Income Tax Articles

Disallowances in case of Interest free loans granted

varun jain 28 December 2010 at 13:44

Disallowances in case of Interest free loans given by a company to a sister concern or others. In this regard it is pertinent to note that it is a well settled law that notional incomes are not taxable under the Income Tax Act, 1961. The Orissa

All you want to know about TDS

CMA. CS. Sanjay Gupta 27 December 2010 at 11:50

TDS is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of

Prerequisites for Claiming Bad Debts

varun jain 23 December 2010 at 12:43

Prerequisites for Claiming Bad Debts In order to claim deduction of bad debts u/s 36(1)(vii) following conditions must be cumulatively satisfied: 1) It must be a DEBT: A debt is a present obligation to pay an ascertainable sum of money, wheth

Nothing's certain but death and taxes

CA. Chikkerur C R 15 December 2010 at 17:01

Advance Tax – Better to payOld saying; - Nothing's certain but death and taxes, Every Income Tax Asseesee whose Tax liability is more than Rs 10,000 must pay Advance Tax. Income Tax Assessee can be any one – Sala

DTC Bill, 2010 Decoded

CA RUPESH LOHADE 13 December 2010 at 12:23

Background & Introduction They say the only thing that doesnt change is change itself and that is true for Direct Tax Laws. The taxation laws in our country undergo many changes. Direct Tax Laws is an important area of c

Impact of Direct Tax Code on Power Sector

CA. GAURANG THAKKAR 08 December 2010 at 13:38

Direct Tax Code and its Impact on Power Sector When archaic rules have to be replaced with new ones, the changes must be dramatic and path breaking. --- Union Finance Minister Pranab Mukherjee at the time of releasing the draft D

Section 194B

Rahul Ramesh 06 December 2010 at 13:04

Section 194B TDS on Winnings from Lottery According to section 194B of the Income Tax Act 1956, The person responsible for paying to any person any income by way of winnings from lottery or crossword puzzle or card game and other ga

Whether higher stock declared to bank attracts Section 69?

Amit Bajaj 01 December 2010 at 11:17

WHETHER HIGHER STOCK THAN ACTUAL DECLARED TO BANK ATTRACTS ADDITIONS U/S 69 OF INCOME TAX ACT 1961 Section 69 of Income Tax Act deals with the cases of unexplained investments which have been made by the assessee but not accounted for in his books o

Provisioning for Benefit in case of hospitalization expenses

sksen 22 November 2010 at 11:20

PROVISIONING FOR BENEFIT IN CASE OF HOSPITALIZATION EXPENSES As a citizen of India, I would like to bring forth an issue which I feel may be given a serious thought for the benefit of all. Slabs of individual tax payer depends upon his/her income a

The advent of APA in TP regime

PS Prabhakar 08 November 2010 at 12:17

ADVENT OF APA IN TRANSFER PRICING TAXATIONp.s.prabhakarThe arena of International taxation has always been quite complex as much as it has been exciting (for tax practitioners in particular). What with residency rules, PE provisions, TP regimes, 195