Income Tax Articles

HOW TO VERIFY PAID CHALLAN

CA. BIJENDER KR. BANSAL 18 June 2009 at 02:13

How to verify a paid challan On receipt of the amount, receiving bank will upload the details in the Challan to Government via NSDL through its OLTAS (Online Tax Accounting System

Form No. 24C.It is mandatory for all TAN holders to furnish this form irrespective of whether any payment liable to TDS has been made or not. This form shall be furnished on or before the 15th July, the 15th October, the 15th January in respect of th

VIEW TAX CREDIT

CA PIYUSH KAPOOR 14 June 2009 at 15:22

VIEW TAX CREDIT- FORM 26ASOverviewForm 26AS is a consolidated tax statement issued under Rule 31 AB of Income Tax Rules to PAN holders. This statement, with respect to a financial year, will include details ofa)Tax deducted at source (TDS);b)

GIFT FROM RELATIVE

CA PIYUSH KAPOOR 12 June 2009 at 12:34

Gift from a relative? No tax on itIntroduction It is widely known that gifts from relatives are tax-exempt. But what is not widely known at all is that gifts received even from non-relatives can also be completely exempt from income tax.

ANNUAL INFORMATION RETURN (AIR) AN UNTOUCHED ISSUE

Apoorva Mehta 11 June 2009 at 13:02

“ANNUAL INFORMATION RETURN (AIR) – AN UNTOUCHED ISSUE” WHAT IS “AIR”? Section 285BA of the Income Tax Act, 1961, read with rule 114E requires certain specified entities to file an Annual Information Return (AIR) in res

Works Contracts VS Contract of sales Whether Tax Deduction

taxindiaconnect 21 May 2009 at 15:10

Works Contracts VS Contract of sales – Whether Tax Deduction is required u/s 194C.Background - Chapter XVII of Income tax Act 1961 ( The Act) provides for the collection and recovery of tax from the assessee. Deduction of Tax is one of the var

CROSS BORDER M&A-TAXATION ISSUE

GAURAV 12 May 2009 at 17:05

Cross-border mergersandacquisitions - Addressing the taxation issues from an Indian perspectiveGAURAV GOELThe boom in cross-border Mergers and Acquisitions (M&A) has given new urgency to understanding and managing the complex tax consequences of

Non Compete Fees - Taxability Issues

taxindiaconnect 09 May 2009 at 18:39

Non Compete fees – Taxability issues The question whether a particular receipt has been a revenue receipt or a capital receipt has constantly been inviting the attention of tax payers, the law makers, the tax advisors and the Courts. The contr

Hindu Undivided Family

CA. Amit Daga 07 May 2009 at 22:00

HOW ONE CAN CREATE HUF(HINDU UNDIVIDED FAMILY) ? Though every body is interested in this question and this question has been asked by many and generally not have any answer in text book also, why it so ? The answer is very interesting that the above

Can Tribunal take back what assessing officer has given??

Hiral Raja 05 May 2009 at 15:44

Sub-section (1) of section 254 of the Income Tax Act, 1961 states as under: "254. (1) The Appellate Tribunal may, after giving both the parties to the appeal an opportunity of being heard, pass such orders thereon as it thinks fit." The mo