Income Tax Articles
Exemption of leave travel allowance
Leave Travel Allowance or Leave Travel Concession is the allowance which is paid by company to its employees to meet expense of travelling within India. This is for employee and his family. This is tax free under se
Dear Vighnaharta, what should be first Income tax return or tax audit report?
Karniti Part 52 Dear Vighnaharta .., what should be first, Income tax return or Tax Audit report? Please remove the Vighna (complications) Arjuna (Fictional Character): Krishna, the festival of Lord of Wisdom Shri Ganesha is being celebrated
Deduction u/s 24(b), HRA exemption & interest capitalisation
Assessee claim deduction of Interest on Housing Loan to acquire house property u/s 24(b) and simultaneously HRA exemption on rent paid (if he resides in property other than acquired). Further upon sale of said property, interest already claimed as de
Reasons for notice u/s 148 before filing of return u/s 148
Assessee Can Claim Reasons For Issue Of Notice U/S 148 Before Filing Of Return U/S 148.Section 148 of the Income Tax Act, 1961 is possibly the most belligerent combat tank in the armory of Income Tax Department. This tank has been further strengthene
International Taxation- Beware of Vodafone Case
START-UPs BEWARE OF VODAFONE!By Paras Mehrawww.Quickcompany.inMr Ashish Ranjan, developer, started his business in Hong Kong. Since he was good at marketing, his business soon started generating profits. Ashish, through his Hong Kong Company e
Demand u/s 143 (1) by inc tax dept and rectification u/s 154
Income Tax Return filing season for certain class of assessees including individuals not falling under tax audit provisions has just been over and by now the Income Tax Depar
Taxability of Income in Absence of Article 15
IF A PERSON IS NON RESIDENT IN BOTH THE STATES! WHERE TO TAX THE INCOME?By Paras Mehrawww.Quickcompany.in I am Paras Mehra, a Chartered Accountant. Co-founder of Quickcompany.in Many external people seek advice from me, I have been only a start up in
Reporting in 3CD Form (Tax Audit)
HIGH ALERT FOR ASSESSEES: : CARE TO BE TAKEN..The new form has been designed as if SCRUTINY ASSESSMENT is made by the AUDITOR himself. ..Major Changes in 3CD Reporting:.Clause 5 : .(Text with key words highlighted fo
Missed 31st July Deadline for filing Income Tax Return? What Now?
Most of tax payers comply with 31st July deadline for filing Income tax returns. However many miss out due to other commitment in professional and personal life. Missing the deadline does not mean you cannot file your return. Infact if you have miss
Special Reserve created under section 36(1)(viii)
Special Reserve created under section 36(1)(viii) of the Income Tax Act, 1961 and Deferred Tax Liability on it.As per section 36(1)(viii) of Income Tax Act 1961 in respect of any special reserve created and maintained by a specified entity, an amount
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