Income Tax Articles

Minimum Alternate Tax ( MAT)

Posted by CA CS CIMA Prakash Somani 17 June 2008 35974 Views

The MAT credit is available in respect of MAT paid under Section 115JB of the Income-tax Act with effect from assessment year 2006-07.The amount of MAT credit would be equal to the excess of MAT over normal income-tax for the assessment year for whic

TAX SAVING TIP:LOSS FROM SHARES

Posted by RAJAN GUPTA 22 May 2008 21566 Views

By reading the title of the post you will be thinking that there is no tax on long term capital gain on shares then what is the relation between tax saving and long term capital loss?But after reading the next few lines you will definitely understand

FAQ on Survey

Posted by Late CA Sampat Jain 21 May 2008 16115 Views

FREQUENTLY ASKED QUESTIONS ON SURVEY. CA Sampat Jain CA Nikita Kala Q1. Whether notice is required to be issued to the assessee before initiating survey? No, The section does not require prior notice of the survey to be

Rent Advance and TDS

Posted by Darshu 18 May 2008 14932 Views

Under section 194 I of the Income tax Act, on Rent payments exceeding Rs. 120000 in aggregate during a financial year, at the time of credit or payment which ever is earlier, tax as required, has to be deducted at source and remitted to the Governme

Payment of admitted tax is a pre-condition to filing an appeal

Posted by Nilesh Shah 04 May 2008 6291 Views

Nilesh Shah Writes.Cell: 92246-59941E Mail: nilesh63@vsnl.comSection 249(4) provides that an appeal may not be entertained, if admitted tax remains in arrears on the date of appeal. The proviso thereto, no doubt, grants discretion to the Commissioner

What to Check before investing for Section 80C

Posted by CA Deepak Jain 03 May 2008 9095 Views

What to Check before investing for Section 80C or How to Make Best Use of Section 80CMost of the Income Tax payee try to save tax by saving under Section 80C of the Income Tax Act. However, it is important to know the Section in toto so that one ca

Quantum jump in CAs passing out in 2010

Posted by CA Deepak Jain 03 May 2008 9919 Views

Quantum jump in CAs passing out in 2010 The number of chartered accountants passing out from the Institute of Chartered Accountants of India (ICAI) is set to more than double by 2010 to 25,000-30,000 from

No time limit for giving effect to an appeal order.

Posted by Nilesh Shah 03 May 2008 23246 Views

Nilesh Shah Writes:Cell: 92246-59941E mail: nilesh63@vsnl.comNo time limit for giving effect to an appeal order.The statute i.e section 153 does not prescribe a time limit for giving effect to the order in appeal. An addition confirmed in first appea

TDS ON SERVICE TAX ON RENT/FEES U/S 194-I & 194 -J

Posted by RAJAN GUPTA 02 May 2008 66498 Views

A long awaited clarification regarding tds on service tax on rent payment u/s 194-I has been Issued by the CBDT. Details about the issue is given hereunderBrief about section 194-I Rent is to be deducted by all person on payment of rent except huf

Change in the method of valuation of closing stock.

Posted by Nilesh Shah 29 April 2008 8844 Views

Nilesh Shah Writes:Cell: 92246-59941E mail: nilesh63@vsnl.comChange in the method of valuation of closing stock.Where the Assessing Officer revises the method of valuation of closing stock u/s 145A, he is bound to revise the valuation of opening stoc