Income Tax Articles
Transfer pricing precautions; Taxpayers need to take despite recent ITAT ruling
In an recent ITAT ruling reported in (2013) TaxCorp (TP) 5176 (ITAT), the ITAT said Transfer pricing rules do not apply in these circumstances (i) to an investm...
Financial Planning for Beginners
June is the month, when many campus recruits start with their first job. Sameer Dahane was one of them. While he was excited of a new role, he was equally eager to get his salary so that he can splurge it. On a casual tea-time discussion with Kapil,
Income Tax Settlement Commission
Tax Settlement Commission, a quasi judicial body, was set up under section 245B of Income-tax Act 1961. It has been set up as a result of recommendations made by Direct Taxes Enquiry Committee (Popularly known as W
TDS Certificates
Friends, Once again the season of filing income tax returns has come. Government has notified almost all Income Tax Return (ITR) Forms barring a few, which may be notified in next few days. TDS certificate is one of the most require
TDS on Immovable Property
The Finance Bill 2013 had proposed to introduce Section 194IA to the Income Tax Act, 1961 (the ITA) which provided that the purchaser of an immovable property worth over Rs. 50 lakhs (other than agricultural land) is required to deduct
TDS/TCS Rates Chart for A Y 2014-15
TDS Rate Chart for A Y 2014-15 on Payments other than Salary and Wages Section No. Nature of Payment Threshold Total Payment During the Year Payment to Individual or H
Tax Residency Certificate
Significance of Tax Residency Certificate (TRC) for claiming benefit provided under DTAA: Section 90 of the Income Tax Act empowers the Central Government to enter into an agreement with the Government of any foreign country or specified territory
E-Filing is mandatory Income is more than 5 lacs
The Central Board of Direct Taxes (CBDT) is Spreading e-tax net through Notification dated 34/2013 dated 01.05.2013. E-filing of I-T returns is now mandatory for individuals, including salaried taxpayers, earning more than Rs 5 lakh taxable income d
Mandatory Audit Report E-filling for the AY - 2013-14
CBDT has made it mandatory to E- file Audit Reports facility Provided that where an assessee is required to furnish a report of audit under sections 44AB, 92E or 115JB of the Act, he shall furnish the same electronically.; S.O. 1111 (E).─ I
Property Transactions and new tax effect
Property transactions Budget 2013 amended some sections related to property transactions. These amendments effect a person in many ways. Some are described below: When there is difference between property value and stamp duty value exceeds 50,000/-:
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