Income Tax Articles
NOTES ON INCOME FROM BUSINESS OR PROFESSION
Sec. 2(13) defines "business" to include any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture. Sec. 2(36) defines "profession" to include vocation. i.e. income earned not on the basis of prof
Understanding - Assessment Procedure in IT Act
Sec 139(1): submission of return of income* Being a co. or a firm(even those co’s whose entire income is exempt u/s 10, etc)* Being a person other than co, firm 1) if his total income or 2) total income of any other person in
The Basics of ERP Implementation
The need for Enterprise Resources Planning was felt because of the growth of business houses which used to operate within a limited area and with a comparatively lesser capital .These business houses were being managed by owners direct
Dos and Dont's for ITR-V
Dos and Dont's for printing and submitting of ITR-Vs to ITD-CPC Bangalore Please use Ink Jet /Laser printer to print the ITR-V Form. The ITR-V Form should be printed only in black ink. Do not use any other ink option to print ITR V. Use of D
MAT - Tax on Gross Assets- Whether fair and logical?
Under the erstwhile Income Tax Act, 1961, MAT was levied u/s. 115 JB on book profits. The idea of levying MAT on book profits was to ensure that the entity pays tax at least on book profits even though the tax payable by it under the Income Tax Act c
International Tax Compilation Terminologies
Economies are coming closer & closer due to globalization. Number of cross-border transactions has increased. Cross border transactions have led to a dynamic change in the system of taxation. New issues have aroused due to different styles of bus
Is it Simplified Direct Taxes Code?
Is it Simplified Direct Taxes Code? Income Tax is one of most complicated tax law. In order to simplify it an attempt has been made by the government to simplify it so that common income tax payers can easily understand it and comply with it. But
NEW DTC-SOME HIGHLIGHTS
SOME HIGHLIGTHS OF DIRECT TAX CODE PRESENTED FOR DISCUSSION BY FINANCE MINISTER MR. PRANAB MUKHARJEE 1.THE INCOME TAX RATES IN DTC THE TAX RATE FOR INDIVIDUAL OTHER THAN WOMEN AND SENIOR CITIZENS (1). Where the total income do
NEW IT CODE- LET US HOPE FOR THE GOOD
NEW IT CODE- LET US HOPE FOR THE GOOD-CA SUDHIR HALAKHANDIThe income tax Act, 1961 was introduced 50 Years back and there are so many confusions, complexities, litigation, controversies are there so there is a demand since several years to change it
How to make best use of Tax benefit - Series II
Hi guys, this is the second edition of the series - How to make best use of Tax benefit. I am glad that you have appreciated my efforts and enjoyed reading the previous article. Mr. Einstein once said that “The hardest thing in the world to un
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