Income Tax Articles

A breif note on IT scrutiny

Posted by Manikanta Raju CA,CWA,(CS) 18 December 2009 35382 Views

The below mentioned article broadly covers all important aspects relating to scrutiny proceedings carried out u/s 143(2)/(3) of the Income Act 1961. What is a scrutiny? It is not possible to the Income Tax Department to make regular assessment of al

Clarifications to issues some of the issues relating to TDS:

Posted by CA Anand Sarda 17 December 2009 16195 Views

Clarifications to issues some of the issues relating to TDS: 1) Whether capitalization of interest payable attracts TDS U/S 194A?A) Yes, Capitalization of interest payable attracts the provisions of TDS. TDS is to be made on interest payment regardl

An overview of Section 194 J of Income Tax

Posted by Amol Gopal Kabra (CA,CS,DISA) 16 December 2009 104384 Views

Section 194 J – An overview (Effective 1.10.2009) Section 194J of the Income Tax Act, 1961 has the heading a “Fees for Professional and Technical Services”. However the Section covers the following categories 1. Fees for Profe

Section 194 C of Income Tax, An overwiew.

Posted by Amol Gopal Kabra (CA,CS,DISA) 15 December 2009 82876 Views

Section 194C - An overview (Effective 1.10.2009) Section 194C of Income Tax Act, 1961 covers “Payment to Contractors and Sub-contractors”. Even if the words contractors and sub-contractors are given, it also covers other types like works

WEALTH TAX AT A GLANCE

Posted by Rahul Ramesh 07 December 2009 33321 Views

WEALTH TAX AT A GLANCE Wealth Tax Act came into force on 1st April 1957. It is applicable to the whole of India. Under this Act tax is charged at the rate of 1% on the amount by which the net wealth of the assessee exceeds rupees fifteen lakhs on th

Appeal under Income Tax Act -I

Posted by Srikant 15 October 2009 112781 Views

Appeal under Income Tax Act,1961 Sections Covered1) 246A: CIT (Appeals)2) 254: ITAT ---Final Fact Finding Authority3) 260A: Supreme Court ---On substantial Question

Book Profit U/S 115 JB

Posted by Srikant 10 October 2009 70750 Views

Book Profit under Section 115 JBBook Profit = Net Profit + / - Few adjustments. Question:Can you tell me whether there is any restriction to compute net profit? No, because it depends upon various Accounting Policies which may vary from industry to

TRYST WITH THE DEPARTMENT - BLOOD (PRESSURE) RAISING ROUTINE

Posted by PS Prabhakar 07 October 2009 8759 Views

TRYST WITH THE DEPARTMENT – BLOOD (PRESSURE) RAISING ROUTINE It is not very rarely that we see our brothers and sisters in legal or medical professions go on some kind of an agitational mode to express their displeasure against certain polic

Tax Deduction at Source (TDS) -Not assesses fault

Posted by Mahesh Kapasi 30 September 2009 16885 Views

Income Tax- Tax Deduction at Source (TDS) -Not assesses's fault, Sir, why they are suffering? It is good that the Director of Income Tax (Systems) New Delhi has send E-mail to PAN holders to check their TDS etc as recorded by it (Form 26AS) for AY 2

Section 44AB - What if ITR not filed by Sep?

Posted by Lucknow CA Club 29 September 2009 26681 Views

Dear Friends,Everytime the deadlines approches, there seems to be a lot of confusion over if the penalty 271B for failure to "furnish" the Tax Audit Report u/s 44AB. The confusion appears to have arisen due to fragmented reading of circular