Income Tax Articles

Deferred Tax Liability

CS Ankur Srivastava 25 June 2011 at 20:18

Deferred Tax Liability is the difference between the provision of tax and actual tax. It is the timing difference that arises because of the tax calculated as per Companies Act and Income Tax Act. Example:- Provision for Tax in the P/L was Rs.

Amendment in the process of issue of TDS Certificate

CS Bijoy 22 June 2011 at 12:24

The Department of Income Tax of India make amendment in the process of issue of TDS certificate by CIRCULAR NO. 3/2011 [F. NO. 275/34/2011-(IT-B) DATED 13-5-2011. Section 203 of the Income-tax Act 1961 ("the Act") read with the Rule 31

Penalties under the Income Tax Act

Neha Yadav 16 June 2011 at 11:50

PENALTIES UNDER THE INCOME-TAX ACT For non-compliance with the different provisions of our Income Tax Act, Section 140A, 143(1A), 221 and 271 to 275 give the reference to levy penalty on a assessee. An assessee might be prosecuted for his comply wit

TDS applicability on provision for expenses

CA Prabhakar Dubey 10 June 2011 at 13:16

Hi All, Recently I have read the article on CACLUBINDIA that TDS will be applicable on provision for expenses. First we must understand that what is the provision for expenses we booked in the books of accounts. As per AS 29, provision is the estima

Filing revised return under Income Tax Act, 1961

Amit Bajaj 06 June 2011 at 13:19

If a person has filed his return of Income u/s 139(1) of Income Tax Act 1961 i.e within the due date of filing the return and if he subsequently finds that in the original return he has committed some mistake bonafidely then he can revise his return

Procedure for issuance of Lower/Nil TDS Certificate

Manish Kumar Agarwal 04 June 2011 at 13:15

Procedure for issuance of Lower / Nil TDS Certificate Every finance professional are making estimated accounts of the company and based on that you can also prepare the estimated computation of total income assuming same adjustmen

TDS on Interest Paid to Overseas Bank

CA Navin Jain 28 May 2011 at 12:31

TDS ON INT PAID TO OVERSEAS BANK Following points to be considered while deduct TDS on Interest on loan ta

Issuance of TDS Certificates in Form No. 16A

Manish Kumar Agarwal 26 May 2011 at 12:04

As you are aware that at present, the activity of issuance of Form No.16A is distinct and independent of filing of e- TDS statement on quarterely basis and therefore the chances of mismatch, in certain cases, between TDS Certificate in Form No.16A a

Advance Rulings

Rahul Ramesh 25 May 2011 at 11:33

Chapter XIX B of the Income Tax Act 1956 deals with Advance Rulings. Authority for Advanced Rulings is constituted under section 245O by the Central Government for giving advance rulings. The authority shall consist of a Chairman and two

Understanding double tax avoidance agreement

Manish Kumar Agarwal 21 May 2011 at 12:27

UNDERSTANDING DOUBLE TAX AVOIDANCE AGREEMENT WITH LATEST CASE LAWS In Todays modern world of advanced globalization, business is not restricted to a single geographical territory & crosses all border of the countries. This had emerge