Income Tax Articles

FAQ on Survey

Late CA Sampat Jain 21 May 2008 at 11:45

FREQUENTLY ASKED QUESTIONS ON SURVEY. CA Sampat Jain CA Nikita Kala Q1. Whether notice is required to be issued to the assessee before initiating survey? No, The section does not require prior notice of the survey to be

Rent Advance and TDS

Darshu 18 May 2008 at 12:33

Under section 194 I of the Income tax Act, on Rent payments exceeding Rs. 120000 in aggregate during a financial year, at the time of credit or payment which ever is earlier, tax as required, has to be deducted at source and remitted to the Governme

Payment of admitted tax is a pre-condition to filing an appeal

Nilesh Shah 04 May 2008 at 16:19

Nilesh Shah Writes.Cell: 92246-59941E Mail: nilesh63@vsnl.comSection 249(4) provides that an appeal may not be entertained, if admitted tax remains in arrears on the date of appeal. The proviso thereto, no doubt, grants discretion to the Commissioner

What to Check before investing for Section 80C

CA Deepak Jain 03 May 2008 at 21:39

What to Check before investing for Section 80C or How to Make Best Use of Section 80CMost of the Income Tax payee try to save tax by saving under Section 80C of the Income Tax Act. However, it is important to know the Section in toto so that one ca

Quantum jump in CAs passing out in 2010

CA Deepak Jain 03 May 2008 at 21:39

Quantum jump in CAs passing out in 2010 The number of chartered accountants passing out from the Institute of Chartered Accountants of India (ICAI) is set to more than double by 2010 to 25,000-30,000 from

No time limit for giving effect to an appeal order.

Nilesh Shah 03 May 2008 at 12:15

Nilesh Shah Writes:Cell: 92246-59941E mail: nilesh63@vsnl.comNo time limit for giving effect to an appeal order.The statute i.e section 153 does not prescribe a time limit for giving effect to the order in appeal. An addition confirmed in first appea

TDS ON SERVICE TAX ON RENT/FEES U/S 194-I & 194 -J

RAJAN GUPTA 02 May 2008 at 06:45

A long awaited clarification regarding tds on service tax on rent payment u/s 194-I has been Issued by the CBDT. Details about the issue is given hereunderBrief about section 194-I Rent is to be deducted by all person on payment of rent except huf

Change in the method of valuation of closing stock.

Nilesh Shah 29 April 2008 at 21:43

Nilesh Shah Writes:Cell: 92246-59941E mail: nilesh63@vsnl.comChange in the method of valuation of closing stock.Where the Assessing Officer revises the method of valuation of closing stock u/s 145A, he is bound to revise the valuation of opening stoc

Accrual of interest before the accrual of principal amount.

Nilesh Shah 27 April 2008 at 12:10

Nilesh Shah Writes:Cell: 92246-59941E mail: nilesh63@vsnl.comAccrual of interest before the accrual of principal amount.Interest income on compensation for compulsory acquisition is assessable on year to year basis as was decided by the Supreme Court

Whether a father can make a gift to his son's HUF.

Nilesh Shah 23 April 2008 at 23:05

Nilesh Shah writes:Cell 92246-59941E Mail: nilesh63@vsnl.comThe provisions of section 56(1)(v) were introduced for the first time by the Finance No 2 Act,2004 with effect from 1-4-2005.What has the Finance Bill No 2, 2004 has to say when the provisio