Posted Date : 05-Feb-2012 , 08:22:06 am | Posted By Mrattunjay

An Advance Pricing Agreement/Arrangement (the specific terminology varies by country), or APA, is an agreement between the taxpayer and the competent taxation authorities that a future transaction will be conducted at the agreed-upon price, which is recognized as the arm's ...

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Category : Income Tax | Comments : 0 | Hits : 205

Posted Date : 26-Jan-2012 , 11:16:13 am | Posted By INDRANEEL SEN GUPTA

    WHAT IS THE REAL MEANING? Today RBI went for a CRR cut which was expected but went expecting suddenly for the market. Well Currently RBI has reduced the CRR from 6% to 5.5% which will lead to inflow of Rs.32000cr in to the banks pockets. Now market spec...

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Category : Income Tax | Comments : 0 | Hits : 398

Posted Date : 27-Dec-2011 , 06:43:32 pm | Posted By Amit Bhatia

  OVERLOOK OFSECTION-195 OF INCOME TAX ACT, 1962 COSTS VODAFONE INTERNATIONAL PENALTY DUE to SECTION-201(1) This article is about section 195, section 201(1) & case of Vodafone International Holdings B.V. vs. Union of India. In this article I brought out the analysis of sectio...

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Category : Income Tax | Comments : 1 | Hits : 1398

Posted Date : 06-Dec-2011 , 12:27:20 pm | Posted By CA Akshay Joshi

  What is Settlement Commission?   Income Tax Settlement Commission is a premier Alternative Dispute Resolution (ADR) body in India. Its mandate is to resolve tax disputes in respect of Indian Income Tax & Wealth Tax Laws. Its approach is to resolve disputes through cons...

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Category : Income Tax | Comments : 0 | Hits : 533

Posted Date : 25-Nov-2011 , 02:03:04 am | Posted By CA Amit Bajaj

The degrees of success and happiness we achieve in life result overwhelmingly from the actions we take. But the actions which matter most are not those we do every now and then. It is our consistent actions (our habits) which more than anything else determine the direction and success of our live...

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Category : Income Tax | Comments : 0 | Hits : 562

Posted Date : 18-Nov-2011 , 03:13:07 pm | Posted By CA Amit Bajaj

  Translation:   One who goes after different tasks will not be able to find the correct solution for them.[1]   Explanation:   A Farsi proverb which has followed the Imam’s statement can been found that says “Every-tasked, no tasked.&rd...

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Category : Income Tax | Comments : 0 | Hits : 348

Posted Date : 18-Oct-2011 , 03:29:05 pm | Posted By CA Amit Bajaj

  About a hundred years ago, a man looked at the morning newspaper and to his surprise and horror, read his name in the obituary column. The newspapers had reported the death of the wrong person by mistake. His firstresponse was shock. Am I here or there? When he regained h...

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Category : Income Tax | Comments : 0 | Hits : 314

Posted Date : 17-Oct-2011 , 10:15:52 am | Posted By Neha Jain

                    Mother Love After the Earthquake had subsided, when the rescuers reached the ruins of a young woman’s house, they saw her dead body through the cracks. But her pose was somehow strange that...

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Category : Income Tax | Comments : 0 | Hits : 331

Posted Date : 15-Oct-2011 , 10:56:02 pm | Posted By AKHIL MAHESHWARI

A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 years even for one day. Once he attains 60 years, his status as senior citizen in that financial year, gives him some relief .There are not many. These are listed below: 1. Higher Exemption Limit ...

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Category : Income Tax | Comments : 0 | Hits : 370

Posted Date : 15-Oct-2011 , 03:48:50 pm | Posted By Akanksha Handa

A Lesson for Every Salaried Person A shopkeeper watching over his shop is really surprised when he sees a dog coming inside the shop, He shoos him away. But later, the dog is back inside again. So he goes over to the dog and notices that it has a note in its mouth. He takes the note and it...

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Category : Income Tax | Comments : 2 | Hits : 944

Posted Date : 26-Sep-2011 , 08:08:58 pm | Posted By AKHIL MAHESHWARI

  Finance is the important part and need of every business. The own capital of a person may not be always sufficient to meet theneeds of finance of the business. Thereforethe Loans and deposits become necessary and important to meet the financial needs ...

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Category : Income Tax | Comments : 7 | Hits : 1209

Posted Date : 18-Sep-2011 , 04:48:00 am | Posted By Vikas

Revised Procedure from 1st September 2011 to get Income Tax , TDS, Self Assessment Tax, Advance Tax, Wealth Tax and Other Direct tax Payment Challan corrected / Rectified which were paid at bank in Physical Mode and time period within which correction request can be made along with conditions , P...

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Category : Income Tax | Comments : 0 | Hits : 1350

Posted Date : 18-Sep-2011 , 04:46:16 am | Posted By Vikas

Nowadays Income tax department is issuing notice to the under section 272B of Income Tax Act 1961, to the Assessee’s who filed their Income tax Return, but filled wrong PAN or not filled PAN in their Income tax Returns . Under section 272B Assessing office can impose a penalty of Rs. 10,000...

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Category : Income Tax | Comments : 2 | Hits : 1315

Posted Date : 18-Sep-2011 , 04:45:32 am | Posted By Vikas

Income Tax Department displaying defaults in TDS returns filed on its websitewww.tin-nsdl.com (TAN registration login). The defaults will be raised as & when processed and will be kept updated in this area. It will be in a Zipped Excel sheet (no password) and quarter wise separate files ...

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Category : Income Tax | Comments : 0 | Hits : 1610

Posted Date : 18-Sep-2011 , 04:43:20 am | Posted By Vikas

TDS is always a controversial issue for every assessee. Considering the defaults in TDS by deductor and disclosure of the same by auditors in CARO and Tax Audit Report, a question arises about a default for which one can have some different view. Take example:  A company (deductor) has ...

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Category : Income Tax | Comments : 0 | Hits : 544

Posted Date : 18-Sep-2011 , 04:34:03 am | Posted By Vikas

Guideline has published for selection of case for Scrutiny during AY 2010-11, these guideline / criteria has been submitted by AO to range officers.  Selection criteria Applicable to all return at all stations a) Value of International transaction as defined in 92B exceeds 15 Crore. ...

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Category : Income Tax | Comments : 1 | Hits : 1514

Posted Date : 18-Sep-2011 , 03:40:11 am | Posted By Vikas

One of the most disputed arguments between assessee and income tax department is that whether payments made towards specified expenditure attracts disqualification u/s 40(a) (ia) and applicability of this section to provisions made at the year end and its implications. Following are the views exp...

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Category : Income Tax | Comments : 1 | Hits : 501

Posted Date : 18-Sep-2011 , 03:23:12 am | Posted By Vikas

September month is a Tax audit month. Tax audit is popularly known 44AB audit. This article is intended to give insight on 44AB & help individual Tax payers (other than professionals) who are under 44AB audit with list of documents needed for tax audit & caveats on 44AB. This audit has to...

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Category : Income Tax | Comments : 0 | Hits : 721

Posted Date : 17-Sep-2011 , 01:33:12 pm | Posted By Arun Yadav

  ‎1) Qus. : What are you doing? Ans. : Business. Tax : PAY PROFESSIONAL TAX! 2) Qus. : What are you doing in Business? Ans. : Selling the Goods. Tax : PAY SALES TAX!! 3) Qus. : From where are you getting Goods? Ans. : From...

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Category : Income Tax | Comments : 2 | Hits : 529

Posted Date : 09-Sep-2011 , 04:06:39 pm | Posted By Anjali Arora

Guidelines for selection of cases for Scrutiny During 2010-11   1. Selection of cases for scrutiny during the financial year 2010-11 will be done primarily through CASS this year. Manual Selection for scrutiny this year will be limited only to a few ca...

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Category : Income Tax | Comments : 0 | Hits : 742

Posted Date : 07-Sep-2011 , 05:07:12 pm | Posted By Akanksha Handa

Husband : Hi Dear, mark my attendence. Wife : You are too late. Husband : No problem, i am ready to pay additional fee.  Wife : Be serious, we have plan to go for movie. Husband : I know this matter can be taken at any other meeting. Wife : I really have done a wrong marr...

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Category : Income Tax | Comments : 2 | Hits : 556

Posted Date : 02-Sep-2011 , 06:16:44 pm | Posted By Neha Jain

Tax Structure in India funny But True. Question 1.. : What are you doing? Ans. : Business. Tax : PAY PROFESSIONAL TAX! Question 2 : What are you doing in Business? Ans. : Selling the Goods. Tax : PAY SALES TAX! Question 3 : From whe...

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Category : Income Tax | Comments : 1 | Hits : 602

Posted Date : 01-Sep-2011 , 06:50:55 pm | Posted By Neha Jain

Occasionally the two terms get muddle up and some people think that it is the same. In fact they are vastly different as one is illegal while the other is skirting on the legality side or using benefits set out by the law to achieve better utilisation of resources. &nbs...

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Category : Income Tax | Comments : 0 | Hits : 2269

Posted Date : 30-Aug-2011 , 05:16:22 pm | Posted By Akanksha Handa

What happen when CS thinks to get married?   A number of question come in mind for example:   1. Firslty a resolution is required to be passed but whether in a board meeting or in a AGM, the purpose of which will be to see a g...

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Category : Income Tax | Comments : 4 | Hits : 1061

Posted Date : 25-Aug-2011 , 07:52:36 am | Posted By Anjali Arora

  Now days Assessee who file their Income tax Return online gets their refund cheque issued by CPC Bangalore. Refunds are issued by two modes:- 1. By crediting the refund amount in Assessee’s bank account if the Assessee has correctly mentioned his bank details in Income tax Re...

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Category : Income Tax | Comments : 1 | Hits : 1177

Posted Date : 01-Aug-2011 , 03:40:46 pm | Posted By PRIYANKA

  For an investment maturing after March next year, remember the coming tax code differs significantly from the current one. As the Income Tax Act makes way with effect from April 1, 2012, for the Direct Taxes Code, investors should be careful of overlappin...

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Category : Income Tax | Comments : 2 | Hits : 733

Posted Date : 27-Jul-2011 , 07:14:17 am | Posted By Vandana

July 31st is the last date for filing your Indian income tax returns for the financial year 2010-2011. If you are a Non Resident Indian (NRI) and are looking at the best way to file your tax returns, here is a quick guide on various options, including e-filing. This guide will ...

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Category : Income Tax | Comments : 4 | Hits : 1084

Posted Date : 25-Jul-2011 , 08:04:03 am | Posted By CA Rupali Gupta

Before filing the income tax returns for the previous year 2010-11 , you can run through this checklist, to make sure you have complied with all the requirements. There are many minor requirements that are over-looked often, and may cause some problems later in terms of delay or inconvenience in ...

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Category : Income Tax | Comments : 0 | Hits : 958

Posted Date : 18-Jul-2011 , 05:15:20 pm | Posted By Rajni Bansal

The assesses was engaged in the business of share trading and investments and offered income from sale of shares by way of STCG and LTCG. The AO treated the STCG as business profits on the ground that there was “systematic and regular course of share trading activity, the scale of activity ...

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Category : Income Tax | Comments : 1 | Hits : 851

Posted Date : 16-Jul-2011 , 12:38:33 pm | Posted By CA Akshay Joshi

    Structure of the new series of PAN : The Permanent Account Number under new series is based on following constant permanent parameters of a taxpayer and uses Phonetic Soundex code algorithm to ensure uniqueness :-   i. Full name of the t...

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Category : Income Tax | Comments : 1 | Hits : 2035