Income Tax Articles

Sec 43A of the IT Act Vs. AS 11

Posted by Ravikumar.G 29 September 2007 38665 Views

Suppose a machine was imported for one lakh US dollars when the exchange rate was Rs 45 per dollar. Both in the accounting records as well as in the tax records, the transaction would have been recorded debiting the asset concerned with Rs 45 lakh. B

A brief Note of Inventory Valuation

Posted by Ravikumar.G 29 September 2007 73124 Views

Valuation of closing stock requires consideration of Income Tax, Cenvat, Accounting Standards and Company Law.Stock should be valued at cost or market value, whichever is lower, as it is a prudent business practice. This principle has been accepted i

GOT A GIFT FROM A RELATIVE ? NO TAX ON IT

Posted by Ravikumar.G 27 September 2007 5111 Views

It is widely known that gifts from relatives are tax-exempt. But what is not widely known at all is that gifts received even from non-relatives can also be completely exempt from income tax. Here is the complete run-down from a renowned tax expert. I

BIG GAINS FROM SMALL TOWNS

Posted by Ravikumar.G 27 September 2007 5211 Views

Few days ago when an income-tax raid in Chirkunda, city with a population of little over 39,000 (according to 2001 Census) in Dhanbad district of Jharkhand, yielded a disclosure of over Rs 70 crore of concealed income, it made news only in local dail

Fringe Benefit Tax(FBT): Employers Get Time

Posted by CMA Gul S 25 September 2007 5123 Views

With rules for payment of fringe benefit tax on employee stock options yet to be finalised, the Central Board of Direct Taxes (CBDT) on Wednesday extended the last date for payment of the first two instalments of advance tax to December 15 this year.

What Is the Meaning of Dependant for Claim of deduction u/s 80DD?

Posted by Ravikumar.G 25 September 2007 6929 Views

What section 80DD says "80DD. (1) Where an assessee, being an individual or a Hindu undivided family, who is a resident in India, has, during the previous year, (a) incurred any expenditure for the medical treatment (including nursing), training and

F A Q ON ITR FORMS BY INCOME-TAX DEPARTMENT

Posted by CMA Gul S 25 September 2007 15387 Views

1. What are the forms that should be used for e-Filing? Answer: The Forms that are currently available for e-Filing for A.Y. 2007-08 are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, & ITR-8. For A.Y. 2006-07 For A.Y. 2006-07, the e- return could be

Some more Questions on ITR

Posted by CMA Gul S 25 September 2007 11541 Views

31. The assessee who is under presumptive taxation scheme i.e. "no accounts case", what he should write for sundry debtors, sundry creditors, stock in trade, cash balance, gross profit as he may not have all these details since he is not maintaining

Tax Benefits available to Senior Citizens

Posted by Ravikumar.G 25 September 2007 4242 Views

There are not many Exclusive deductions available to senior citizen . A person becomes senior citizen under Income Tax Act in any year after attaining the age of 65 even for one day. Once he attains 65 years, his status as senior citizen in that FY,

Home Loan the best way to save Tax!!

Posted by CA Nikita 25 September 2007 7048 Views

Home loan the best way to save taxTax planning, a legitimate exercise, should not be confused with tax avoidance or tax evasion. Good tax planning comprises tax compliance and availing proper tax benefits, coupled with proper analysis of the financia