Manager

HC rules out applicability of sec. 43B to employees’ contribution to PF; no deduction if paid after due date of PF Act‏ 26 min read

• Income Tax

HC rules out applicability of sec. 43B to employees’ contribution to PF; no deduction if paid after due date of PF Act‏

Manager 11 years ago

Income Tax- Due date under section 43B (i.e. due date of filing ITR) not applicable under section 36(1)(va) to employees’ contributions to PF/ESI etc.  ... Read More

Do donations help to minimize an individual’s tax liability? 2 min read

• Income Tax

Do donations help to minimize an individual’s tax liability?

Manager 11 years ago

In the tax-planning season, most people rush to make investments to reduce their tax liability. It is found that individuals pay more taxes than they... Read More

Voluntary disclosure of income cannot waive penalty for default 2 min read

• Income Tax

Voluntary disclosure of income cannot waive penalty for default

Manager 11 years ago

The Supreme Court in a recent decision held that a defaulter of income tax cannot be absolved of paying penalty only for making a voluntary... Read More

Revision of Tax Audit Report 2 min read

• Income Tax

Revision of Tax Audit Report

Manager 11 years ago

Generally, there is no provision regarding revision of a tax audit report. But if an assessee changes the financial statement, a new tax audit report... Read More

The Provisions relating to Clubbing of Income 2 min read

• Income Tax

The Provisions relating to Clubbing of Income

Manager 11 years ago

Generally a person has to pay tax for his own income. But there are cases where a person is taxed for income belonging to somebody... Read More

Be Ready for INR touching level of Rs 70 per USD and Sensex touching 15000 levels 4 min read

• Income Tax

Be Ready for INR touching level of Rs 70 per USD and Sensex touching 15000 levels

Manager 11 years ago

India Rupee (INR) today at this time is hovering around 61.27 per USD. It touched all time low yesterday and fell below level of Rs... Read More

Provision Of Reassessment Under Income Tax Act 1961- PART I 2 min read

• Income Tax

Provision Of Reassessment Under Income Tax Act 1961- PART I

Manager 11 years ago

Reassessment of income as the word suggests is assessing the income of an assessee again even when the assessment has taken place earlier. Such reassessment... Read More

What is Not Service as Per Service Tax: Negative List 4 min read

• SERVICE TAX

What is Not Service as Per Service Tax: Negative List

Manager 11 years ago

Negative List Of Services As Introduced In Year 2012’s Budget : A new concept of negative list for service tax was announced in the year... Read More

Penalty under the Income Tax Act 3 min read

• Income Tax

Penalty under the Income Tax Act

Manager 11 years ago

The Income Tax Act provides that if someone fails and/ or neglects to pay tax, penalty imposed on him and he is liable to pay... Read More

Definition Of Service As Per Service Tax Act 2 min read

• SERVICE TAX

Definition Of Service As Per Service Tax Act

Manager 11 years ago

Definition Of Service As Per Service Tax Act Service as per Service Tax is described as the action that is taken for consideration and is... Read More