Income Tax Articles
taxability of farm house as per wealth tax act
TAXABILITY OF FARM HOUSE - Ankur Luhadia U nder wealth – tax , before taxing any person, it must be shown that the person sought
Indians-Most Intelligent but worst Systems
It is rather strange to note that we (Indians) are regarded as the most intelligent people in the world. Our intelligence is being utlised to better the systems and procedures in developed nations. Whereas, at home the entire system is messed up. One
Norms for filing TDS/TCS returns
All tax deductors / collectors are required to file the TDS/TCS returns in Form No.24Q (for salaries), Form No.26Q (for payments other than salaries) or Form No.27EQ (for TCS). These forms require details of all tax deductions with name and permanent
RELATIVES UNDER THE INCOME TAX ACT - A RELATIVE CONCEPT
[This article appeared in TAXMAN-Volume 156 Page 89 dt. 21st Oct. 06 ] RELATIVES UNDER THE INCOME TAX ACT – A RELATIVE CONCEPTBy CA Pradip R. Shah Human Society – a cobweb of relationships1.0 Human being is called a social animal. The
House property Income Computation
Income from House Property (Section 22 to 27) HP under Rent Control Act HP not covered under Rent Control Act a. FRV or MRV whichever is higher b. Amount (a) or SR whichever is
Set off and Carry forward of Losses - Students guide
I SET OFF OF LOSSES (Sec 70 and 71) Set off of losses refers to adjustment of current year losses against current year incomes. Rules A: Set off of losses – Intra head adjustments (Inter source adjustments) Loss from one source of income can
TAX PAYMENT BY CHEQUE BEFORE DUE DATE CASHED AFTER DUE DATE
The question before us is"if tax is deposited on or before due date through cheque but en cashed after the due date ,whether it can/will be treated as "default in payment?" First of all I take clear provisions regarding the above quest
Minimum Alternate Tax ( MAT)
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
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
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