Income Tax Articles

Tax Audit - A glance

Karan Teli 03 September 2011 at 13:04

Hello everyone. Happy Ganesh Chaturthi To all.... These days we all are busy with our tax audits schedules and many of the small firms have their most earnings and survival on tax

TDS on Provision for Expenses

Manish Kumar Agarwal 30 August 2011 at 12:11

One of the most disputed arguments between assessee and income tax department is that whether payments made towards specified expenditure attracts disqualification u/s 40(a) (ia) and applicability of this section to provisions made at the year end a

Visit Days of NRIs to be Excluded For Finding Residential Status

CA. Anuj Gupta 16 August 2011 at 19:19

The moment one become resident in India as per Income Tax Act, his global income becomes taxable. If one is Non Resident , his income earned outside India is not taxable . So, for a non resident , there is always danger of taxation of global income

Deduction of Tax from Salary

jatin kapoor 12 August 2011 at 16:01

SECTION 192 : DEDUCTION OF TAX FROM SALARY SECTION 192(1): Tax to be deducted at average of income-tax The total tax to be deducted, on the estimated income of the employee for the relevant financial year, is divided by the number o

Petrolium Income-tax

Selvakumar Selvaraj 11 August 2011 at 11:53

Why dont we introduce Petroleum Income-tax In India? We all know that Petrol costs goes up day by day probably intra-day in future. Everybody is struggling to get p

TDS on Reimbursement made to NRI

Amit 09 August 2011 at 11:37

Query-Mr A is an employee of XYZ foreign Company . He rendered his services to all the companies with in the same group. One of the group company is situated in India. So for performing his job he has to visit Indian Company. The important things

Who is Responsible for TDS on sale of shares by NRI's

CA. Anuj Gupta 08 August 2011 at 12:10

Q.We are an Indian Company and our 5% equity is held by an NRI .Under an scheme of buyback of equity shares announced by our Company, the said NRI has offered all his equity for buyback. The said shares were acquired by him in convertible foreign ex

Concept of Advance tax

CMA Ramesh Krishnan 08 August 2011 at 12:10

Concept of Advance tax Introduction: According to sections 208 of the Income tax Act 1961, tax shall payab

NRI's can't claim concessional tax rate u/s 115H for interest

CA. Anuj Gupta 03 August 2011 at 12:19

Recently Madras High Court in the case of Dr. M MANOHAR(Appeal No 759 of 2004) decided an important question Whether the interest on the deposit made out of the interest income also qualified for concessional rate as the investment income de

Can NRI/PIO Claim Exemption on Transfer of Bonus Shares

CA. Anuj Gupta 02 August 2011 at 11:41

We all know that cost of Bonus shares is NIL as per sec. 55(2)(aa)(iii) of the Act and in normal circumstances , the gain on transfer of Bonus shares shall be fully taxable in the hands of seller. However , Income Tax Act