Income Tax Articles
Can NRI/PIO Claim Exemption on Transfer of Bonus Shares
We all know that cost of Bonus shares is NIL as per sec. 55(2)(aa)(iii) of the Act and in normal circumstances , the gain on transfer of Bonus shares shall be fully taxable in the hands of seller. However , Income Tax Act
Understanding Allowability of Business Expenditure u/s 37
Understanding Allowability of Business Expenditure under section 37 of the Income Tax Act, 1961 with latest case laws Section 37 of the Income tax Act, 1961 is a residuary section for allowability of business expenditure and the same is given be
Tax Treatment to Doctors - Its all about Doctors
Both Self Drugging & Self Tax Planning are not advisable Doctor is one of noble professional in the society & helps the society to be a healthy. But this professional will not be spared & will be taxed for the income generated
Exemption From Filing of Income-Tax Return : CBDT's FAQs
What is the purpose of this notification and who are proposed to be exempted from the requirement of filing of the return? 1. The primary objective of this notification is to exempt those salaried taxpayers from the requirement of filing income-tax
Section 50 C
As Albert Einstein said "The hardest thing in this world is to understand income tax." And Vanya Cohen said"When there's a single thief it's robbery and when there are thousand thieves its taxation." Entry 82 of Indian Co
Indian Assets held by Mauritius Co. treated as sold by US Co
Whatever strength one may have, but if things are not planned meticulously to use strength, results may go haywire. The latest example of same comes in the form of dismissal of Writ petitions filed by Aditya Birla Nuvo Limited (F
A personal Letter to Salaried Class on recent exemption
A personal Letter to Salaried Class on recent exemption notification No need to wear Helmet & ride. If accident happens, we will not give you insurance" Dear Salary ITRians Hope you all had read recent notification by IT dept on ex
Brought Forward Business Losses can be set off against STCG
Digital Electronics Ltd. vs. Addl. CIT (2011) 49 DTR 484/135 TTJ 419 (Mum.)(Trib.) Brief Facts In the course of assessment proceedings, the AO noted that the assessee has set off brought forward losses against short-term capital gains on sale
Deferred Tax Liability
Deferred Tax Liability is the difference between the provision of tax and actual tax. It is the timing difference that arises because of the tax calculated as per Companies Act and Income Tax Act. Example:- Provision for Tax in the P/L was Rs.
Amendment in the process of issue of TDS Certificate
The Department of Income Tax of India make amendment in the process of issue of TDS certificate by CIRCULAR NO. 3/2011 [F. NO. 275/34/2011-(IT-B) DATED 13-5-2011. Section 203 of the Income-tax Act 1961 ("the Act") read with the Rule 31
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