Income Tax Articles
Sec.50C and Sec.69B of IT Act 1961 - No Twins
Sec.50C and Sec.69B of IT Act 1961 - No Twins Man proposes, God disposes (either ways). But luckily for the assessee the Department proposes, judiciary opposes. Our Income tax law provides for tackling the cases of undervalued as well as undiscl
Sections Skeleton of Salary ITR
Salary is first source or first head of Income charging under Income Tax Act -1961. It is an important source of revenue to Government too.
Indo-Mauritius Treaty: Mortising Legality to Tax evasion
Indo-Mauritius Treaty: Mortising Legality to Tax evasion The thin line of demarcation between tax evasion and tax avoidance is the 'scienter' or the intent of fraud. The moment the adjudicating or apex authority fails to discern the
Scrutiny assessments under Income Tax Act 1961
The Scrutiny Assessments under Income Tax Act 1961 are made u/s 143(3). For many years now many of the returns of the assesses are accepted as they are being filed by the assesses and intimation is sent u/s 143(1) and only fewer cases are selected fo
No penalty if audit report obtained but return filed after due date
No penalty u/s 271B, If the audit report is obtained within the due date, but return is filed after the due date. I have had a discussion lately on the topic whether penalty u/s 271B is imposable in case the audit report u/s 44AB is obtained within t
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 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
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
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
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
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