BUDGET: 2011-12The following are the major Highlights of the Union Budget 2011-12 presented by the Honble Finance Minister Mr. Pranab Mukherjee in the Parliament on Monday (i.e. Feb. 28th 2011)DIRECT TAXES The proposa

Some Important changes in Income Tax after Budget 2010-11

Amit Bajaj 01 March 2011 at 09:57

Rates of Income Tax : in the case of every individual or Hindu undivided family or every association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31