Manager

Books of account cannot be rejected if TDS has been deducted 4 min read

• Income Tax

Books of account cannot be rejected if TDS has been deducted

Manager 8 years ago

The ITAT Pune in the case of VV Constructions v ACIT (ITAT Pune), ITA No. 1641/PN/2013 on 12.06.2015 held that books of account cannot be... Read More

Deductions under Section 80DDB of the Income Tax Act 3 min read

• Income Tax

Deductions under Section 80DDB of the Income Tax Act

Manager 8 years ago

Deductions under Section 80DDB of the Income Tax Act are available to an individual or a HUF since 1.4.2004. This kind of deduction is covered... Read More

Comparison between different periodic money back policies of LIC 2 min read

• Insurance

Comparison between different periodic money back policies of LIC

Manager 8 years ago

Money back policies are an instant hit with the people as they fulfill the purpose of investment for general public, especially the middle class community.... Read More

Section 36(1)(iii) – Averting Interest Expenditure 2 min read

• Income Tax

Section 36(1)(iii) – Averting Interest Expenditure

Manager 8 years ago

The present petition desired by the assessee Hero cycle (p) Ltd is relevant to the Assessment Year 1988-1989. Section 36(1)(iii) – Averting Interest Expenditure. Income... Read More

TDS not deductible merely on book entry 2 min read

• Income Tax

TDS not deductible merely on book entry

Manager 8 years ago

The Income Tax appellate Tribunal in ITA NO.2603/Mum/2011 (Income Tax Officer vs. M/s Pipavav Shipyard Ltd.) dismissed the appeal of the revenue. TDS not deductible... Read More

Partial Disbursement of Home Loan and Tax Benefits 3 min read

• Income Tax

Partial Disbursement of Home Loan and Tax Benefits

Manager 8 years ago

To understand the tax treatment of getting exemptions under home loan that have been partially received or disbursed by the bank, it is necessary to... Read More

Tax Deduction at Source when Purchasing and Buying Immovable Property 3 min read

• Income Tax

Tax Deduction at Source when Purchasing and Buying Immovable Property

Manager 8 years ago

Section 194-IA states that any person, being a transferee, responsible for paying to a resident transferor any sum by way of consideration for transfer of... Read More

Loan Repayments How to Lessen Burden Of Education Loan 2 min read

• Income Tax

Loan Repayments How to Lessen Burden Of Education Loan

Manager 8 years ago

So far taking loan or paying back is concerned; the topic is a very inexhaustible one. Let us  talk about the ‘Educational Loan” as this... Read More

Analysis of Income tax deduction u/s 80IB 2 min read

• Income Tax

Analysis of Income tax deduction u/s 80IB

Manager 8 years ago

  Individuals filing online ITR are well aware of the fact that when the income tax act was framed, it not only included the conditions... Read More

Income Tax Act 1961 – Penalties and Prosecution 2 min read

• Income Tax

Income Tax Act 1961 – Penalties and Prosecution

Manager 8 years ago

Income tax has to be paid by every person if the taxable income exceeds their respective basic exemption limit. Income Tax also has several penalties... Read More