Income Tax Articles
Recent Case Laws on Direct Tax
Direct Tax updates Recent Judgements - From the Courtroom A. Tribunal 1. Subsequent commercial-use cannot disentitle Sec 54F exemption if building constructed for residential-purpose: Relevan
Income Tax - TDS and Section 40(a)(ia) - 2012 Amendment
DEEMED date of payment of tax by the resident payee As per Section 40(a)(ia) of the Income Tax Act, the following deduction is not allowed: (ia) Any interest, commission or brokerage, fees for professional services or fees for technical services pay
Tax Implication of Freelance Work in India - Part 1
TAX IMPLICATION ON FREELANCER WORK IN INDIABeing inspired by many article published in caclubindia, I wish to write my first article. I request the readers to comment upon the same and any feedback and suggestion to improve in any way will be taken i
Assessee cannot be denied credit for TDS on the ground of Form 26AS mismatch
Caselaw: Rakesh Kumar Gupta vs. UOI (Allahabad High Court)(WP No 657 of 2013) Background The assessee filed a return in which he claimed a refund of Rs. 2.32 lakhs on accoun
Willful - Deliberate Failure to Failure to ITR
Application of 276CC to Willful and Deliberate Failure to File Income-tax ReturnsIssueIn past one year, many assesses have received notices from Income-tax Department (Department) for non-filing of tax returns for earlier tax years such
Understanding Penalty under income tax with latest case laws
Penalty is one of the weapon which is now used by Income tax department (ITD) for each & every kind of addition they are making during the assessment. Further recently the weapon also used for transfer pricing documentation also. The handling of
CBDT expanding the Scope of Audit Reports to be filed electronically
Tax Alert M2K 011/ 2014 Documents to be furnished electronically along with the return of income Scope expanded by the Central Board of Direct Taxes ('CBDT') Existing Rule As per Rule 12(2) of the Income-tax Rules 1962 (IT Rules
12 interesting Changes in ITR FY 13-14
There are 12 interesting updates in the ITR of FY1314 which are : 1. There are no refund by Cheque and only e-refund will be allowedControversy : Till now there are two option such as e-refund as well as cheque. But where the refund exceeds the limit
NRI - Non Resident Indian Frequently Asked Questions on Income Tax for AY 2014-15
Q) Who is NRI as per Income Tax Act? A) Residential status of an individual or HUF or a company is of great importance in Indian Income Tax Act as the liability to pay tax in India does not depend on the nationality or domicile of the Tax payer but o
S. 194A - Co-operative bank need not deduct tax at source on interest paid to its members
(2014) TaxCorp(LJ) 3362 (ITAT-BANGALORE) S. 194A - Co-operative bank need not deduct tax at source on interest paid to its members even if the amount exceeded Rs\- 10,000 p.a. It was held that 194A(3)(v) applies to a co-op bank and in view of the exe
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