Income Tax Articles

Book Profit U/S 115 JB

Srikant 10 October 2009 at 15:48

Book Profit under Section 115 JBBook Profit = Net Profit + / - Few adjustments. Question:Can you tell me whether there is any restriction to compute net profit? No, because it depends upon various Accounting Policies which may vary from industry to

TRYST WITH THE DEPARTMENT - BLOOD (PRESSURE) RAISING ROUTINE

PS Prabhakar 07 October 2009 at 18:36

TRYST WITH THE DEPARTMENT – BLOOD (PRESSURE) RAISING ROUTINE It is not very rarely that we see our brothers and sisters in legal or medical professions go on some kind of an agitational mode to express their displeasure against certain polic

Tax Deduction at Source (TDS) -Not assesses fault

Mahesh Kapasi 30 September 2009 at 13:20

Income Tax- Tax Deduction at Source (TDS) -Not assesses's fault, Sir, why they are suffering? It is good that the Director of Income Tax (Systems) New Delhi has send E-mail to PAN holders to check their TDS etc as recorded by it (Form 26AS) for AY 2

NOTES ON INCOME FROM CAPITAL GAIN

CA Puneet Jethliya 30 September 2009 at 13:19

TRANSFERIt includes sales, exchange, redemption of zero coupon bonds and sale of anycapital asset with consideration. SHORT TERM CAPITAL GAINFor shares, securities hold for 12 months or less.Other assets hold for 36 months or less.For the following

Section 44AB - What if ITR not filed by Sep?

Lucknow CA Club 29 September 2009 at 11:38

Dear Friends,Everytime the deadlines approches, there seems to be a lot of confusion over if the penalty 271B for failure to "furnish" the Tax Audit Report u/s 44AB. The confusion appears to have arisen due to fragmented reading of circular

Understanding - Assessment Procedure in IT Act

CA CS CIMA Prakash Somani 23 September 2009 at 13:43

Sec 139(1): submission of return of income* Being a co. or a firm(even those co’s whose entire income is exempt u/s 10, etc)* Being a person other than co, firm 1) if his total income or 2) total income of any other person in

NOTES ON INCOME FROM BUSINESS OR PROFESSION

CA Puneet Jethliya 19 September 2009 at 12:20

Sec. 2(13) defines "business" to include any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture. Sec. 2(36) defines "profession" to include vocation. i.e. income earned not on the basis of prof

The Basics of ERP Implementation

Dilip K Raina 07 September 2009 at 21:56

The need for Enterprise Resources Planning was felt because of the growth of business houses which used to operate within a limited area and with a comparatively lesser capital .These business houses were being managed by owners direct

Dos and Dont's for ITR-V

vidyasagar 01 September 2009 at 16:57

Dos and Dont's for printing and submitting of ITR-Vs to ITD-CPC Bangalore Please use Ink Jet /Laser printer to print the ITR-V Form. The ITR-V Form should be printed only in black ink. Do not use any other ink option to print ITR V. Use of D

MAT - Tax on Gross Assets- Whether fair and logical?

Hiral Raja 25 August 2009 at 11:33

Under the erstwhile Income Tax Act, 1961, MAT was levied u/s. 115 JB on book profits. The idea of levying MAT on book profits was to ensure that the entity pays tax at least on book profits even though the tax payable by it under the Income Tax Act c