Income Tax Articles

At Arm's Length - A Perspective of the Transfer Pricing Regulations in India

Abhiroop 02 October 2007 at 18:39

At Arm's Length - A Perspective of the Transfer Pricing Regulations in India The rapid globalization of the Indian economy has seen the entry of the multinationals into India and with it increasingly complex international transactions being entered

Depreciation on leasing

Ankit Dangayach 01 October 2007 at 23:35

Depreciation on leasing? An ageing puzzleUnder the Income Tax law, two most important conditions for tax depreciation claim pertain to ownership and usage of the asset. As is the case on any other contentious matter, history is replete with judicial

Revenue tries to pierce the corporate veil

Ankit Dangayach 01 October 2007 at 22:56

Revenue tries to pierce the corporate veil In the recent past, controversy in relation to taxability of offshore sale or transfer of security in a foreigncompany (offshore special purpose vehicle (SPV)) has been consuming the energy of taxpayers and

Income Tax - Modern History of Income Tax

Ravikumar.G 01 October 2007 at 16:36

The Income Tax history in modern India dates back to 1860. In this year first Income Tax Act was introduced and which remained in force for a period of 5 years. This Act lapsed in 1865. Thereafter Act-II of 1886 was in force. This Act of 1886 was the

Some issues with Annual Information Return and Income-tax Return

CMA Gul S 01 October 2007 at 14:41

S.285BA of the Income-tax Act (Act) read with Rule 114E of the Income-tax Rules (Rules) requires certain specified persons to file Annual Information Returns (AIR) every year. Income-tax Return Forms, ITR - 1, 2, 3 and 4, applicable to Individuals/H

Gifts - Taxable or Non Taxable

Ravikumar.G 30 September 2007 at 22:20

Applicability :Individual and HUFTaxability:Any sum of money,aggregate value of which exceeds Rs.50,000 /- is received during the previous year without consideration,by an Individual or a HUF from any persons on or after 01.04.06 then the whole of th

Sec 43A of the IT Act Vs. AS 11

Ravikumar.G 29 September 2007 at 16:10

Suppose a machine was imported for one lakh US dollars when the exchange rate was Rs 45 per dollar. Both in the accounting records as well as in the tax records, the transaction would have been recorded debiting the asset concerned with Rs 45 lakh. B

A brief Note of Inventory Valuation

Ravikumar.G 29 September 2007 at 11:33

Valuation of closing stock requires consideration of Income Tax, Cenvat, Accounting Standards and Company Law.Stock should be valued at cost or market value, whichever is lower, as it is a prudent business practice. This principle has been accepted i

GOT A GIFT FROM A RELATIVE ? NO TAX ON IT

Ravikumar.G 27 September 2007 at 20:23

It is widely known that gifts from relatives are tax-exempt. But what is not widely known at all is that gifts received even from non-relatives can also be completely exempt from income tax. Here is the complete run-down from a renowned tax expert. I

BIG GAINS FROM SMALL TOWNS

Ravikumar.G 27 September 2007 at 20:23

Few days ago when an income-tax raid in Chirkunda, city with a population of little over 39,000 (according to 2001 Census) in Dhanbad district of Jharkhand, yielded a disclosure of over Rs 70 crore of concealed income, it made news only in local dail