Income Tax Articles

ANNUAL INFORMATION RETURN (AIR) AN UNTOUCHED ISSUE

Apoorva Mehta 11 June 2009 at 13:02

“ANNUAL INFORMATION RETURN (AIR) – AN UNTOUCHED ISSUE” WHAT IS “AIR”? Section 285BA of the Income Tax Act, 1961, read with rule 114E requires certain specified entities to file an Annual Information Return (AIR) in res

Works Contracts VS Contract of sales Whether Tax Deduction

taxindiaconnect 21 May 2009 at 15:10

Works Contracts VS Contract of sales – Whether Tax Deduction is required u/s 194C.Background - Chapter XVII of Income tax Act 1961 ( The Act) provides for the collection and recovery of tax from the assessee. Deduction of Tax is one of the var

CROSS BORDER M&A-TAXATION ISSUE

GAURAV 12 May 2009 at 17:05

Cross-border mergersandacquisitions - Addressing the taxation issues from an Indian perspectiveGAURAV GOELThe boom in cross-border Mergers and Acquisitions (M&A) has given new urgency to understanding and managing the complex tax consequences of

Non Compete Fees - Taxability Issues

taxindiaconnect 09 May 2009 at 18:39

Non Compete fees – Taxability issues The question whether a particular receipt has been a revenue receipt or a capital receipt has constantly been inviting the attention of tax payers, the law makers, the tax advisors and the Courts. The contr

Hindu Undivided Family

CA. Amit Daga 07 May 2009 at 22:00

HOW ONE CAN CREATE HUF(HINDU UNDIVIDED FAMILY) ? Though every body is interested in this question and this question has been asked by many and generally not have any answer in text book also, why it so ? The answer is very interesting that the above

Can Tribunal take back what assessing officer has given??

Hiral Raja 05 May 2009 at 15:44

Sub-section (1) of section 254 of the Income Tax Act, 1961 states as under: "254. (1) The Appellate Tribunal may, after giving both the parties to the appeal an opportunity of being heard, pass such orders thereon as it thinks fit." The mo

Utter Confusion about EPayment & EReturns

Mahesh 02 May 2009 at 12:14

It seems that the government departments are over enthusiastic about introduction of new ideas without doing the proper groundwork. In fact, they are making mockery of their master; the taxpayer.Some of the instances of such mockery are-1)

E- TDS/TCS RETURNS - FAQ

CA CS CIMA Prakash Somani 24 April 2009 at 13:05

FREQUENTLY ASKED QUESTIONS 1. What is e-TDS Return? e-TDS return is a TDS return prepared in form No.24,26 or 27 in e

Are I-T Forms Saral!

Mahesh Kapasi 24 April 2009 at 13:05

Are I-T Forms Saral!The Forms for Income Tax at present are most complicated to fill in for most taxpayers -it requires assistance from Chartered Accountants / tax practioners and TRP etc. One page, Saral Form for all tax payers must be re-introduced

FAQs on Input Tax Credit (ITC)

CA CS CIMA Prakash Somani 22 April 2009 at 12:39

INPUT TAX CREDIT Q.1. What is input tax credit? A.1. Input tax credit is the amount of tax paid by the dealer on purchases for which the dealer is entitled to claim a credit.