Mostly we use term profession in association with business and try to find it’s colour from the company it keeps. Most of the times it is not necessary to differentiate business from profession, since most provisions dealing with business and profession are same, but for some purposes distinction has to be established. Section 2(36) says […]
Even after reading major sections related with TDS in detail there are some matter which needs further consideration. Some of them are discussed hereunder:- Person deducting Tax at source under section 194B has been made liable : TO PAY TAX TO THE CREDIT OF THE CENTRAL GOVERNMENT – As per rule 30 of the Income-tax […]
Uniform Customs and Practices for Documentary Credit (UCPDC600) : Standard Practice applicable to Letter of Credit The global trade value of goods exported throughout the world amounted to approximately 19 trillion U.S. dollars at current prices. Thus it is evident that Cross border trade has increased dramatically in the last 30 years and consequently there […]
Not like common form of businesses banks deals in ‘money’. It accept deposits from public at low cost and lend/invest that money back to public at higher cost. Traditionally, loans and advances account for a larger share of use of funds by the banks. As such a significant portion of bank’s income comes in the […]
Even after reading at length Income heads there are some issues which holds worth for Further consideration, some of them are being discussed here. Capital gains from long-term capital asset – Investment in a flat/house under the self-financing scheme of the City Development Authority / Housing Board – Whether to be treated as construction for […]
Even after discussion at length of heads there are some issues which holds worth for discussion, some of them are being discussed here. If a business receives an amount on which ‘right to receive is yet to be established’ (In case of participation in technical collaboration) . In such cases what is the substance of […]
Even after discussion at length of heads there are some issues which holds worth for discussion, some of them are being discussed here. Income from other sources :- Is Section 56 is place of specific chargeability or in certain circumstances income specified under 56 can be charged under other heads of income. Gifts are made […]
Understanding the significance of Section 136 of the Income Tax Act 1961: An important section that deems Income-tax proceedings as judicial proceedings.
Understand the significance of Section 119 and its instructions to subordinate authorities by CBDT. Learn how it impacts tax administration.
There are some issues under these sections which need discussion; an effort has been made on my part to cover some of them in the form of this article. Firstly, whether discount portion of certificate of deposits /commercial papers etc is covered under these sections and whether TDS is required to be made on that […]
