Income Tax Articles
An insight into Point of Taxation Rules, 2011
Introduction Details: a. Notified vide Notification No. 18/2011 dated March 1, 2011 and Notification No. 25/2011 dated March 31, 2011. b. Effective from April, 2011, option to implement from July, 2011. c. The Point of Taxation Rules are for d
Taxability of Gifts
Taxability of gifts received by an individual or Hindu Undivided Family Gifts received by an individual or Hindu Undivided Family (HUF) are taxable in certain situations as prescribed by Income tax Act. The gift may be in the form of money or p
Section 43 of the Income Tax Act, 1961
UNDERSTANDING SECTION 43 WITH LATEST CASE LAWS: Now its time to unlock all mystery in respect of section 43 of the Income tax act, 1961 with the help of the latest court rulings and judgments. Let us divide the section according to the subject an
Amendments in Penal Provisions of TDS
TDS PROVISIONS MADE MORE STRINGENT WITH REGARD TO COMPLIANCE PART & PENALTY CLAUSES INSERTED IN THE BUDGET, 2012. As time is passing away the TDS provisions are made more & more stringent day by day. TDS being one of the most important rev
7 Tips of Successful Investing in the New Financial Year
New Financial Year is something, not very different from a new calendar year. All of us look back at the year gone by, sigh at the mistakes made and swear not to repeat them in the new year. In India, as our financial year ends in March, and the n
2(22)(e) - Income Tax Department & Assessee
2(22)(e) A Long standing Dispute between Income Tax Department and Assessee: Background of the Section: Its a regular practice between closely held group companies to transfer monies to meet their fund requirements (other than for
Burning issues in Direct taxes Budget- 2012
BURNING ISSUES IN DIRECT TAXES The present Budget has made various amendments and changes in respect of income taxpayers. Here is the critical analysis and impact of the major changes in Budget 2012 in respect of personal Income Tax: E
Don't Retire Hurt!
Retirement Planning has become a buzz-word these days! Every newspaper, every news-channel seems to talk something or the other about retirement planning. What is more surprising is, when talking about retirement planning, everyone is just talki
Tax Hell?
Introduction Finance Ministry, while presenting the much disillusioned and indifferent Union Budget with heavy fanfare and subsequent silence, brought out an amendment that took many people by surprise. It was not just a normal amendment. Rathe
TDS on Transfer of property
TDS on Transfer of property- a bombshell In order to ensure that the real estate transactions come within the tax net, the Finance Bill presented along with the Budget 2012 proposes to insert new section 194LAA with effect from 01.10.2012 providin
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