Income Tax Articles
TDS on Remuneration Paid to Directors
TDS ON REMUNERATION PAID TO DIRECTORS u/s 194J(1)(ba) of INCOME TAX ACT,1961 Budget 2012 inserted a New clause 1 (ba) in Section 194 J which mandates TDS @ 10 % on any remuneration paid to Directors of a company. This clause will be effective
Advance Pricing Agreements
Backdrop of APA introduction As widely reported, the conclusion of latest transfer pricing audits by Indian revenue authorities witnessed aggregate income adjustments to the tune of Rs 44,000 crore for one year alone, which is more than the aggr
Analysis of Section 36(1)(iii) Interest on Borrowed Capital
Analysis of Proviso of Section 36(1)(iii) & Proviso (1) The deductions provided for in the following clauses shall be allowed in respect of the matters dealt with therein, in computing the income referred to in section 28
Buying Online Term Plan? Few Tips to Follow
Nothing doing! Now no agent can fool me saying that endowment plans or ULIPs are good. I have understood that only term plan is the best form of risk cover. I am going to buy a term plan online. Said Niraj, a 29 year old IT profess
Are Director Liable to Tax Audit & Service Tax as per Budget
ARE DIRECTORS LIABLE TO SERVICE TAX AND TAX AUDIT AS PER UNION BUDGET 2012-13 ? Till the date of budget, there is always confusion on treatment of directors remuneration. There is conflict about whether it is salary income or it is a bu
How Much "Convenience Tax" You are Paying?
"Convenience Tax? When was this tax imposed? Government has no other business than to impose new taxes everyday?" might be a normal reaction after reading the title. Well, the good news is, this tax is not really levied by the Go
Vodafone 'Refund' Amendment - Possession is 9/10th of the law
The Budget of FY12-13 dropped a tax bombshell by introducing a retrospective change in law from 1962, directed at Vodafone and other simillar cases. While my esteemed seniors will doubtless analyze or litigate this change in law, I thought it fit to
Manufacture by Job
Manufacture by Job-worker Availing Exemption-Allowability of Cenvat Credit: The issue dealt herein is with respect to the availability of cenvat credit for inputs or input services to a job worker who utilizes such inputs for manufacture of goods
Capital gains exemption u/s 54EC of Income tax Act, 1961
Section 54EC of Income Tax Act, 1961 provides an option to save tax on capital gain arising from the transfer of long-term capital asset subject to fulfillment of certain conditions. Provisions of section 54EC are being discussed herein below for the be
Understanding Section 14A Impact With Case Laws Part-II
The Income tax department (ITD) now a days become very harsh to the assessee in respect of disallowance made under section 14A read with rule 8D. The ITD applies rule 8D blindly on the assessee and making un-necessarily additions causing hardship
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