If additions in income are not made on the grounds for reassessment, no addition can be made elsewhere
The Hon’ble Agra ITAT has held recently in the case of Kumar Goyal vs. ITO (ITAT Agra), I.T.A. No.116/Agra/2012 that if no additions are made... Read More
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Penalty cannot be levied in case of huge loss
The Bombay High Court in the case of The Commissioner of Income Tax vs. M/s Garware Chemicals Ltd., Income Tax Appeal No. 916 of 2012... Read More
One Person Company – Incorporation, Set Up and Legal Aspects
Most of the times, you may don’t want to interrupt your free lifestyle and at the same time setup a business. Well, one person company... Read More
One can claim deduction on only one residential property occupied by him
If a person is the owner of more than one residential property, only one of the properties which he chooses will be treated as a... Read More
Finance Minister tables the budget for 2014
3 min read
2014 Budget presented Finance Minister, P. Chidambaram tables the Budget for 2014, a most awaited one right before the elections. States should take measures to... Read More
Why people should avoid tax evasion?
3 min read
A recent report released by the Indian Finance Ministry stated that the number of taxpayers in India for the financial year 2011-12 is around 3.24... Read More
Deduction for house rent allowance
3 min read
An income tax exemption which most of the people avail is on House Rent Allowance (HRA). Such allowance is paid by the employer to an... Read More
DCIT vs. Sham Sunder Sharma (Court: ITAT Chandigarh)
Instead of following the Tribunal’s order, CIT (A) followed his predecessor’s order even though had the Tribunal had set it aside. It is also... Read More
Completion and Posession of House not mandatory requirement to Claim benefit u/s 54F Income Tax Act
14 min read
Income Tax – Section 54F. – Whether in the absence of completion and possession by way of registration and transfer of its title of flats... Read More
CBDT makes announcement regarding capital gains on extension of the term of Mutual Funds under the Fixed Maturity Plans
The Central Board of Direct Taxes (CBDT) (TPL Division), New Delhi by Circular No. 6 of 2015 published on 9th April, 2015 has made an... Read More
Major Changes Expected in Direct Tax Code 2025 and why these matter 
Can an assessee pay House Rent to his parents and claim relief? Would there be any legal complications? 
Boost Your Business & Reduce Taxes: A Guide to Maximizing Benefits Under Section 80JJAA 
What is remedy to taxpayer if the Tax deductor fails to deposit the TDS or fails to file TDS Return