Income Tax Articles

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

Utter Confusion about EPayment & EReturns

Mahesh 02 May 2009 at 12:14

It seems that the government departments are over enthusiastic about introduction of new ideas without doing the proper groundwork. In fact, they are making mockery of their master; the taxpayer.Some of the instances of such mockery are-1)

E- TDS/TCS RETURNS - FAQ

CA CS CIMA Prakash Somani 24 April 2009 at 13:05

FREQUENTLY ASKED QUESTIONS 1. What is e-TDS Return? e-TDS return is a TDS return prepared in form No.24,26 or 27 in e

Are I-T Forms Saral!

Mahesh Kapasi 24 April 2009 at 13:05

Are I-T Forms Saral!The Forms for Income Tax at present are most complicated to fill in for most taxpayers -it requires assistance from Chartered Accountants / tax practioners and TRP etc. One page, Saral Form for all tax payers must be re-introduced

FAQs on Input Tax Credit (ITC)

CA CS CIMA Prakash Somani 22 April 2009 at 12:39

INPUT TAX CREDIT Q.1. What is input tax credit? A.1. Input tax credit is the amount of tax paid by the dealer on purchases for which the dealer is entitled to claim a credit.

Business Income vs Charitable Institutions

Dilip K Raina 15 April 2009 at 10:37

Business Income vs Charitable Institutions “I cannot forget the services rendered by the commercial class, but I want you to make Congress your own and we would willingly surrender the reins to you. The work can be better done by you. But if

Remission of Loan

ankush 24 March 2009 at 23:04

Remission of Unsecured LoanCase for Taxability u/s 41(1) vis-à-vis 28(iv)Brief facts for issue in discussion are as under- ABC Pvt. Ltd had taken unsecured loan from various parties. For the first 2 years the company paid interest regularly a

Penalty u/s. 271(1)(C)

Hiral Raja 24 March 2009 at 23:03

If the Assessing officer or Commissioner (Appeals) in the course of any proceedings under the Act is satisfied that any person has concealed the particulars of his income or furnished inaccurate particulars of such income, then he can direct that suc

Income from business and Profession

anu 16 March 2009 at 18:43

Income from business and Profession 1. What does ‘Profession’ mean? Profession means exploitation of one’s skills and knowledge independently. Profession includes vocation. Some examples are legal, medical, engineering, architectu

FAQ on Taxable Income

jyoti 12 March 2009 at 13:53

FAQ on Taxable Income 1. What does the Income Tax Department consider as income? The word ‘Income’ has a very broad and inclusive meaning. In case of a salaried person, all that is received from an employer in cash, kind or as a facility