Income Tax

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

Insurance Policy As An Investment 2 min read

• Income Tax

Insurance Policy As An Investment

9 years ago

Insurance Policy – The Investment Investing on insurance policy is one of the most expensive ways of investment. It involves the cost of the insurance... Read More

Proper service of an income tax notice 4 min read

• Income Tax

Proper service of an income tax notice

9 years ago

The ITAT Mumbai in the case of Shri Sanjay Badani vs. DCIT (ITAT Mumbai), SA No.216/Mum/2014 (Arising out of ITA No.5221/Mum/2014) has explained the procedure... Read More

Do’s and don’ts of a Survey under the Income Tax Act, 1961 4 min read

• Income Tax

Do’s and don’ts of a Survey under the Income Tax Act, 1961

9 years ago

The term “Survey” has not been defined in the Income Tax Act. However as per Concise Oxford Dictionary, “Survey” means having a view over anything,... 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

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