Income Tax Articles
Tax collection at source: An Introduction
Tax in simple words refers to a compulsory contribution made to the government on a product, income or activity. The government uses the revenue from taxes to discharge the duties it has towards the people. I would like
Circulars not binding on the Assessee - A Practical Analysis
HI! Friends and respected seniors, greetings of the day to all of you. Introduction- The revenue Departments have been empowered to issue circulars to clarify the position of law and these circulars are binding on the department(except CIT Appeals
10 consequences of Non-compliance with TDS provisions
Non-compliance with TDS provisions can result in: 1. Disallowance u/s. 40(a) (ia) of Income Tax Act, 1961 (Act). 2. Raising of demand u/s. 201(1) of the Act. Reason: - Where any perso
Time-Time ki Baat Hai - Part II
Hey Niraj, am back to seek your help again said Uncle Shrikant to his nephew Niraj Desai. Completely my pleasure uncle, please tell me, how can I be of help to you. Said Niraj Shrikant: As you know, my younger son, Aaka
Interest u/s 234A, 234B and 234C
Interest u/s 234A, 234B and 234C. Know how much interest required to be paid if delay in filing of tax returns, delay in payment of Advance Tax and deferment of Advance Tax.
Provisions relating to Certain Income of Non Residents
Hi all, I would like discuss some provisions relating to Non Residents. Often we come across, the following incomes of Non Resident for filing return of Income under the Income Tax Act 1961: a) Investment Income and, b) Long Term Capital Gain Firs
Primer on Belated Returns
Now that the extended last date for filing your Income tax returns for the year 2011-2012 is over on 31st August 2012 , what options do people who have missed the deadline have? How about filing the returns now after the due date? Here are the det
Tax deduction at source: An Introduction
Introduction Tax is one of the major sources of revenue for the government of India, which is primarily utilized for meeting various obligations it has towards the people like education, infrastructure, defence and so on. Income tax turns out to
Importance of Income tax Module for IPCC Students
Hello friends, Hope all are busy in revisions and few of you have just started preparing for exams. Okay, now let discuss the title I have given for this article. How, are you preparing your INCOME TAX paper?? Have you read institute's income
Recent ruling on Capital Gains as reported
1. S. 54F: Capital Gains Investment in residential house- Exemption Investment in four 4 flats Held that exemption allowed as requirement of assessee family met-out only by enlarging residential unit by merging 4 flats and th
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