Income Tax

Which Is Better: Will or Gift Deed? 2 min read

• Income Tax

Which Is Better: Will or Gift Deed?

Aditijh 9 years ago

Query: I own a plot of land purchased from my own income and i wish to give it to one of my two sons. Please... 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?

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

Deduction under Section 80EE of Income Tax Act 3 min read

• Income Tax

Deduction under Section 80EE of Income Tax Act

9 years ago

The Union Finance Minister in the latest Finance Bill has inserted a new section 80EE of the Income Tax Act dealing with additional deduction regarding... Read More

The disallowance under section 40(a) (ia) of the Income Tax Act proposed to be limited to 30% of the total amount of expenses 6 min read

• Income Tax

The disallowance under section 40(a) (ia) of the Income Tax Act proposed to be limited to 30% of the total amount of expenses

9 years ago

It has been recently proposed that in case of non-deduction or non-payment of TDS on payments made to residents of the country according to section... Read More

Penalty cannot be levied on the basis of voluntary surrender 4 min read

• Income Tax

Penalty cannot be levied on the basis of voluntary surrender

9 years ago

It has been recently held by the ITAT Mumbai in the case of Heranba Industries Ltd. (PAN/GIR No.- AAACH3787Q) vs. DCIT 9(2), ITA No.2292/Mum/2013, Mumbai,... Read More

Who is obligated to furnish Annual Information Return 1 min read

• Income Tax

Who is obligated to furnish Annual Information Return

Aditijh 9 years ago

Any individual who falls under as any of the following categories is obligated to furnish Annual Information Return an assessee; or a prescribed person at... Read More

Calculation of interest under Section 234 A, B and C of the Income Tax Act 3 min read

• Income Tax

Calculation of interest under Section 234 A, B and C of the Income Tax Act

Aditijh 9 years ago

If someone files his income tax return after the due date, he shall be liable to pay penal interest as per section 234 of the... 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

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

Deduction under section 80IC allowed to hotels under the category “eco tourism” 2 min read

• Income Tax

Deduction under section 80IC allowed to hotels under the category “eco tourism”

9 years ago

The Income Tax Tribunal, Chandigarh, in The A.C.I.T., Vs. Sh. Raghunath Singh Thakur, ITA No.152 by a judgment dated 22.06.2012 held that deduction under section... Read More

Impact of Budget 2014 on the amount spent towards Corporate Social Responsibility 3 min read

• Income Tax

Impact of Budget 2014 on the amount spent towards Corporate Social Responsibility

9 years ago

The Companies Act, 2013 imposes a liability upon some companies having net profit amounting to Rs. 500 crore or more or an annual turnover of... Read More