Income Tax Articles
Common questions Sahaj and Sugam
1. Why are the forms being Modified Key Imperatives? Centralized Processing Centers have been set up all over the country with the primary objective of processing returns on a bulk processing basis instead of case by case Processin
New Simple Income Tax Return Print Specification
This is in continuation of earlier article regarding the introduction of New Forms. The printing of the forms should be according to the standards set below No Black and White forms will be accepted and only standard forms with appropriate colors
New Simple Income Tax Return Form Released
The finance ministry today introduced Sahaj and Sugam forms to make the process of filing income tax returns simpler, user-friendly and to reduce compliance burden on salaried persons and small businessmen. Sah
Reconciliation of Income As Per Profit & Loss A/C And Income
RECONCILATION OF INCOME AS PER PROFIT & LOSS A/C AND INCOME AS PER TDS CERTIFICATES WHOSE CREDIT CLAIMED IN THE SAME YEAR. It must be noted that as per the provisions of section 199 of the Income Tax Act, 1961, the credit of TDS should be gr
CBDT's circular No 739 on section 40(b) (v) is invalid-HP HC
Himachal Pardesh High court in an important recent Judgment namely M/s Durga Dass Devki Nandan.V Income-tax Officer, Palampur decided on 11-03-2011 has held the circular No 739 dated 25-03-1996 of CBDT as invalid. The said circular is on the issue o
Default in TDS & CARO
Default in TDS & CARO - Shreya Sanghvi TDS is always a controversial issue for every assessee. Considering the defaults in TDS by deductor and disclosure of the same by auditors in C
Amendment in Form 13
This is to inform you that the Central Board of Direct Taxes (CBDT) vide Notification No. 133/2011 dated March 29th 2011 has notified Incomeâ€tax (Second Amendment) Rules, 2011 which amends Rule- 28AA dealing with issue of Certificate for
Gross Profit Rate - Application of section 145(3) of the Income Tax Act
GROSS PROFIT RATE Application of section 145(3) OF THE INCOME TAX ACT By Deepak k Gujrati FCA SYNOPSIS COMPONENTS OF GROSS PROFIT WHEN GROSS PROFIT RATE IS LOWER THAN PREVIOUS YEAR DEFECTS IN BOOKS OF ACCOUNTS APPLICATION OF SECTION 145(3
Understanding Section 14A Impact With Case Laws
Now a days, every assessee who is doing investment in shares are getting hitted hard by the impact of section 14A. The AO are adding back a huge sum on account of this, whereas the assessee had not e
Important Changes in eTDS Returns
Guidelines for reporting TDS transactions where amount paid to deductee has not exceeded the threshold limit Guidelines for reporting TDS transactions where amount paid to deductee has not exceeded the threshold limit in the first quarter but in sub
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