Income Tax Articles
Works Contracts VS Contract of sales Whether Tax Deduction
Works Contracts VS Contract of sales – Whether Tax Deduction is required u/s 194C.Background - Chapter XVII of Income tax Act 1961 ( The Act) provides for the collection and recovery of tax from the assessee. Deduction of Tax is one of the var
CROSS BORDER M&A-TAXATION ISSUE
Cross-border mergersandacquisitions - Addressing the taxation issues from an Indian perspectiveGAURAV GOELThe boom in cross-border Mergers and Acquisitions (M&A) has given new urgency to understanding and managing the complex tax consequences of
Non Compete Fees - Taxability Issues
Non Compete fees – Taxability issues The question whether a particular receipt has been a revenue receipt or a capital receipt has constantly been inviting the attention of tax payers, the law makers, the tax advisors and the Courts. The contr
Hindu Undivided Family
HOW ONE CAN CREATE HUF(HINDU UNDIVIDED FAMILY) ? Though every body is interested in this question and this question has been asked by many and generally not have any answer in text book also, why it so ? The answer is very interesting that the above
Can Tribunal take back what assessing officer has given??
Sub-section (1) of section 254 of the Income Tax Act, 1961 states as under: "254. (1) The Appellate Tribunal may, after giving both the parties to the appeal an opportunity of being heard, pass such orders thereon as it thinks fit." The mo
Utter Confusion about EPayment & EReturns
It seems that the government departments are over enthusiastic about introduction of new ideas without doing the proper groundwork. In fact, they are making mockery of their master; the taxpayer.Some of the instances of such mockery are-1)
Are I-T Forms Saral!
Are I-T Forms Saral!The Forms for Income Tax at present are most complicated to fill in for most taxpayers -it requires assistance from Chartered Accountants / tax practioners and TRP etc. One page, Saral Form for all tax payers must be re-introduced
E- TDS/TCS RETURNS - FAQ
FREQUENTLY ASKED QUESTIONS 1. What is e-TDS Return? e-TDS return is a TDS return prepared in form No.24,26 or 27 in e
FAQs on Input Tax Credit (ITC)
INPUT TAX CREDIT Q.1. What is input tax credit? A.1. Input tax credit is the amount of tax paid by the dealer on purchases for which the dealer is entitled to claim a credit.
Business Income vs Charitable Institutions
Business Income vs Charitable Institutions “I cannot forget the services rendered by the commercial class, but I want you to make Congress your own and we would willingly surrender the reins to you. The work can be better done by you. But if
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