Income Tax Articles

Few Legal Decisions

Dr. Paras Jain 17 October 2010 at 00:37

Legal Decisions - Income Tax for detail refer to summary below.INDEX FOR REFERENCE Section Case Decision Rectification /Merger 154(7)

Sections Skeleton of Salary ITR

CA. Chikkerur C R 11 October 2010 at 12:33

Salary is first source or first head of Income charging under Income Tax Act -1961. It is an important source of revenue to Government too.

Sec.50C and Sec.69B of IT Act 1961 - No Twins

CA S.SAIRAM 11 October 2010 at 11:52

Sec.50C and Sec.69B of IT Act 1961 - No Twins Man proposes, God disposes (either ways). But luckily for the assessee the Department proposes, judiciary opposes. Our Income tax law provides for tackling the cases of undervalued as well as undiscl

Scrutiny assessments under Income Tax Act 1961

Amit Bajaj 04 October 2010 at 11:01

The Scrutiny Assessments under Income Tax Act 1961 are made u/s 143(3). For many years now many of the returns of the assesses are accepted as they are being filed by the assesses and intimation is sent u/s 143(1) and only fewer cases are selected fo

Indo-Mauritius Treaty: Mortising Legality to Tax evasion

CA S.SAIRAM 04 October 2010 at 11:00

Indo-Mauritius Treaty: Mortising Legality to Tax evasion The thin line of demarcation between tax evasion and tax avoidance is the 'scienter' or the intent of fraud. The moment the adjudicating or apex authority fails to discern the

No penalty if audit report obtained but return filed after due date

Amit Bajaj 29 September 2010 at 11:11

No penalty u/s 271B, If the audit report is obtained within the due date, but return is filed after the due date. I have had a discussion lately on the topic whether penalty u/s 271B is imposable in case the audit report u/s 44AB is obtained within t

Income Tax Exemptions are Poor Justification for DTC

CA Anil Garg 22 September 2010 at 13:40

Experts opinions, newspaper editorials and even comments on CA Club website lavishly talk about income tax exemptions to be distorting the tax scene of the country, leading to massive leakage of revenue to the government and ultimately responsibl

Annual Tax Statement (Form 26AS)

dhaval 16 September 2010 at 11:56

Annual Tax Statement (Form 26AS) Annual Tax Statement (Form 26AS) is a statement, which is created financial year wise on the basis of TDS/TCS returns filed by the Deductor/Collector and tax deposited in the bank. Form 26AS includes details of

Annual Tax Saving Tips : Especially for salaried employees

CMA. Subhash Kumar Jha 16 September 2010 at 11:55

Annual Tax Saving Tips : Especially for salaried employees Ideally everyone should plan their tax saving from April onwards but often people tend to forget this matter after submission of their investment declarations to their employers. Often

Forex loss in Tax Laws : Evil Lurks

CA S.SAIRAM 13 September 2010 at 14:52

Our Income Tax law leaves the method of accounting to be desired by the assessee. The insistence is only on the consistency of the method of accounting employed over substantial number of years. Any claim of deduction towards Business expenditure is