Income Tax Articles
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
Understanding deductions of section 80-IA & IB
Chapter VIA of the Income Tax Act, 1961 covers only deductions available to assessee under section 80 of the Income tax act, 1961. The assessee by some act as mentioned can reduce its taxable under this provisions. Amongst number of sub-sections of
What are the consequences of Non - Filing of Returns
Q. What is Income Tax Return Filing? Ans: Return of Income is nothing but an evidence of the income earned by a person (individual, company, LLP, AOP, BOI, and HUF etc.). It is merely mode
Non- Compliance of TDS might discontinue your business
Opening : The entire economy of the world revolves around one universal statement Somebodys income is somebodys payment. TDS drives it origin from this unive
Understanding Income from Other Source with Latest Case Laws
Any income which does not fall under the heads of Salary, House Property, Business & Profession and Capital Gain will fall under the head Income from Other Source. Hence, this is the residuary head of income. Hence, it is very important to under
Transfer Pricing - Specified Domestic Transaction
Transfer pricing until now was applicable to companies having cross border transactions with their ASSOCIATED ENTERPRISE. However, Finance Bill 2012, honoring the supreme court ruling in case of CIT vs. M/S Glaxo Smithkline Asia (P) Ltd. (Special
Tax Saving Tips
For most of the people tax savings brings to mind life insurance, PPF, NSC, and equity-linked savings scheme, among others, that qualify for tax deduction under Section 80 C of the Income-Tax Act. An individual can claim tax deduct
Taxation of Food Allowance in the hands of Employer/ee
Taxability in the hand of company and employee of free food In todays competitive environment the employers are constantly working hard with their Human resource department to lure their talented employees to retain them for future. For thi
Clubbing of Income
Clubbing of Income or Income of other person included in the Assessees Income- Namastey and Hello to everyone,I am going to write my first article on CCI.. I thank CCI very much for selecting my article Under the Income Tax A
Submission of form 49 C by Liaison Office
Submission of Annual statement By Liaison Office in form 49C As per The Income Tax Second Amendment Rule 2012 , Rule 114DA inserted and form 49C is introduced to report annual statement of Liaison Office under section 285 of the Income Tax
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