Income Tax Articles

Notices for Recovery of TDS U/S 201 (1)

Posted by CA Pramod Jain 08 February 2010 34404 Views

The Income Tax Department has recently started processing the TDS Returns filed for the Financial Year 2007-08 and issuing notices u/s 201 (1) of the Income- tax Act,1961Each notice gives reference of financial year, quarter , Form No and RRR No.The

Sec 195- TDS on NRI

Posted by CA Prashant Gupta 08 February 2010 333472 Views

Sec195- TDS on NRI Sec 195- though its heading is ‘other sums’ it deals with payment to NRIs other then Salary income. According to Sec 195 when payment is credited or paid to any NRI for interest or other sum excluding Salary is liabl

SURVEY UNDER SECTION 133 A OF INCOME TAX ACT 1961

Posted by Amit Bajaj 30 January 2010 92958 Views

Survey in a wider sense means to scrutinize or to inspect. The power of survey under the Income tax Act has been provided U/S 133A and 133B. The provisions contained in section 133A are independent and to the exclusion of the other provisons of the a

Use of section 144A

Posted by Amit Bajaj 29 January 2010 17829 Views

Assesements under Income Tax Act 1961 are made U/S 143, 144, 147, 153. The criterias for selection of cases for scrutiny has been increased.

Reassessement under Income Tax Act

Posted by Amit Bajaj 29 January 2010 18228 Views

The power of assessement or reassessement of any income chargable to tax that have escaped assessement has been provided under secton 147 r w s 148 of Income Tax Act of 1961.If the assessing officer has the reason to believe that any income charga

SECTION 43(6) V. SECTION 45(1A)

Posted by Pavan Jain S 28 January 2010 39962 Views

CA Pavan Jain S, ACA., grad CS.Taxability of a receipt is governed by section 2(24) of the Income Tax Act (hereinafter referred to as “Act”) which define the term “Income”. In ordinary parlance, the term income connotes a rec

deduction u/s 80-IA of income tax act, 1961

Posted by CA Anshu Agarwal 28 January 2010 225136 Views

3.1 Deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc. [Section 80-IA]3.1.1 Applicability: where GTI includes any profits and gains derived from eligible business.

Transfer Pricing

Posted by CA Prashant Gupta 28 January 2010 23235 Views

Transfer Pricing Sometime an Indian company can associated with a foreign company which is situated in other country. Indian company can purchase on high price or sale it on lower price to shift its profit. In this way a part of profit is transferre

TDS u/s 194C

Posted by CA Prashant Gupta 23 January 2010 24117 Views

TDS u/s 194C The most used section related to TDS is 194C. It is commonly used yet this is very complicated section. From 1st October, 2009 it is changed. Now TDS rate is divided in new two parts: (i) One percent where the payme

FBT FIRST INSTALMENT PAID-REFUND OR ADJUSTMENT

Posted by Vijay Kalia 23 January 2010 9833 Views

FBT FIRST INSTALMENT OF JUNE QURATER PAID-REFUND OR ADJUSTMENT?FINANCE ACT (No.26), 2009 AND FINANCE ACT (No.2), 2009The Finance Bill (No.2), 2009 could be presented on Sixth of July, 2009 due to formation of new government but by that time many cor