Income Tax Articles

Knowhow write-off: Comparing Sec. 32 and Sec.35AB

CA S.SAIRAM 23 August 2010 at 11:53

Knowhow write-off: Comparing Sec. 32 and Sec.35AB of IT ACT 1961The definition for Knowhow in the IT Act 1961 is “any industrial information or technique likely to assist in the manufacture or processing of goods or in the working of a mine, oi

Extra deduction of Rs. 20,000 under section 80CCF

Nandan Narula 21 August 2010 at 15:16

Another avenue to save tax was introduced in the Budget 2010 in the form of section 80CCF. This section allows a deduction of Rs. 20,000 for investments made in Infrastructure Bonds. Recently, IFCI has come up with an issue of Long Term Infrastructu

Procedural Provision relating to TDS

Amit Bajaj 18 August 2010 at 11:53

T.D.S means the Tax deducted at source. Whenever a person liable to deduct tax of another person under Income Tax Act, deducts tax, the credit of such tax is given to the deductee when his liability to pay income tax is calculated. Such credit is giv

Presumptive income schemes for small Assessees

Amit Bajaj 17 August 2010 at 11:08

There are many presumptive income schemes for small businessmen engaged in civil construction, transport business, retailers etc. A person covered under these schemes can declare his income under these sections on presumptive basis and can get himsel

Filing income tax return after due date

Amit Bajaj 17 August 2010 at 11:06

The due date for filing income tax return for corporate aseessees and other aseessees who are required to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30th September and for others it is

The biggest litigant in the Government of India

Venkateswara Rao Sapare 16 August 2010 at 11:51

The biggest litigant in the Government of India “It is my proud privilege to be part of this momentous occasion in the history of the Income Tax Department, which is celebrating 150 years of Income Tax in India. For the first time in

DTC in hindi

CA Sudhir Halakhandi 14 August 2010 at 19:10

DTC in Hindi

A Day's delay in TDS remittance - Interest upto 3%!!!

CA. Pradeep Nayak 13 August 2010 at 11:08

Yes, TDS remittance delayed by a day may cost the deductor up to 3%. So next time, as a deductor if you are not serious about the due date for TDS remittance, just think about this. Due date for TDS remittance Ø Where the amount is credite

Income from Employment,Direct Taxes Code, 2009

Venkateswara Rao Sapare 09 August 2010 at 10:45

Income from Employment, Section 17, Direct Taxes Code, 2009. Please focus your attention about the word “Person” The following lines are from 4.7, “Scope of total Income”, Chapter-IV of “Discussion Paper on Direct Taxe

Linklaters LLP Ruling - Impact on Taxability of Professional

taxindiaconnect 05 August 2010 at 18:08

In a recent ruling in ITA no 4896/Mumbai /03, Hon’ble Income Tax Appellate Tribunal ( ITAT Mumbai / The ITAT ) has delivered a land mark decision, in the case of Linklaters LLP Vs Income Tax Officer – International Taxation. In the rul