Income Tax Articles

SURVEY UNDER SECTION 133 A OF INCOME TAX ACT 1961

Amit Bajaj 30 January 2010 at 12:09

Survey in a wider sense means to scrutinize or to inspect. The power of survey under the Income tax Act has been provided U/S 133A and 133B. The provisions contained in section 133A are independent and to the exclusion of the other provisons of the a

Use of section 144A

Amit Bajaj 29 January 2010 at 11:53

Assesements under Income Tax Act 1961 are made U/S 143, 144, 147, 153. The criterias for selection of cases for scrutiny has been increased.

Reassessement under Income Tax Act

Amit Bajaj 29 January 2010 at 11:48

The power of assessement or reassessement of any income chargable to tax that have escaped assessement has been provided under secton 147 r w s 148 of Income Tax Act of 1961.If the assessing officer has the reason to believe that any income charga

SECTION 43(6) V. SECTION 45(1A)

Pavan Jain S 28 January 2010 at 14:10

CA Pavan Jain S, ACA., grad CS.Taxability of a receipt is governed by section 2(24) of the Income Tax Act (hereinafter referred to as “Act”) which define the term “Income”. In ordinary parlance, the term income connotes a rec

deduction u/s 80-IA of income tax act, 1961

CA Anshu Agarwal 28 January 2010 at 14:07

3.1 Deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc. [Section 80-IA]3.1.1 Applicability: where GTI includes any profits and gains derived from eligible business.

Transfer Pricing

CA Prashant Gupta 28 January 2010 at 14:07

Transfer Pricing Sometime an Indian company can associated with a foreign company which is situated in other country. Indian company can purchase on high price or sale it on lower price to shift its profit. In this way a part of profit is transferre

TDS u/s 194C

CA Prashant Gupta 23 January 2010 at 18:16

TDS u/s 194C The most used section related to TDS is 194C. It is commonly used yet this is very complicated section. From 1st October, 2009 it is changed. Now TDS rate is divided in new two parts: (i) One percent where the payme

FBT FIRST INSTALMENT PAID-REFUND OR ADJUSTMENT

Vijay Kalia 23 January 2010 at 11:46

FBT FIRST INSTALMENT OF JUNE QURATER PAID-REFUND OR ADJUSTMENT?FINANCE ACT (No.26), 2009 AND FINANCE ACT (No.2), 2009The Finance Bill (No.2), 2009 could be presented on Sixth of July, 2009 due to formation of new government but by that time many cor

REGISTRATION OF MINOR TRUST: REVISED

CA Nitesh Kumar More 20 January 2010 at 13:41

REGISTRATION OF MINOR TRUST: REVISED BY CA NITESH KUMAR MORE 9883157484 Trust can be formed for a minor by executing a deed for a specific pe

PROBLEMS OF TAKING A FLAT IN A PVT LTD COMPANY

CA Amit Kumar Hallen 19 January 2010 at 12:22

It is advised not to take any flat in a company name to save stamp duty to be paid at the time of further transfer in future. There will not only a problem in current year, but assessment of last 6 years can be reopened. This can be explained as foll