Income Tax Articles

Capital Gains: Few Basics that you should Know

Posted by Damandeep Singh 13 November 2015 12882 Views

Capital Gains is the 3rd Head of Income described under Income Tax Act, 1961 and provisions relating to it are given from Sec. 45 to 55A. Capital gains refers to profits & gains on transfer of any capital asset. Meaning of Capital AssetIn genera

Lease and Depreciation claim-An analysis

Posted by Yogesh Agarwal 07 November 2015 37141 Views

Lease and Depreciation claim-An analysisLease nowadays a method of using the tangible material or equipment like Machinery, Vehicles and in a nature of like assets. Instead of buying the same the lessee takes them on lease or say hire from the lessor

Required to file ITR?

Posted by Pulkit Agrawal 03 November 2015 9515 Views

It is mandatory to file your Return of Income (ROI) and communicate your details of incomes earned to the Income Tax Department. The provisions relating to filing of ROI depends upon the status of taxpayer. The position in regard to this is described

Key point and analysis of final rule on range concept and use of multiple year data

Posted by RAGHAV GUPTA 30 October 2015 9655 Views

Key Point and Analysis of Final Rules on �Range Concept� and �Multiple year data� in Transfer Pricing provisions IntroductionThe Income-tax Act provides for determination of income having regard to Arm�s Length Price (A

Way to Get Unclaimed Refund

Posted by CA CS Jainam Shah 28 October 2015 11148 Views

There are many circumstance in which a person may forgot to claim the credit of Tax deducted at source or sometimes TDS has been lately credited in his account. This is specially truth of the cases where a person is either not supposed to file return

Is there a need to apply Fuzzy Logic in sec 44AB?

Posted by N.Srinivasan 26 October 2015 8083 Views

Sec 44AA of the Income tax Act stipulates about the compulsory maintenance of Accounts by Certain persons carrying on business or profession and return their income under the head �Profits & Gains of Business or Profession. What is the limi

Full Summary of Form 15CA & 15CB Requirements & relevant Provision

Posted by CA Manan Gupta 16 October 2015 31427 Views

Firstly to understand the provisions & needs of Form 15CA & 15CB, we have to understand the income Tax Act & Rules made behind the compliances and transactions required the compliances of Form 15CA & 15CB.1- Section 195(6)of Income

Differences between Income Computation and Disclosure Standard and Accounting Standard

Posted by rohitash rajpurohit 14 October 2015 17620 Views

Statement showing differences between Income Computation and Disclosure Standard and Accounting Standard ICDS corresponding to accounting Standards ICDS No. ICDS Corresponding to AS Applicability on JAL I

Otiose extension by CBDT: A puerile step

Posted by Harish Chander Bhatia 06 October 2015 10108 Views

WILL CBDT and its sycophants introspect and explain to their own consciences that why this foolishness to extend due date for filing of ITR/TAR after ending of statutory due date. What purpose it has served for them. Those who put the CBDT and MoF i

Receipt without consideration (Gift) from Non-Relatives - A tool for tax planning

Posted by CA Preksha Choraria 28 September 2015 16510 Views

Any receipt without consideration or receipt with inadequate consideration from relatives (as defined under Income Tax Act) is not taxable. However, certain receipt without consideration or receipt with inadequate consideration even from non-relative