Income Tax Articles

Income from business and Profession

Posted by anu 16 March 2009 11643 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 9731 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 38661 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 22291 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 52893 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 27541 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 9040 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

FBT on ESOPS

Posted by Kishan Kumar 05 February 2009 8479 Views

FRINGE BENEFIT TAX ON ESOP`S INTRODUCTION The proviso to section 17(2) iii has been omitted. So far the value of any benefit provided by the company free of cost or at a concessional rate to its employees by way of allotment of shares, debentures or

Rule 8D of the Income Tax Act - Prospective or Retrospective

Posted by Hiral Raja 05 February 2009 22613 Views

Section 14A was introduced in the Income Tax Act, 1961 by the Finance Act 2001 with retrospective effect from 1st April 1962. The intent of introducing this section was reiteration of the well settled legal principle that when an assessee incurs any

INCOME TAX FOR STUDENTS

Posted by CA Sudhir Halakhandi 25 January 2009 75955 Views

INCOME TAX FOR STUDENTS-1- BY CA SUDHIR HALAKHANDI IMPORTANT DEFINITIONS UNDER THE INCOME TAX ACT, 1961 Assessee(Section 2(7):- Assessee means a person by whom any tax or any other sum of money is payable