Income Tax Articles
Income declared u/s 44AD-no need to explain each cash deposit
Income declared u/s 44AD- Assessee not liable to explain each entry of cash deposit. I have found the following Judgement very useful for small assessees who declares their income under presumptive income schemes and I am sharing it here for benefit
Correction in OLTAS Income Tax/TDS challan after payment
Recently I faced a situation where the tax demand on regular assessment of my client for A.Y 2008-09 was deposited with a nationalized bank but wrongly the said payment of demand was done towards A.Y 2010-11. This situation may have been faced
Expenses Disallowed under section 40A(3) and 40A(3A)
Section 40A(3) of Income Tax Act 1961 provides for disallowance of expenses in respect of which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on bank or account payee bank draft, exceed
The real effect of section 50C of the Income Tax Act, 1961
Introduction Section 50C was inserted by the Finance Act, 2002 with effect from April 1, 2003. It reads as under : Special provision for full value of consideration in certain cases.(1) Where the consideration received or accruing as
Admissibility of Broken Period Interest in assessment
Admissibility of Interest for the Broken Period in assessment of Interest on Securities Introduction When the Government securities are acquired between two due dates, the admissibility of interest attributable to the period from the
Provisions of section 40(b) of Income Tax Act 1961
Section 40(b) of Income Tax Act places some restrictions and conditions on the deductions of expenses available to an assessee assessable as a partnership firm in relation to the remuneration and interest payable to the partners of such firm. The ded
Residential status Vs. Taxability of Income
The residential status of a person is required to be determined for each assessment year in order to determine the scope of total income.
DTC 2010 provisions for Co-operatives
Proposed provisions in respect of cooperative societies in Direct Tax Code 2010 1. India is a country of diversity. This is true not only for geography, culture and religion but also for business models. Apart from capitalism and socialism, the cou
80D- Key deduction for good financial planning
80D- Key deduction for good financial planning (For Beginners like me) (A) 80C+80CCD+80CCE V/s 80D * When it comes to financial planning the first thing that strikes in our mind is 80C deductions like PPF, NSC , Tax
How to Design Salary Package!
The following are the points are worthy to note before designing the good salary package to an employee. As said by someone, tax evasion is a crime but tax planning is inevitable Let us proceed to know how to save your salary from
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