Income Tax Articles

Deemed Dividend over Closely held private companies

Posted by CMA Jitendra Singh 08 October 2008 19406 Views

DEEMED DIVIDEND body { font-family:Arial; font-size:12px; }p { font-family:Arial; font-size:12px; }div { font-family:Arial; font-size:12px; } The concept of Deemed Dividend under the Income-tax Act, 1961(the Act) i

CBDT Clarification :6th CPC Tax due on 60% arrears FY 08-09

Posted by RAJAN GUPTA 30 September 2008 24252 Views

Dear Friends,As I have already written a post about tax due on arrears from sixth pay commission .In that Post I have mentioned that as per section 192 of income tax act , tax is not deductible from the 60% of arrears which is to be paid in FY 2009-1

Five Steps to a Solid Accounting Practice

Posted by Sajjad Abidi 30 September 2008 20348 Views

When I was a consultant a few years ago, it always amazed me how much impressive information a CPA firm had about its clients and customers. Since CPAs had multiple clients and years of experience working with them, my consulting strategy was to tal

Expenditure on website development

Posted by sudha 23 September 2008 12510 Views

Expenses on Development of Website : Capital or Revenue in nature Expenses on Development may be treated as Revenue Expenditure. Enduring benefit is not the only criteria for determining whether the expenditure is of capital or revenue nature. The r

Tax on SIxth Pay Commission Arrears in FY 2008-09

Posted by RAJAN GUPTA 15 September 2008 26716 Views

Dear Friends , In this post we discuss various aspects of the tax due of arrears received /allowed to the Govt employees in light of Income tax rulesArrears to be given on the basis of sixth pay commission Report As per sixth pay commission the rep

Return of Income & Procedure of Assessment

Posted by Ashka 15 September 2008 14890 Views

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

TAX DEDUCTED ON SOURCE ON TRAVEL AGENT

Posted by RAJAN GUPTA 13 September 2008 26160 Views

query before us is"whether tds should be deducted u/s 194C for payment made to travel agent for booking of airline tickets by a company for its employee(s)"?The following general conditions should be satisfied for a payment to qualify for

Transfer Pricing- An Overview

Posted by Priyanka 10 September 2008 29353 Views

Transfer Pricing – An OverviewPriyanka Garg†1 Introduction1.1 The lopsided distribution of economic resources between different countries is the basis of international trade. With increasing globalization, related pa

To Differentiate between TDS under section 194C and 194I

Posted by CMA Jitendra Singh 04 September 2008 35900 Views

As we well aware , the deduction of tax at source (TDS) is happening for various payments made for services received in site under related sections of Income Tax Act. But, there may be chances of overlapping on provisions of tax deductions under sec

Income Tax Return After Due Date-Anlysis

Posted by RAJAN GUPTA 26 August 2008 29089 Views

Last Month was a very busy one for Income tax offices, as Offices were overcrowded bu tax payers due to last date of Filing of income tax returns for non audit cases ,specially persons who has earned salary income ,and department has to open special