Manager

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

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

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

Income from stocks—business income or capital gains 1 min read

• Income Tax

Income from stocks—business income or capital gains

Manager 9 years ago

16th September: Is the return from share market being shown as business income or capital gains? Well, to remain safe, you may opt for having... 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

The new Companies Bill aims to put a check upon the “Vanishing Companies” 2 min read

• Income Tax

The new Companies Bill aims to put a check upon the “Vanishing Companies”

Manager 9 years ago

The new Companies Bill seeks to promote class-action suits for corporate frauds. The bill has been passed by the Lok Sabha  in the year 2012. The... Read More

Share application money cannot be considered as undisclosed income if identity of the share applicants is available 3 min read

• Income Tax

Share application money cannot be considered as undisclosed income if identity of the share applicants is available

Manager 9 years ago

The Hon’ble Delhi High Court on 12.8.15 in the cases of Commissioner of Income Tax – 9 (Appellant) vs. Vrindavan Farms (P) Ltd. (Respondent) being... Read More

Facts under which the Penalty may be void under Income Tax Act section 274 2 min read

• Income Tax

Facts under which the Penalty may be void under Income Tax Act section 274

Manager 9 years ago

Section 271 (1)(c)  is a penalty notice under section 274 in which the irrelevant portion is not stroke out and which does not also specify... Read More

Forms 15G and 15H – tools to save tax? 5 min read

• Income Tax

Forms 15G and 15H – tools to save tax?

Manager 9 years ago 6

Banks often ask depositors to file Form No. 15G or 15H every year. There are different rules regarding filing of Form No. 15G and Form... 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