Income Tax

No penalty under section 271(1) (c) in case of concealment of income due to “bonafide mistake” by an assessee 2 min read

• Income Tax

No penalty under section 271(1) (c) in case of concealment of income due to “bonafide mistake” by an assessee

9 years ago

The Assessing Office cannot levy a penalty under section 271(1) (c) due to a bonafide mistake on the part of an assessee. This was subsequently... Read More

Is there a Waiver in Arrears of Penalty for Deceased Individuals? 2 min read

• Income Tax

Is there a Waiver in Arrears of Penalty for Deceased Individuals?

9 years ago

The proposition There are various corporate laws, which are applicable on any working individual. However, certain issues have been missing in those laws. Recently, a... Read More

Charitable organizations entitled to deduction of 15% of the gross receipts without fulfilling any condition 4 min read

• Income Tax

Charitable organizations entitled to deduction of 15% of the gross receipts without fulfilling any condition

9 years ago

It has recently been held by the ITAT Chandigarh in the cases of the Income Tax Officer vs. Bhartiya Vidya Mandir Trust, Ward VI (1),... Read More

If the Assessee discharges the primary burden of proving creditworthiness of creditors, the onus shifts upon revenue to prove otherwise 5 min read

• Income Tax

If the Assessee discharges the primary burden of proving creditworthiness of creditors, the onus shifts upon revenue to prove otherwise

9 years ago

The ITAT, Lucknow Bench in the case of Vishnu Jaiswal vs. Commissioner of Income Tax (Appeals), IT Appeal No. 336 of 2011 for the (Assessment... Read More

Now you do not need to send copy of ITR-V after filing return; Can EVC instead 3 min read

• Income Tax

Now you do not need to send copy of ITR-V after filing return; Can EVC instead

9 years ago

Taxpayers filing return of income electronically (without digital signatures) are required to send the signed copy of ITR-V acknowledgement to the CPC, Bengaluru within 120... 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 9 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

Tax implications of Life Insurance policies 2 min read

• Income Tax

Tax implications of Life Insurance policies

Manager 9 years ago

Many people have an idea that benefits received from the maturity of life insurance policies are tax-free. But it is not always true as all... 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

Choosing the best car loan option 2 min read

• Income Tax

Choosing the best car loan option

Manager 9 years ago

Car is not only a status symbol, but it is also a necessity, especially in metro cities, where you have to regularly travel to far... Read More

Tax evasion can land you in deep trouble 5 min read

• Income Tax

Tax evasion can land you in deep trouble

Manager 9 years ago

Individuals have the liberty to self assess their income and pay taxes accordingly. However that does not mean that if someone conceals a particular source... Read More