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

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

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

Blank cheques found during a search cannot be treated as unexplained investments 5 min read

• Income Tax

Blank cheques found during a search cannot be treated as unexplained investments

Manager 9 years ago

The ITAT, Hyderabad in the case of Sri Laxmi Narayan Agarwal (PAN: ACDPA7791B) vs. Asst. Commissioner of Income Tax, Circle-6(1), Hyderabad, I.T.A. No. 1392/HYD/2010 by... Read More

Ways of Reducing TDS 2 min read

• Income Tax

Ways of Reducing TDS

Manager 9 years ago

Ways of Reducing TDS The process of TDS on salary is very confusing for many people having knowledge about Income Tax return. There are some... 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

Deductions on account of expenses on medical treatment under Section 80DDB 2 min read

• Income Tax

Deductions on account of expenses on medical treatment under Section 80DDB

Manager 9 years ago

One can avail deduction for expenses on account of medical treatment of himself or any of his dependents in case of some specified diseases like... 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

Procedure of calculating Wealth Tax 2 min read

• Income Tax

Procedure of calculating Wealth Tax

Manager 9 years ago

Procedure of calculating Wealth Tax Wealth tax is not payable on income but payable only because a person is wealthy. Wealth tax is levied when... Read More

Rules for arrest and bail relating to offences as provided in the Finance Act, 2013 2 min read

• Income Tax

Rules for arrest and bail relating to offences as provided in the Finance Act, 2013

Manager 9 years ago

Recently some circulars have been issued regarding the amendments introduced by the Finance Act, 2013, for offences punishable under the provisions of Service Tax, Central... Read More