Manager

Capital Gain on depreciable assets held for more than three years should be treated as long term capital gain for determining the rate of tax 4 min read

• Income Tax

Capital Gain on depreciable assets held for more than three years should be treated as long term capital gain for determining the rate of tax

Manager 9 years ago

Recently in the case of M/s. Smita Conductors Ltd. vs. the Deputy Commissioner of Income Tax, ITA No. 4004/Mum/2011 by a judgment it has been... Read More

Denial of benefit of set off of the speculation loss and explanation to section 73 of Income Tax Act, 1971 2 min read

• Income Tax

Denial of benefit of set off of the speculation loss and explanation to section 73 of Income Tax Act, 1971

Manager 9 years ago

Every year, Income tax return registration and filing of ITR return online or offline is a practice followed both by companies and individuals. An important... Read More

Non-filing of income tax return may lead to prosecution as held by the Apex Court 2 min read

• Income Tax

Non-filing of income tax return may lead to prosecution as held by the Apex Court

Manager 9 years ago

The Apex Court in one of its recent judgment held that non-filing of income tax return may lead to prosecution under the Income Tax Act.... Read More

All about GST 3 min read

• Income Tax

All about GST

Manager 9 years ago

There are a huge number of different indirect taxes in India. The government is making plans to reform the present Indian indirect tax regime and... Read More

Medical reimbursement paid to employees is not part of salary and no TDS can be charged upon it 2 min read

• Income Tax

Medical reimbursement paid to employees is not part of salary and no TDS can be charged upon it

Manager 9 years ago

The Income Tax Appellate Tribunal in the Assistant Commissioner of Income Tax (TDS) vs. M/s. SAP Labs India Pvt. Ltd. being ITA Nos.1414 to 1416/Bang/2012... Read More

Recording of reasons mandatory while levying penalty 2 min read

• Income Tax

Recording of reasons mandatory while levying penalty

Manager 9 years ago

Penalty cannot be imposed if an Assessing Officer does not record his finding that there was a concealment of income or furnishing of incorrect details... Read More

Assets installed in a discontinued business are too eligible for depreciation 4 min read

• Income Tax

Assets installed in a discontinued business are too eligible for depreciation

Manager 9 years ago

The Hon’ble Bombay High Court in the case of Commissioner of Income Tax¬ (Appellant) vs. Sonic Biochem Extractions Pvt. Ltd. (respondent) being ITA No. 2088... Read More

Taxability of income from shares 3 min read

• Income Tax

Taxability of income from shares

Manager 9 years ago

Many people have an idea that the income received from shares is exempt from income tax. But in reality it is not so. One should... Read More

How to rectify an income Tax Return filed by an assessee? 2 min read

• Income Tax

How to rectify an income Tax Return filed by an assessee?

Manager 9 years ago

After filling an Income Tax Return, the department verifies the same by going through the information given by the assessee in his return of income.... Read More

New changes in Service tax laws 4 min read

• Income Tax

New changes in Service tax laws

Manager 9 years ago

The Central Government has issued some new notifications for the year 2013-14 for implementation of few new rules in the field of Service Tax. The... Read More