Income Tax Articles

New Perquisite Valucation Rules for Salary

CA Pramod Jain 07 January 2010 at 18:28

New Perquisite Valucation Ruleso 15% of salary.if accommodation is owned by employer if accommodation is owned by employer• For government employees, the value fixed as per central /state government rules.• For other employees, the valuation will dep

A brief view on DT Code

Manikanta Raju CA,CWA,(CS) 06 January 2010 at 00:56

Introduction: One of the most critical drafts of Indian statutes was Income tax Act, 1961. In order to simplify the current tax structure government of India comes with a proposal of introduction of Direct Tax Code (DTC). The new Tax draft has given

The new Perquisites rule - Main changes - Summary

CA.Parsun Garg 24 December 2009 at 12:46

The new Perquisites rules have been notified and the main changes are under perks for Car/ Driver and for ESOP Schemes. The same have been summarized herein for quick reference. For specific conditions, explanations, etc. and other minor changes,1.

Applicability of Sec 40(a)(ia) on year end TDS provisions

Manikanta Raju CA,CWA,(CS) 22 December 2009 at 12:43

Introduction: One of the important aspect during the tax audit is whether payments made towards specified expenditure attracts disqualification u/s 40(a) (ia) and applicability of this section to provisions made at the year end and its implications.

Recourse available against deductiabilty of TDS u/s 194A

Manikanta Raju CA,CWA,(CS) 18 December 2009 at 18:55

This topic is relating to problems faced by General Insurance companies providing third party insurance:-In most of the cases the accident victim in road accidents are poor and road side people. They will receive money from insurance companies by way

A breif note on IT scrutiny

Manikanta Raju CA,CWA,(CS) 18 December 2009 at 18:53

The below mentioned article broadly covers all important aspects relating to scrutiny proceedings carried out u/s 143(2)/(3) of the Income Act 1961. What is a scrutiny? It is not possible to the Income Tax Department to make regular assessment of al

Clarifications to issues some of the issues relating to TDS:

CA Anand Sarda 17 December 2009 at 13:51

Clarifications to issues some of the issues relating to TDS: 1) Whether capitalization of interest payable attracts TDS U/S 194A?A) Yes, Capitalization of interest payable attracts the provisions of TDS. TDS is to be made on interest payment regardl

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