Income Tax Articles

Accrual of interest before the accrual of principal amount.

Posted by Nilesh Shah 27 April 2008 5949 Views

Nilesh Shah Writes:Cell: 92246-59941E mail: nilesh63@vsnl.comAccrual of interest before the accrual of principal amount.Interest income on compensation for compulsory acquisition is assessable on year to year basis as was decided by the Supreme Court

Whether a father can make a gift to his son's HUF.

Posted by Nilesh Shah 23 April 2008 37054 Views

Nilesh Shah writes:Cell 92246-59941E Mail: nilesh63@vsnl.comThe provisions of section 56(1)(v) were introduced for the first time by the Finance No 2 Act,2004 with effect from 1-4-2005.What has the Finance Bill No 2, 2004 has to say when the provisio

Recovery of tax & garnishee proceedings.

Posted by Nilesh Shah 23 April 2008 5072 Views

Nilesh Shah Writes:Cell: 92246-59941E Mail: nilesh63@vsnl.comGarnishee proceedings on the Unit Trust of India (UTI)or on any other mutual fund or on banks is essentially one of attachment. Where the Income tax authorities ask for pre mature redeempti

Essential ingredients of a gift.

Posted by Nilesh Shah 21 April 2008 11732 Views

Nilesh Shah Writes:Cell: 92246-59941E mail: nilesh63@vsnl.comEssential ingredients of a gift.Chapter VII of the Transfer of Property Act,1882 deals with Gifts of movable & immovable properties. Section 122 defines 'gift' as under:"Gift is a

Protect Yourself From Unnecessary Tax Loss Today!!

Posted by C.rajesh 19 April 2008 3958 Views

Protect Yourself From Unnecessary Tax Loss Today!!Taxes are important and should be paid. They are the money that we pay to the government so that the government can serve us better. However, payment of taxes is a complicated problem. There can aris

TDS IS LIABLE TO BE PAID ONLINE OR NOT?

Posted by RAJAN GUPTA 13 April 2008 37301 Views

Dear friends,As you may know that E-PAYMENT OF TAXES has been madeMANDATORY FROM 1.04.08 for certain category of tax payers i.e1.All Corporates.2.person other than corporate but covered under section 44ab(compulsory Tax audit)The e-payment means pay

Time limit for completion of TDS assessment.

Posted by Nilesh Shah 12 April 2008 25073 Views

Nilesh Shah writes:Cell: 92246-59941E mail: nilesh63@vsnl.comTime limit for completion of TDS assessment.The courts have held that the time limit for completion of TDS assessment would be governed by section 231 of the Income tax Act. Section 231 has

When can a sale of assets be considered as slump sale ?

Posted by Nilesh Shah 12 April 2008 29507 Views

Nilesh Shah writes:Cell: 92246-59941E mail: nilesh63@vsnl.comSlump sale is defined in sec 2(42C) of the Act.It means the transfer of one or more undertaking as a result of the sale for a lump sum consideration without values being assigned to the ind

Payment to Non-resident & TDS deduction.

Posted by Nilesh Shah 12 April 2008 21964 Views

Nilesh Shah writes:Cell: 92246-59941E Mail: nilesh63@vsnl.comWhat the payer of the amount to a non-resident is required to do when he is in dilemma regarding tax to be deducted at source.The payer should adopt the approach as given in section 195

Taxation of derivatives in shares.

Posted by Nilesh Shah 12 April 2008 17178 Views

Nilesh Shah Writes:Cell: 92246-59941E Mail: nilesh63@vsnl.comTaxation of derivatives in shares .Whether derivatives are `capital assets' within the meaning of sec 2(14) of the Income Tax Act ? The term `capital assets' means property of any kind held