Income Tax Articles
Direct Tax Code : Lost the original Glitter while Moderation
Direct Tax Code : Lost the original Glitter while Moderation ! In the year 2009, Government had announced the adoption of Direct Tax Code (DTC) from 01/04/2011. This announcement had created a big hype everywhere, be it individual or corporate s
DIRECT TAX CODE - Will it achieve anything for taxpayers?
Post Rao era, most reforms in tax laws have promised a lot but delivered very little. VAT was announced with a view to avoid cascading effect of taxes and reduce the burden of compliance on the business community. In reality, govt revenues have go
Search Seizure etc. simplified
SEARCH, SEIZURE AND SURVEY SIMPLIFIED Search and Seizure are the burning topics in current Tax scenario. It seems that North Block is completing its direct as well as indirect tax targets through this amour of ‘SEARCH & SEIZURE’. A
Understanding the provisions relating to Transfer Pricing
With the advent of MNCs(Multi National Concerns) a trend has also been adopted by the MNCs to structure their investments and business strategy in such a way that profits are maximized in such jurisdictions where tax rates are low, which give rise to
Knowhow write-off: Comparing Sec. 32 and Sec.35AB
Knowhow write-off: Comparing Sec. 32 and Sec.35AB of IT ACT 1961The definition for Knowhow in the IT Act 1961 is “any industrial information or technique likely to assist in the manufacture or processing of goods or in the working of a mine, oi
Procedural Provision relating to TDS
T.D.S means the Tax deducted at source. Whenever a person liable to deduct tax of another person under Income Tax Act, deducts tax, the credit of such tax is given to the deductee when his liability to pay income tax is calculated. Such credit is giv
Presumptive income schemes for small Assessees
There are many presumptive income schemes for small businessmen engaged in civil construction, transport business, retailers etc. A person covered under these schemes can declare his income under these sections on presumptive basis and can get himsel
Filing income tax return after due date
The due date for filing income tax return for corporate aseessees and other aseessees who are required to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30th September and for others it is
The biggest litigant in the Government of India
The biggest litigant in the Government of India “It is my proud privilege to be part of this momentous occasion in the history of the Income Tax Department, which is celebrating 150 years of Income Tax in India. For the first time in
A Day's delay in TDS remittance - Interest upto 3%!!!
Yes, TDS remittance delayed by a day may cost the deductor up to 3%. So next time, as a deductor if you are not serious about the due date for TDS remittance, just think about this. Due date for TDS remittance Ø Where the amount is credite
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