Income Tax Articles
CBDT rescinds Transfer pricing circular
History: CBDT had issued 2 circulars on 26th March 2013 relating to the selection of transfer pricing method to be adopted by Tax authorities for determination of Arms Length Price in case of research & Development units of MNCs lo
5 Things You Must Know About Tax Audit
1. As per the provisions of section 44AB of the Income Tax Act, 1961, every person carrying a business whose turnover exceeds Rs. 1 Crore or carrying a profession whose receipts exceeds Rs. 25 Lacs in the finan
How to Save tax on Salary and increase the home take salary?
Hello everyone we all face the common situation as to how to plan for the salary every year and how to reduce tax on it and increase our home take salary. Well the people from the Acco
Section 44 AD of Income Tax Act
Special provision for computing profits and gains of business on presumptive basis For Assessment Year 2013-14. Section 44AD (1) of the Income tax act 1961 read as under (1) Notwithstanding anything to the contrary contained in sectio
Procedures to upload ITR and 3CB/3CD
Procedure to upload ITR and Form 3CB/3CD Based on Personal Experience 1) Firstly CHARTERED ACCOUNTANT has to register on Income Tax Site:- a) Steps to Register:-
Summary on Transfer Pricing
Summary on Transfer Pricing 1) Introduction :- Transfer pricing was introduced basically to curb the tax evasion practices followed by many Multinational Groups having presence in India. These Multinational Groups normally transfer their taxable pr
Tax Clarifications For Your Multiple House Property Investments
If you are wondering how many residential properties you can own? Well, legally speaking, there are no restrictions on owning more than one house property. Today, owning multiple house properties is fast catching up with the urban population and thu
Merilyn Shipping's case analysis with Cal-HC decision
CIT -vs.- Crescent Export Syndicate (ITAT 20 of 2013) (Cal-HC) Brief Facts: The assessee incurred expenditure during the year on which TDS have not been deducted. The AO disallowed the expenditure u/s 40(a)(ia). On appeal, the Tribunal relied on
All about HUF its creation and tax benefit
A HUF is a separate entity for taxation under the provisions of S.2 (31) of the Income Tax Act, 1961. This is in addition to an individual as a separate taxable entity. This indicates that a person may be assessed in two different capacities- as an
Prosecution u/s 276B for Defaults of TDS
SUBJECT: TDS/INCOME TAX ACT Default in TDS Collection and Deposit How Punishable is This Offence I
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