Income Tax Articles
Corpus meaning | Definition of Corpus Fund
Corpus meaning: Corpus Fund The term corpus is often confused and misunderstood. The literal meaning of the term corpus is the main part/organ of a body.
PAN Laws in India
PROVISIONS REGARDING PAN (PERMANENT ACCOUNT NUMBER) IN INDIA The Permanent Account Number is allotted by the Income Tax Department. No person can have more than one PAN. PAN is required for following transactions. for filing Income Tax retur
Understanding Tax deducted at source with latest case laws:
UNDERSTANDING TAX DEDUCTED AT SOURCE WITH LATEST CASE LAWS: PART - II In the part I of the article Understanding TDS with case laws published on February 2011 now we should move ahead and should discuss the latest judicial development in the are
Laws related to NRIs in India
12 POINTS TO KNOW FOR NRIS/TO BE NRIs 1. NRIs whose taxable Indian Income exceeds basic exemption limit or who have earned short-term or long-term capital gains from sale of any investments or assets are liable to file income tax return in In
Section 271 (1) (c) of the Income-tax Act, 1961
SECTION 271 (1) (c) PENALTIES Penalty under clause c of Sub-Section 1 of Section 271 of the Income-tax Act,
Generation/Absorption of Black Money in Property Transaction
ISSUE SUBMITTED FOR CONSIDERATION OF COMMITTEE ON BLACK MONEY GENERATION/ABSORPTION OF BLACK MONEY IN PROPERTY TRANSACTIONS-PRACTICAL WAY TO PREVENT/MINIMISE IT Black Money, whether generated by tax evasion or corruption, is largely i
Pension Overview
Pension: - As per Section 17 (1) (ii) of the Income Tax Act, 1961 pension is a payment made by the employer after the retirement/ death of the employee as a reward for past service. Who is eligible for pension/family pension: -
Understanding Deemed Dividend with Latest Case Laws
Now a days, in a modern organization , there will exist a complicate business structure of holding & subsidiary companies along with closely held companies. There will be routine flow of funds between these companies. It is very important to h
Provision for Expenses - Allowable expenditure
We have to make provision for various expenses based on the estimates at the year end as we are following the accrual system of accounting. But the income tax department was disallowing the same on the ground that same being contingent in n
Chargeability of gifts made to HUF u/s 56 of IT Act
Chargeability of gifts made to HUF u/s 56 of I.T Act 1961 In this article the author has made an attempt to distinguish between the exemption benefits granted to Individual or HUF on gift received by them, although both of them are covered by the
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