Income Tax Articles

MAT in Simple Way

CA Ayush Agarwal 16 December 2009 at 13:56

Friends, I Hav Tried To Present MAT in simple Way.1. Normally companies are maintaining two set of books of accounts.2. Some times income computed under income tax law will be zero or negative. In this situation the company will escape from payment o

An overview of Section 194 J of Income Tax

Amol Gopal Kabra (CA,CS,DISA) 16 December 2009 at 13:55

Section 194 J – An overview (Effective 1.10.2009) Section 194J of the Income Tax Act, 1961 has the heading a “Fees for Professional and Technical Services”. However the Section covers the following categories 1. Fees for Profe

Section 194 C of Income Tax, An overwiew.

Amol Gopal Kabra (CA,CS,DISA) 15 December 2009 at 15:14

Section 194C - An overview (Effective 1.10.2009) Section 194C of Income Tax Act, 1961 covers “Payment to Contractors and Sub-contractors”. Even if the words contractors and sub-contractors are given, it also covers other types like works

WEALTH TAX AT A GLANCE

Rahul Ramesh 07 December 2009 at 10:08

WEALTH TAX AT A GLANCE Wealth Tax Act came into force on 1st April 1957. It is applicable to the whole of India. Under this Act tax is charged at the rate of 1% on the amount by which the net wealth of the assessee exceeds rupees fifteen lakhs on th

Appeal under Income Tax Act -I

Srikant 15 October 2009 at 12:09

Appeal under Income Tax Act,1961 Sections Covered1) 246A: CIT (Appeals)2) 254: ITAT ---Final Fact Finding Authority3) 260A: Supreme Court ---On substantial Question

Book Profit U/S 115 JB

Srikant 10 October 2009 at 15:48

Book Profit under Section 115 JBBook Profit = Net Profit + / - Few adjustments. Question:Can you tell me whether there is any restriction to compute net profit? No, because it depends upon various Accounting Policies which may vary from industry to

TRYST WITH THE DEPARTMENT - BLOOD (PRESSURE) RAISING ROUTINE

PS Prabhakar 07 October 2009 at 18:36

TRYST WITH THE DEPARTMENT – BLOOD (PRESSURE) RAISING ROUTINE It is not very rarely that we see our brothers and sisters in legal or medical professions go on some kind of an agitational mode to express their displeasure against certain polic

Tax Deduction at Source (TDS) -Not assesses fault

Mahesh Kapasi 30 September 2009 at 13:20

Income Tax- Tax Deduction at Source (TDS) -Not assesses's fault, Sir, why they are suffering? It is good that the Director of Income Tax (Systems) New Delhi has send E-mail to PAN holders to check their TDS etc as recorded by it (Form 26AS) for AY 2

NOTES ON INCOME FROM CAPITAL GAIN

CA Puneet Jethliya 30 September 2009 at 13:19

TRANSFERIt includes sales, exchange, redemption of zero coupon bonds and sale of anycapital asset with consideration. SHORT TERM CAPITAL GAINFor shares, securities hold for 12 months or less.Other assets hold for 36 months or less.For the following

Section 44AB - What if ITR not filed by Sep?

Lucknow CA Club 29 September 2009 at 11:38

Dear Friends,Everytime the deadlines approches, there seems to be a lot of confusion over if the penalty 271B for failure to "furnish" the Tax Audit Report u/s 44AB. The confusion appears to have arisen due to fragmented reading of circular