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Understanding TDS with Judicial Judgements

Income Tax : The Tax deducted at source (TDS) is covered under chapter XVII of the Income Tax Act, 1961. There are number of sections & subsect...

October 10, 2020 61706 Views 9 comments Print

Understanding DTAA with Case Laws

Income Tax : There are two kinds of DTAA. Comprehensive Agreements & Limited Agreements. Comprehensive Agreements scope is to addressing all s...

October 9, 2020 107893 Views 6 comments Print

Provision for Expenses – Allowable expenditure

Income Tax : We have to make provision for various expenses based on the estimates at the year end as we are following the accrual system of ac...

October 7, 2020 140448 Views 1 comment Print

TDS on Expense Provision for which no invoice been received

Income Tax : One of the most disputed arguments between assessee and income tax department is that whether payments made towards specified expe...

April 1, 2020 336604 Views 57 comments Print

Procedure for issuance of Lower / Nil TDS Certificate

Income Tax : Every finance professional are making estimated accounts of the company and based on that you can also prepare the estimated compu...

March 30, 2020 38207 Views 0 comment Print


Latest Posts in CA Manish Agarwal

Understanding TDS with Judicial Judgements

October 10, 2020 61706 Views 9 comments Print

The Tax deducted at source (TDS) is covered under chapter XVII of the Income Tax Act, 1961. There are number of sections & subsections under which TDS has to be deducted but the important which are most used by the assessee are given below:

Understanding DTAA with Case Laws

October 9, 2020 107893 Views 6 comments Print

There are two kinds of DTAA. Comprehensive Agreements & Limited Agreements. Comprehensive Agreements scope is to addressing all source of income whereas Limited Agreements scope to cover only. (a) Income from Operation of Aircrafts & Ships (b) Estates (c) Inheritance & (d) Gifts. Currently there are 90 Comprehensive Agreements & 13 Limited Agreements India.

Provision for Expenses – Allowable expenditure

October 7, 2020 140448 Views 1 comment Print

We have to make provision for various expenses based on the estimates at the year end as we are following the accrual system of accounting. But the income tax department was disallowing the same on the ground that same being contingent in nature and hence not allowable. Here are some of the case study and opinion in this respect.

TDS on Expense Provision for which no invoice been received

April 1, 2020 336604 Views 57 comments Print

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 expressed by the author in this respect. The assessee must prepare his books of accounts following the mercantile system of accounting. The same is also followed under section 145 of the Income tax act, 1961.

Procedure for issuance of Lower / Nil TDS Certificate

March 30, 2020 38207 Views 0 comment Print

Every finance professional are making estimated accounts of the company and based on that you can also prepare the estimated computation of total income assuming same adjustments as done for the previous year. Determine the expected tax liability of the company. Determine the TDS deducted and advance tax paid till date and also determine the expected TDS on the revenue for the balance period of the financial year.

Download FUV file from TRACES Website to revise e-TDS return

March 28, 2020 101589 Views 64 comments Print

How To download FUV file from NSDL Website 1. To revise the return , now you have to download the FVU file from website 2. Open the website. www.tin.nsdl.com 3. Choose the Option TAN Registration 4. Type your login details. 5. Select TDS/TCS and then / View Consolidated file

S. 37 Allowability of Business Expenditure & case laws

March 20, 2020 713403 Views 39 comments Print

Condition for allowance under section 37 – Such expenditure should not be covered under the specific section i.e. sections 30 to 36. Expenditure should not be of capital nature. The expenditure should be incurred during the previous year. The expenditure should not be of personal nature. The expenditure should have been incurred wholly or exclusively for the purpose of the business or profession. The business should be commenced.

S. 32 Understanding Depreciation with case laws

August 27, 2018 314834 Views 37 comments Print

Depreciation – a non-cash expenditure allowed under Income Tax Act, 1961 following block concept. Under the block concept, all the assets falling within the same class and subject to same rate of depreciation are clubbed together and considered as single asset. Any alterations to the value of the block have to be strictly in accordance with the provisions of Chapter IV D of Income Tax Act, 1961.

How to download online TDS Certificates in Form No. 16A

August 10, 2018 384971 Views 65 comments Print

As you are aware that at present, the activity of issuance of Form No.16A is distinct and independent of filing of e- TDS statement on quarterly basis and therefore the chances of mismatch, in certain cases, between TDS Certificate in Form No.16A and Form No, 26AS cannot be completely ruled out. To overcome the challenge of mismatch, the CBDT  issued Circular No.3 dated May 13th 2011 , CBDT CIRCULAR NO-01/2012 dated 9th April, 2012 a

Understanding Transfer Pricing With Latest Case Laws Part 2

November 13, 2011 4695 Views 0 comment Print

Now a days, during transfer pricing assessment , the TPO are coming with unique ideas like valuation of intangibles , corporate guarantees, ratings provided by CRISIL etc. this all leads to corporate in a mysterious situation. Below are the summarized form of the latest judicial pronouncements on transfer pricing which will help corporate in better benchmarking of their international transactions with their foreign associate enterprises.