Income Tax Articles

TDS IS LIABLE TO BE PAID ONLINE OR NOT?

RAJAN GUPTA 13 April 2008 at 10:44

Dear friends,As you may know that E-PAYMENT OF TAXES has been madeMANDATORY FROM 1.04.08 for certain category of tax payers i.e1.All Corporates.2.person other than corporate but covered under section 44ab(compulsory Tax audit)The e-payment means pay

Time limit for completion of TDS assessment.

Nilesh Shah 12 April 2008 at 18:07

Nilesh Shah writes:Cell: 92246-59941E mail: nilesh63@vsnl.comTime limit for completion of TDS assessment.The courts have held that the time limit for completion of TDS assessment would be governed by section 231 of the Income tax Act. Section 231 has

When can a sale of assets be considered as slump sale ?

Nilesh Shah 12 April 2008 at 18:07

Nilesh Shah writes:Cell: 92246-59941E mail: nilesh63@vsnl.comSlump sale is defined in sec 2(42C) of the Act.It means the transfer of one or more undertaking as a result of the sale for a lump sum consideration without values being assigned to the ind

Payment to Non-resident & TDS deduction.

Nilesh Shah 12 April 2008 at 00:34

Nilesh Shah writes:Cell: 92246-59941E Mail: nilesh63@vsnl.comWhat the payer of the amount to a non-resident is required to do when he is in dilemma regarding tax to be deducted at source.The payer should adopt the approach as given in section 195

Taxation of derivatives in shares.

Nilesh Shah 12 April 2008 at 00:34

Nilesh Shah Writes:Cell: 92246-59941E Mail: nilesh63@vsnl.comTaxation of derivatives in shares .Whether derivatives are `capital assets' within the meaning of sec 2(14) of the Income Tax Act ? The term `capital assets' means property of any kind held

Effect of nomination in respect of NSC.

Nilesh Shah 11 April 2008 at 18:41

Nilesh Shah Writes:Cell: 92246-59941E mail: nilesh63@vsnl.comWhat is the effect of nomination made in respect of National Savings Certificate.The object of section 6 of the Government Savings Certificates Act, 1959, which provides for the making of n

Whether UPS is a part of the Computer System.

Nilesh Shah 11 April 2008 at 18:37

Nilesh Shah Writes:Cell: 92246-59941E mail: nilesh63@vsnl.com Whether UPS (Uninterrupted Power Supply) is a part of Computer System entitled to depreciation @ 60%The expression 'Computer' has not been defined in the Act. However, it has been defined

When is Interest on fixed deposit business income.

Nilesh Shah 11 April 2008 at 18:37

Nilesh Shah writes:Cell: 92246-59941E mail: nilesh63@vsnl.comInterest on fixed deposit with bank-when business income.Where the assessee makes an investment by way of fixed deposit with a bank as a condition for getting bank guarantee for purposes of

IT & Employer's & Employees' contribution to provident fund

Nilesh Shah 11 April 2008 at 12:41

Nilesh Shah writes:Cell; 92246-59941E Mail: nilesh63@vsnl.comLaw of Income tax on Employers & Employees' contribution to Provident Fund.First I will deal with Employer's contribution to Provident Fund.Section 43B of the Income tax Act deals with

FBT & Presumptive tax

Nilesh Shah 11 April 2008 at 12:41

Nilesh Shah Writes:Cell : 92246-59941E Mail: nilesh63@vsnl.comSub: FBT & Presumptive tax.How will FBT be levied when the assessee has availed the scheme of presumptive tax ?. _In order to answer this question it is necessary to understand the s