Income Tax Articles

Business Income vs Charitable Institutions

Posted by Dilip K Raina 15 April 2009 14633 Views

Business Income vs Charitable Institutions “I cannot forget the services rendered by the commercial class, but I want you to make Congress your own and we would willingly surrender the reins to you. The work can be better done by you. But if

Remission of Loan

Posted by ankush 24 March 2009 11874 Views

Remission of Unsecured LoanCase for Taxability u/s 41(1) vis-à-vis 28(iv)Brief facts for issue in discussion are as under- ABC Pvt. Ltd had taken unsecured loan from various parties. For the first 2 years the company paid interest regularly a

Penalty u/s. 271(1)(C)

Posted by Hiral Raja 24 March 2009 154880 Views

If the Assessing officer or Commissioner (Appeals) in the course of any proceedings under the Act is satisfied that any person has concealed the particulars of his income or furnished inaccurate particulars of such income, then he can direct that suc

Income from business and Profession

Posted by anu 16 March 2009 11636 Views

Income from business and Profession 1. What does ‘Profession’ mean? Profession means exploitation of one’s skills and knowledge independently. Profession includes vocation. Some examples are legal, medical, engineering, architectu

FAQ on Taxable Income

Posted by jyoti 12 March 2009 9727 Views

FAQ on Taxable Income 1. What does the Income Tax Department consider as income? The word ‘Income’ has a very broad and inclusive meaning. In case of a salaried person, all that is received from an employer in cash, kind or as a facility

TDS on Salary - Stepwise Procedure

Posted by CA.Tarun Maheshwari 03 March 2009 38654 Views

STEP BY STEP PROCEDURE FOR DEDUCTION OF TAX AT SOURCE FROM THE SALARIES OF EMPLOYEES FOR ASST. YEAR 2009 – 2010 REFERENCE CODE 1 Gross sal

Appeals In Income Tax India

Posted by CA CS CIMA Prakash Somani 01 March 2009 22284 Views

According to the provisions of Section 246 any assessee who is aggrieved by an order, passed by the Assessing Officer may prefer an appeal to the Commissioner of Income-tax (Appeals).The Commissioner of Income-tax (Appeals) or the Appellate Tribunal

Taxability of Co-operative Housing Societies

Posted by A nagpal 26 February 2009 52871 Views

Taxability of Housing SocietiesIn general the perception is that income of Co–operative Societies is not chargeable to tax and therefore many societies do not bother to take PAN No. & file Income Tax returns. This is a wrong perception sinc

TAXABILITY OF PERQUISITES PROVIDED BY EMPLOYERS .

Posted by Kishan Kumar 12 February 2009 27534 Views

TAXABILITY OF PERQUISITES PROVIDED BY EMPLOYERS WHO ARE NOT SUBJECT TO FRINGE BENEFIT TAX INTRODUCTION Since, Chapter XII-H relating to Fringe Benefit Tax, as provided in the Finance Act, 2005, is not applicable to the employer, being an individual

AUDIT REPORTS AND ACCOUNTANT'S REPORT

Posted by CA.Tarun Maheshwari 08 February 2009 9038 Views

AUDIT REPORTS UNDER THE INCOME-TAX ACT (To be furnished along with the Return of Income) Section Rule For Whom In Form No. 12A(b) 17B Public charitable or religious Trusts or Institutions whose incom