PROCEDURAL PROVISIONS RELATING TO TDS AND FILING OF TDS STATEMENTS UNDER INCOME TAX ACT 1961 T.D.S means the Tax deducted at source. Whenever a person liable to deduct tax of another person under Income Tax Act, deducts tax, the credit of such ta ..
PRESUMPTIVE INCOME SCHEMES FOR SMALL ASSESSEES UNDER INCOME TAX ACT 1961 There are many presumptive income schemes for small businessmen engaged in civil construction, transport business, retailers etc. A person covered under these schemes can ..
FILING INCOME TAX RETURN AFTER DUE DATE The due date for filing income tax return for corporate aseessees and other aseessees who are required to get their accounts audited under Income Tax Act 1961 or under any other law for the time being i ..
A big Flaw and Mistake in The Punjab VAT Act 2005 There are many sections under the Punjab VAT Act where the word Designated officers is used. Many powers under the Punjab VAT Act 2005 like of assessments, of levying penalties etc have been co ..
TAXABILITY OF FEES FOR TECHNICAL SERVICES There was a controversy relating taxability of fees paid to Non Residents for technical services in India, Hon’ble Supreme court in Ishikawajma case held that under Section 9(1) (vii) of the Income T ..
Understanding the provisions relating to Transfer Pricing under Income Tax Act 1961 With the advent of MNCs(Multi National Concerns) a trend has also been adopted by the MNCs to structure their investments and business strategy in such a way that pr ..
Efiling of Income Tax Return made compulsory for Individuals and HUFs who are covered under section 44AB The Efiling of ITR 4 has been made compulsory by the Income Tax Department for the Assessment year 2010-11 for those individuals and HUFs who ar ..
Pranab Mukherjee must look for ways of tax reduction as higher rates lead to more evasions My appetite is infinite and greed is more," says Finance Minister Pranab Mukherjee to Income Tax Commissioners exhorting them to collect more. He also ..
Who is required to get registered as a VAT Dealer under Punjab VAT Act 2005? Every person, except a casual trader and one dealing exclusively in goods declared tax free, whose gross turnover during the year exceeded the taxable quantum, as provided ..
Section 15 of PVAT Act 2005 deals with the Net Tax Payable by a taxable person. Sub section 1 of Section 15 provides that the output tax under PVAT Act shall be adjusted from the Input Tax Credit for determining Net Tax Payable by a taxable Person. ..
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