Income Tax Articles

Provisions of section 40(b) of Income Tax Act 1961

Amit Bajaj 10 February 2011 at 11:38

Section 40(b) of Income Tax Act places some restrictions and conditions on the deductions of expenses available to an assessee assessable as a partnership firm in relation to the remuneration and interest payable to the partners of such firm. The ded

Residential status Vs. Taxability of Income

CA CMA CS Ram Pavan Kumar Melam 31 January 2011 at 10:35

The residential status of a person is required to be determined for each assessment year in order to determine the scope of total income.

DTC 2010 provisions for Co-operatives

SHRIRAM DESHPANDE 28 January 2011 at 14:24

Proposed provisions in respect of cooperative societies in Direct Tax Code 2010 1. India is a country of diversity. This is true not only for geography, culture and religion but also for business models. Apart from capitalism and socialism, the cou

80D- Key deduction for good financial planning

CS LLB Pulkit Gupta 27 January 2011 at 10:49

80D- Key deduction for good financial planning (For Beginners like me) (A) 80C+80CCD+80CCE V/s 80D * When it comes to financial planning the first thing that strikes in our mind is 80C deductions like PPF, NSC , Tax

How to Design Salary Package!

Selvakumar Selvaraj 22 January 2011 at 11:29

The following are the points are worthy to note before designing the good salary package to an employee. As said by someone, tax evasion is a crime but tax planning is inevitable Let us proceed to know how to save your salary from

Commandments of Tax Planning

Member (Account Deleted) 19 January 2011 at 16:04

1. Execution of Tax Planning: Execution of Tax planning should be such that the proposal should be applied with good conceptual knowledge of the facts. Tax Planning principles must be sound and also due care should be exercised in structuri

Infrastructure Bonds : whether worth to Invest ?

CMA. Subhash Kumar Jha 19 January 2011 at 11:46

Infrastructure Bonds : whether worth to Invest ? After the additional Rs. 20000 investment in Infrastructure Bonds are allowed as deduction under Section 80C, above the cap of Rs. 100,000/-, suddenly the tax payers see it as a brighter option to

Defective Return

CA CMA CS Ram Pavan Kumar Melam 18 January 2011 at 11:06

As per Section 139(9) where the Assessing Officer considers that the return of income furnished by the assessee is defective, he may intimate the defect to the assessee and give

FAQ on Payment of Tax

CA Sanat Pyne 12 January 2011 at 12:32

What are the new challans for the payment of Direct Taxes? The following new single copy challans have been introduced with effect from July 2005: Sr. No. Challan No.

FAQ on 26AS

CA Sanat Pyne 12 January 2011 at 12:11

1.What is Form 26AS? Form 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 of: a) tax deducted at source (TDS); b) tax collected a