Income Tax Articles
Penalty u/s. 271(1)(C)
If the Assessing officer or Commissioner (Appeals) in the course of any proceedings under the Act is satisfied that any person has concealed the particulars of his income or furnished inaccurate particulars of such income, then he can direct that suc
Remission of Loan
Remission of Unsecured LoanCase for Taxability u/s 41(1) vis-à-vis 28(iv)Brief facts for issue in discussion are as under- ABC Pvt. Ltd had taken unsecured loan from various parties. For the first 2 years the company paid interest regularly a
Income from business and Profession
Income from business and Profession 1. What does ‘Profession’ mean? Profession means exploitation of one’s skills and knowledge independently. Profession includes vocation. Some examples are legal, medical, engineering, architectu
FAQ on Taxable Income
FAQ on Taxable Income 1. What does the Income Tax Department consider as income? The word ‘Income’ has a very broad and inclusive meaning. In case of a salaried person, all that is received from an employer in cash, kind or as a facility
General Question Regarding Income-tax
General Question Regarding Income-tax 1. What is Income Tax? It is a tax imposed by the Government of India on any body who earns income in India. This tax is l...
TDS on Salary - Stepwise Procedure
STEP BY STEP PROCEDURE FOR DEDUCTION OF TAX AT SOURCE FROM THE SALARIES OF EMPLOYEES FOR ASST. YEAR 2009 – 2010 REFERENCE CODE 1 Gross sal
Appeals In Income Tax India
According to the provisions of Section 246 any assessee who is aggrieved by an order, passed by the Assessing Officer may prefer an appeal to the Commissioner of Income-tax (Appeals).The Commissioner of Income-tax (Appeals) or the Appellate Tribunal
Taxability of Co-operative Housing Societies
Taxability of Housing SocietiesIn general the perception is that income of Co–operative Societies is not chargeable to tax and therefore many societies do not bother to take PAN No. & file Income Tax returns. This is a wrong perception sinc
TAXABILITY OF PERQUISITES PROVIDED BY EMPLOYERS .
TAXABILITY OF PERQUISITES PROVIDED BY EMPLOYERS WHO ARE NOT SUBJECT TO FRINGE BENEFIT TAX INTRODUCTION Since, Chapter XII-H relating to Fringe Benefit Tax, as provided in the Finance Act, 2005, is not applicable to the employer, being an individual
Section 43 B of income tax act,1961
Section 43 B (Allowance Of Deduction on Payment Basis)If the assessee follows mercantile system of accounting actual payment of expenditure during the P.Y is no...
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