Income Tax Articles

General Question Regarding Income-tax

jyoti 10 March 2009 at 14:23

General Question Regarding Income-tax 1. What is Income Tax? It is a tax imposed by the Government of India on any body who earns income in India. This tax is l..

TDS on Salary - Stepwise Procedure

CA.Tarun Maheshwari 03 March 2009 at 22:27

STEP BY STEP PROCEDURE FOR DEDUCTION OF TAX AT SOURCE FROM THE SALARIES OF EMPLOYEES FOR ASST. YEAR 2009 – 2010 REFERENCE CODE 1 Gross sal

Appeals In Income Tax India

CA CS CIMA Prakash Somani 01 March 2009 at 02:17

According to the provisions of Section 246 any assessee who is aggrieved by an order, passed by the Assessing Officer may prefer an appeal to the Commissioner of Income-tax (Appeals).The Commissioner of Income-tax (Appeals) or the Appellate Tribunal

Taxability of Co-operative Housing Societies

A nagpal 26 February 2009 at 19:41

Taxability of Housing SocietiesIn general the perception is that income of Co–operative Societies is not chargeable to tax and therefore many societies do not bother to take PAN No. & file Income Tax returns. This is a wrong perception sinc

Section 43 B of income tax act,1961

PIYUSH SINGH 12 February 2009 at 14:26

Section 43 B (Allowance Of Deduction on Payment Basis)If the assessee follows mercantile system of accounting actual payment of expenditure during the P.Y is no..

TAXABILITY OF PERQUISITES PROVIDED BY EMPLOYERS .

Kishan Kumar 12 February 2009 at 14:24

TAXABILITY OF PERQUISITES PROVIDED BY EMPLOYERS WHO ARE NOT SUBJECT TO FRINGE BENEFIT TAX INTRODUCTION Since, Chapter XII-H relating to Fringe Benefit Tax, as provided in the Finance Act, 2005, is not applicable to the employer, being an individual

Wealth Tax Basic Provisions

CA.Tarun Maheshwari 10 February 2009 at 15:38

Assessees Liable to Wealth Tax (Section 3)Wealth Tax is charged for every assessment year in the hands of individuals, HUFs and all companies (private as well a..

AUDIT REPORTS AND ACCOUNTANT'S REPORT

CA.Tarun Maheshwari 08 February 2009 at 22:11

AUDIT REPORTS UNDER THE INCOME-TAX ACT (To be furnished along with the Return of Income) Section Rule For Whom In Form No. 12A(b) 17B Public charitable or religious Trusts or Institutions whose incom

FBT on ESOPS

Kishan Kumar 05 February 2009 at 00:16

FRINGE BENEFIT TAX ON ESOP`S INTRODUCTION The proviso to section 17(2) iii has been omitted. So far the value of any benefit provided by the company free of cost or at a concessional rate to its employees by way of allotment of shares, debentures or

Rule 8D of the Income Tax Act - Prospective or Retrospective

Hiral Raja 05 February 2009 at 00:12

Section 14A was introduced in the Income Tax Act, 1961 by the Finance Act 2001 with retrospective effect from 1st April 1962. The intent of introducing this section was reiteration of the well settled legal principle that when an assessee incurs any