Income Tax Articles
Provisions for Investments by banks
Allowability of provision made by banks for Investment Depreciation Reserve due to MTM for AFS & HFT and amortization of premium on HTM. Many banks are disallowed for the certain deductions which are to be made as per RBI statutory regulat
Interesting Times for Foreign Debt
INDIA Inc. is for some interesting times with the exchange rate hitting the roof. The Government is doing its bit to attract foreign debt. Be it the announcement made during the Budget exercise or the recent amendments made to the Foreign Exchange l
Filing tax returns in odd situations
Filing tax returns in odd situations If travelling or seriously indisposed with online filing, you can submit your return from any corner of the world. However, if you take the offline route and are travelling overseas, any person authorized by yo
What to do when you get a tax notice?
A missive from the tax department sends a wave of panic in the average taxpayer even though it may just be a routine enquiry or even a clarification sought by the assessing officer (AO). The mere thought that
Purchase of Immovable Property from Non-Resident
"I write this article only so because I have come across with one practical problem with the payment to Non Resident for buying immovable Property from h
5 Mistakes to avoid while filing your IT Returns!
And now its that month of the year, when the running around starts for IT returns filing. With the advent of technology, and the initiatives taken by Income-Tax department, hopefully we will not see long queues in the Income Tax Office, for ITR fi
Point of Taxation
Service tax will be paid on accrual basis except in certain specified cases. 1. Earlier service tax was payable on receipt of payment in respect of taxable services provided.
Who's Stealing my money?
Today I have accumulated enough money to buy a new bicycle for myself , said Rahul, a 13 year old kid, who was saving money from last 3 years in his piggy bank. He was quite impressed with his fathers philosophy of saving mone
Draft Guidelines for upcoming GAAR provisions
Draft guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of section 101 of the Income Tax Act, 1961. What is GAAR? GAAR stands for General Anti- Avoidance Rules. In several countries anti tax avoida
Rajiv Gandhi equity saving scheme sec 80CCG
Finance Act 2012 has inserted a new section 80 CCG, This will be applicable for the A.Y. 2013-14. Following conditions must be fulfilled to claim this deduction: i. The gross total income of the assessee for the relevant Assessm
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