Income Tax Articles

New Simple Income Tax Return Print Specification

Manish Kumar Agarwal 20 April 2011 at 11:39

This is in continuation of earlier article regarding the introduction of New Forms. The printing of the forms should be according to the standards set below No Black and White forms will be accepted and only standard forms with appropriate colors

New Simple Income Tax Return Form Released

Manish Kumar Agarwal 19 April 2011 at 12:04

The finance ministry today introduced Sahaj and Sugam forms to make the process of filing income tax returns simpler, user-friendly and to reduce compliance burden on salaried persons and small businessmen. Sah

Reconciliation of Income As Per Profit & Loss A/C And Income

Manish Kumar Agarwal 13 April 2011 at 15:23

RECONCILATION OF INCOME AS PER PROFIT & LOSS A/C AND INCOME AS PER TDS CERTIFICATES WHOSE CREDIT CLAIMED IN THE SAME YEAR. It must be noted that as per the provisions of section 199 of the Income Tax Act, 1961, the credit of TDS should be gr

CBDT's circular No 739 on section 40(b) (v) is invalid-HP HC

Amit Bajaj 13 April 2011 at 15:22

Himachal Pardesh High court in an important recent Judgment namely M/s Durga Dass Devki Nandan.V Income-tax Officer, Palampur decided on 11-03-2011 has held the circular No 739 dated 25-03-1996 of CBDT as invalid. The said circular is on the issue o

Default in TDS & CARO

Shreya Sanghvi 13 April 2011 at 15:21

Default in TDS & CARO - Shreya Sanghvi TDS is always a controversial issue for every assessee. Considering the defaults in TDS by deductor and disclosure of the same by auditors in C

Amendment in Form 13

Manish Kumar Agarwal 04 April 2011 at 11:35

This is to inform you that the Central Board of Direct Taxes (CBDT) vide Notification No. 133/2011 dated March 29th 2011 has notified Incomeâ€tax (Second Amendment) Rules, 2011 which amends Rule- 28AA dealing with issue of Certificate for

Gross Profit Rate - Application of section 145(3) of the Income Tax Act

deepak K Gujrati 29 March 2011 at 15:49

GROSS PROFIT RATE Application of section 145(3) OF THE INCOME TAX ACT By Deepak k Gujrati FCA SYNOPSIS COMPONENTS OF GROSS PROFIT WHEN GROSS PROFIT RATE IS LOWER THAN PREVIOUS YEAR DEFECTS IN BOOKS OF ACCOUNTS APPLICATION OF SECTION 145(3

Understanding Section 14A Impact With Case Laws

Manish Kumar Agarwal 21 March 2011 at 11:57

Now a days, every assessee who is doing investment in shares are getting hitted hard by the impact of section 14A. The AO are adding back a huge sum on account of this, whereas the assessee had not e

Important Changes in eTDS Returns

Manish Kumar Agarwal 21 March 2011 at 11:57

Guidelines for reporting TDS transactions where amount paid to deductee has not exceeded the threshold limit Guidelines for reporting TDS transactions where amount paid to deductee has not exceeded the threshold limit in the first quarter but in sub

Scope of scrutiny assessment in AIR cases under Income Tax

Amit Bajaj 21 March 2011 at 11:55

Income Tax Department nowadays selects almost all cases for scrutiny assessment under section 143(2) of Income Tax Act 1961 based upon AIR(Annual Information Return) transactions or through CASS. It is sometimes seen that when a case is selecte