Section 198:Tax deducted is income received.

Tax deducted is income received. 198. All sums deducted in accordance with the foregoing provisions of this Chapter shall, for the purpose of computing the income of an assessee, be deemed to be income received : Provided that the sum being the tax paid, under sub-section (1A) of section 192 for the purpose of computing the income of an assessee, shall not be deemed to be income received

Section 194LA: TDS as per Law Applicable on Payment Date

A writ petition was filed in Mumbai High Court stating that provision under section 194LA is unconstitutional and that in the facts of the case that the under section 12(2) of the Land Acquisition Act, the compensation for land acquisition was payable to the petitioners immediately after the award dated 30-5-1995 .In that case, there would have been no question of deducting tax at source under section 194LA because the said section 194LA was not on the statute book

Scrutiny Notice u/s 143(2): What Should I do?

Scrutiny Notice u/s 143(2): What Should I do?
Getting income tax scrutiny notice u/s 143(2) is perplexing for many tax payers , because a whole clouds hand over the duties of tax payer. He remains worried about the questions being asked in the scrutiny proceeding . Sri Manish Bhardwaj, who is salaried employee has received one such notice of scrutiny u/s 143(2) and has asked this question I have received income tax notice 143(2)for assessment year 2010-11 on 3rd Oct 2011, please let me know if this

Can Loss in Commodities F & O Trade be Adjusted With Capital Gains ?

Can Loss in Commodities F & O Trade be Adjusted With Capital Gains ?
The derivative segments trades (Futures & Options )  in India are done in shares and commodities. While the trade in F & O segments of shares through NSE or BSE is considered business trade now . A confusion arises in mind of tax payers who indulge in F & O trades in commodities segment. For example , Hitesh of Mumbai askes : We are trading in derivatives on commodities (gold and silver) on MCX (Multi Commodity Exchange of India