Income Tax Articles

Budget 2011- Income Tax Perspective

Pavan Jain S 01 March 2011 at 09:57

Section /Schedule Head Amendment/New Provision Effective date Part III to Schedule I Advance taxes & TDS u/s 192

Correction in OLTAS Income Tax/TDS challan after payment

Amit Bajaj 24 February 2011 at 14:45

Recently I faced a situation where the tax demand on regular assessment of my client for A.Y 2008-09 was deposited with a nationalized bank but wrongly the said payment of demand was done towards A.Y 2010-11. This situation may have been faced

Expenses Disallowed under section 40A(3) and 40A(3A)

Amit Bajaj 21 February 2011 at 12:25

Section 40A(3) of Income Tax Act 1961 provides for disallowance of expenses in respect of which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on bank or account payee bank draft, exceed

Admissibility of Broken Period Interest in assessment

CA SIDDHARTH MEHRA 11 February 2011 at 11:47

Admissibility of Interest for the Broken Period in assessment of Interest on Securities Introduction When the Government securities are acquired between two due dates, the admissibility of interest attributable to the period from the

The real effect of section 50C of the Income Tax Act, 1961

CA SIDDHARTH MEHRA 11 February 2011 at 11:47

Introduction Section 50C was inserted by the Finance Act, 2002 with effect from April 1, 2003. It reads as under : Special provision for full value of consideration in certain cases.(1) Where the consideration received or accruing as

Provisions of section 40(b) of Income Tax Act 1961

Amit Bajaj 10 February 2011 at 11:38

Section 40(b) of Income Tax Act places some restrictions and conditions on the deductions of expenses available to an assessee assessable as a partnership firm in relation to the remuneration and interest payable to the partners of such firm. The ded

Residential status Vs. Taxability of Income

CA CMA CS Ram Pavan Kumar Melam 31 January 2011 at 10:35

The residential status of a person is required to be determined for each assessment year in order to determine the scope of total income.

DTC 2010 provisions for Co-operatives

SHRIRAM DESHPANDE 28 January 2011 at 14:24

Proposed provisions in respect of cooperative societies in Direct Tax Code 2010 1. India is a country of diversity. This is true not only for geography, culture and religion but also for business models. Apart from capitalism and socialism, the cou

80D- Key deduction for good financial planning

CS LLB Pulkit Gupta 27 January 2011 at 10:49

80D- Key deduction for good financial planning (For Beginners like me) (A) 80C+80CCD+80CCE V/s 80D * When it comes to financial planning the first thing that strikes in our mind is 80C deductions like PPF, NSC , Tax

How to Design Salary Package!

Selvakumar Selvaraj 22 January 2011 at 11:29

The following are the points are worthy to note before designing the good salary package to an employee. As said by someone, tax evasion is a crime but tax planning is inevitable Let us proceed to know how to save your salary from