Income Tax Articles

Draftsman dividing a house

Posted by CA Nikita 21 August 2007 4419 Views

Two issues come up routinely for debate in the context of housing-related tax benefits. Section 54 of the Income-Tax Act, 1961 spareslong-term capital gains from transfer of a residential house fromtax if at least such gains are ploughed back or roll

Tax Planning for the Self-Employed

Posted by Mr. PURNA P 17 August 2007 19232 Views

Tax Planning for the Self-EmployedSelf-employment . . . the opportunity to be your own boss, to come and go as you please, and oh yes, to establish a lifelong bond with your accountant. If you're self-employed, you'll need to pay your own FICA taxes

AIR DETAIL IN ALL NEW AIR FORMS

Posted by RAJAN GUPTA 14 August 2007 7309 Views

AIR(ANNUAL INFORMATION REPORT) DETAIL IN NEW ITR FORMS WHAT TYPE OF ENTRIES TO BE REPORTED.In all the new ITR(Income Tax Return) forms an information about following transaction has been demanded.And what i observe that person are normally ignoring t

Belated Returns

Posted by Late CA Sampat Jain 14 August 2007 9442 Views

Author/s :Pradip KapasiGautam NayakChartered AccountantsTopic :Return of income filed beyond time1. Issue for consideration :1.1 Every person, being a person specified in S. 139(1), is required to furnish a return of his income on or before the due d

Tax Planning On Income

Posted by Mr. PURNA P 14 August 2007 10690 Views

Tax Planning for Income The goal of income tax planning is to minimize your federal income tax liability. You can achieve this in different ways. Typically, though, you'd look at ways to reduce your taxable income, perhaps by deferring your income or

Research & Development Cess Act

Posted by siddharth 06 August 2007 32122 Views

While rendering Structuring advice involving know how transfers( "Research") the following R & D Act may be consider from point of view of Tax implication. Payment of R&D CESSEXTRACTS FROM RELEVANT SECTIONS/CLAUSES OF R&D CESS ACT, 1986

MAT

Posted by CA Nikita 30 July 2007 7138 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 whi

Reduction in Perq value from 20 to 15%

Posted by HVNK 30 July 2007 5166 Views

How do I find out which IT Circular has notified the reduction for company accomodation from 20% to 15%? What source of data will be used by the IT dept to decide thepopulation of a given city for housing? (e.g., if Navi Mumbai is below1 million and

Concealment-Conscious/Unconscious

Posted by CA Nikita 29 July 2007 8112 Views

Concealment or furnishing inaccurate particulars of income is liable for penalty. The concealment may be deliberate or otherwise. Provisions relating to concealment penalty have undergone frequent changes . For example, the Finance (No. 2) Act, 1977

Substance over Form-TDS

Posted by CA Nikita 23 July 2007 9892 Views

Mere nomenclature used in the lease agreement, such as security deposit or advance deposit, will not be conclusive of the nature of the payment. The reality of the transaction will have to be looked into.Tax law seeks to safeguard the interests of th