Income Tax

When Values assigned to individual assets, sale is not Slump Sale Section 50B not attracted 5 min read

• Income Tax

When Values assigned to individual assets, sale is not Slump Sale Section 50B not attracted

Akanksha 8 years ago

A sale is treated as slump sale only if no individual value is assigned to the assets. Case Study The Assessees were partners of a... Read More

Taxation in Digital Economy- Taxation Policy for sourcing online from global sources is not possible 2 min read

• Income Tax

Taxation in Digital Economy- Taxation Policy for sourcing online from global sources is not possible

Sourav 8 years ago

In today’s world, due to advancement in the information and communications technology (ICT) the economy is seeing a transformation that has made technology more powerful,... Read More

Understanding Computation of Capital Gains after adjusting Cost Inflation Index 3 min read

• Income Tax

Understanding Computation of Capital Gains after adjusting Cost Inflation Index

Akanksha 8 years ago

One of the most important terms used in Income Tax, 1961 is Cost Inflation Index (CII). Understanding this term is very crucial for the correct... Read More

Things you should know regarding Income Tax Appeal 2 min read

• Income Tax

Things you should know regarding Income Tax Appeal

Sourav 8 years ago

‘Appeal’ as per the One Law Dictionary is defined as a proceeding which is taken to amend a wrong and incorrect decision of a court... Read More

Gain on Sale of Bogus Penny Shares is Subjected to be Held 2 min read

• Stock Market and Investing

Gain on Sale of Bogus Penny Shares is Subjected to be Held

Anuj Mathur 8 years ago

The penny shares are low value shares and Investment in such shares involves huge risk, and such shares are usually subject to lot of manipulation in prices.... Read More

Assessment of Undisclosed Income in Income Tax Act u/s 133A 2 min read

• Income Tax

Assessment of Undisclosed Income in Income Tax Act u/s 133A

Sourav 8 years ago

This arrangement is similar to VDS (Voluntary Disclosure Scheme). This scheme is effective from 1st June 2016. Declaration of undisclosed income or assets could be... Read More

How to handle outstanding Income Tax demand? 2 min read

• Income Tax

How to handle outstanding Income Tax demand?

Sourav 8 years ago

Income tax demand could arise due to several simple reasons. For instance, at the time of filing return, you might have wrongly fed the information... Read More

Assessment under Section 153A of Income Tax Act, 1961 3 min read

• Income Tax

Assessment under Section 153A of Income Tax Act, 1961

Anuj Mathur 8 years ago

Further addition in the assessments under section 153A of Income Tax Act, 1961 is overruled if it does not contain incriminating materials. Summary: As per... Read More

Understanding Survey and search in the Income Tax Act- What are your rights during the survey? 3 min read

• Income Tax

Understanding Survey and search in the Income Tax Act- What are your rights during the survey?

Anuj Mathur 8 years ago

Raid is the term that is often used by common people for income tax survey and search. Understanding survey and search in the income tax... Read More

Taxation Rules for Condonation of Delay in Corporate Taxes 3 min read

• Income Tax

Taxation Rules for Condonation of Delay in Corporate Taxes

Anuj Mathur 8 years ago

Condonation of Delay – In Genuine cases of human errors while filing the appeal, the AO should ask the assessee so that he/she can correct... Read More