Income Tax Articles
Understanding Dis-allowance Under Section 40 of Income Tax Act, 1961 with Latest Case Laws
Now a days, assesses are facing number of disallowance under various clauses of section 40 of the act by the Income tax officials. These issues were handled with due care at the time of the assessment itself so that in the case of forc
Taxability of VRS Compensation
Whenever any employer organisation decides to introduce a scheme of Voluntary Retirement from the service, the main issue with employees' union, apart from consensus on VRS Compensation amount, is Taxability of that amount since the amount is
Income tax Scrutiny Assessment
Scrutiny of the income tax return is a regular feature to find out whether the income declared in the income tax return of relevant assessment year is correct and the income tax has been paid on the same.
Income from House Property - Direct Tax Code
As we are expecting the DTC be implemented from 1st April 2012, we have to be familiar with the DTC provisions. In general the DTC looks and be simple but it is complicated unless otherwise if we have studied the entire provisions of the act becau
Understanding Transfer Pricing with Latest Case Laws : Part 2
Now a days, during transfer pricing assessment , the TPO are coming with unique ideas like valuation of intangibles , corporate guarantees, ratings provided by CRISIL etc. this all leads to corporate in a mysterious situation. Below are the summ
Analysis of Indian Taxonomy - Deficiencies & Implications
Dear Friends, MCA has released the Revised Taxonomy on August 27, 2011. It has rectified Taxonomy Element related deficiencies reported by various stakeholders. However, the followin
Will govt stick to proposed DTC
The current situation indeed is compelling the taxpayers to expect that the government may consider some tax reliefs, especially since the coming budget may be the last one to be presented by the government before the next general elections High i
Wealth Tax part 1
Wealth tax :- As per section 3(2) of the wealth tax 1957, from 1993-94 , every individual , HUF and company is liable to pay wealth tax. Wealth tax is charged on the basis of The quantum of net wealth chargeable to tax under the Act. The time
Section 44 AB
Section 44 AB Inserted by the Finance Act, 1984, w.e.f., 01-04-1985: A boon to C.As Practice. Up to that time, except Bank Audits, Company Audits, there is not much difference between work handled by the Income Tax Practioners, (TAX) Advocates
India Swiss Confederation Amendment 2011
Protocol amending the agreement between Swiss confederation and the Republic of India for avoidance of Double Taxation: A critical analysis In order, to unearth black money stashed away in Swiss banks, India was awaiting Switzerlands ratif
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