Manager

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

Gujarat High Court held only receipt of income is not taxable income 2 min read

• Income Tax

Gujarat High Court held only receipt of income is not taxable income

Manager 9 years ago

The Gujarat High Court in a recent judgment held that only receiving a sum of money cannot be chargeable to income tax. The Gujarat High... Read More

Loan on Securities for Instant Liquidity 2 min read

• Income Tax

Loan on Securities for Instant Liquidity

Manager 9 years ago

Securities are important assets which you either invest in as asset for future emergency use or for saving income tax. In case of urgency you... Read More

Taxability of amount received from Life insurance proceeds on maturity 2 min read

• Income Tax

Taxability of amount received from Life insurance proceeds on maturity

Manager 9 years ago

Many people think that the benefit amount they receive on the maturity of all life insurance policies is exempt from income tax. However that is... Read More

CBDT to make scrutiny guidelines public 4 min read

• Income Tax

CBDT to make scrutiny guidelines public

Manager 9 years ago

The CBDT has issued an instruction on 02.09.2014 announcing that the criteria for selection of cases for scrutiny for the financial year 2014 -15 shall... 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

Cost awarded against income tax department for abuse of process of law 2 min read

• Income Tax

Cost awarded against income tax department for abuse of process of law

Manager 9 years ago

The Bombay High Court in a recent case imposed a cost of Rs. 1, 00,000/- against the income tax department for abuse of process of... Read More

How a Self-Occupied House is Taxed 3 min read

• Income Tax

How a Self-Occupied House is Taxed

Manager 9 years ago

Any financial benefits derived from one’s own house property are considered as an income and is thus taxable under the Income Tax Act. “Income from... Read More

Taxability of amount received from Life insurance proceeds on maturity 2 min read

• Income Tax

Taxability of amount received from Life insurance proceeds on maturity

Manager 9 years ago

Many people think that the benefit amount they receive on the maturity of all life insurance policies is exempt from income tax. However that is... 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