Income Tax Articles
Income Tax Exemptions are Poor Justification for DTC
Experts opinions, newspaper editorials and even comments on CA Club website lavishly talk about income tax exemptions to be distorting the tax scene of the country, leading to massive leakage of revenue to the government and ultimately responsibl
Annual Tax Statement (Form 26AS)
Annual Tax Statement (Form 26AS) Annual Tax Statement (Form 26AS) is a statement, which is created financial year wise on the basis of TDS/TCS returns filed by the Deductor/Collector and tax deposited in the bank. Form 26AS includes details of
Annual Tax Saving Tips : Especially for salaried employees
Annual Tax Saving Tips : Especially for salaried employees Ideally everyone should plan their tax saving from April onwards but often people tend to forget this matter after submission of their investment declarations to their employers. Often
Forex loss in Tax Laws : Evil Lurks
Our Income Tax law leaves the method of accounting to be desired by the assessee. The insistence is only on the consistency of the method of accounting employed over substantial number of years. Any claim of deduction towards Business expenditure is
Taxability of fees from Offshore Services - post Finance Act
Taxability of Fees from offshore services – post Finance Act, 2010 CA Ankit Virendra Sudha Shah General understanding on taxability of fees from offshore services under the provisions of the Income-tax Act, 1961 1. After the retrospectiv
Avoiding Repetitive Appeals - SEC.158A OF Income Tax Act 196
AVOIDING REPETITIVE APPEALS - SEC.158A OF INCOME TAX ACT 1961 It is a vox populi that the judiciary system in India consumes lot of time to come up with a judgement and cases are piling up day by day. A lot many instances have been noticed where the
Taxation aspects in case of corporate restructuring
Now a day’s cross border transactions, mergers and acquisitions and amalgamations, demergers have been increasing significantly… Various interested people of diversified profession getting benefited from the above transactions, they are
Income Tax Saver Fixed Deposits : Must Know Facts
Income Tax Saver Fixed Deposits : Must Know Facts During 2005, banks were losing key investments due to thinning popularity of fixed deposits due to frequent reduction in interest rates. The fixed deposits which were giving interest rates up to 1
Highlights in Direct tax code for Salaried Individuals
Highlights in Direct tax code for Salaried Individuals Scope of Income from employment: As per the DTC Bill 2010, the Gross salary includes all of the following 1. Any sum received from the employer under employment 2. Any allowance for
Basic concept on Wealth Tax
Wealth Tax Basic Concept Applicability: whole of India from 1st April, 1957. Chargeability: On net Wealth of individual, HUF & Company @ 1% in excess of Rs. 3,00,000 on Valuation Date. Valuation Date: 31st march immedi
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