Income Tax

Penalty cannot be levied for concealment in a case an assessee has not filed his return 2 min read

• Income Tax

Penalty cannot be levied for concealment in a case an assessee has not filed his return

10 years ago

The Madras High Court in the case of Santosha Nadar v. First Addl. ITO and Another, (1962) 46 ITR 411 (Mad.) has analyzed the issue... Read More

Rules for arrest and bail relating to offences as provided in the Finance Act, 2013 2 min read

• Income Tax

Rules for arrest and bail relating to offences as provided in the Finance Act, 2013

Manager 10 years ago

Recently some circulars have been issued regarding the amendments introduced by the Finance Act, 2013, for offences punishable under the provisions of Service Tax, Central... Read More

Deduction under Section 43B of the Income Tax Act 2 min read

• Income Tax

Deduction under Section 43B of the Income Tax Act

Manager 10 years ago

A deduction which is otherwise allowed as per the provisions of the Income Tax Act regarding — a)   Any amount which is payable by... Read More

Assets installed in a discontinued business are too eligible for depreciation 4 min read

• Income Tax

Assets installed in a discontinued business are too eligible for depreciation

Manager 10 years ago

The Hon’ble Bombay High Court in the case of Commissioner of Income Tax¬ (Appellant) vs. Sonic Biochem Extractions Pvt. Ltd. (respondent) being ITA No. 2088... Read More

Impact of non filing of return upon receiving notice from the department 2 min read

• Income Tax

Impact of non filing of return upon receiving notice from the department

Manager 10 years ago

Filing of income tax return is an obligation to be fulfilled by individuals. It is a social duty by the citizens of the country. The... Read More

New Proposed Direct Tax Bill To Revise Much More than Super Rich Income Tax Slab @ 35% 2 min read

• Income Tax

New Proposed Direct Tax Bill To Revise Much More than Super Rich Income Tax Slab @ 35%

Manager 10 years ago

The cabinet minister discussed the new revised tax code for direct tax. The revised bill for direct tax proposes a new higher slab of Income... Read More

Having tax problem? Ask ombudsman for help 2 min read

• Income Tax

Having tax problem? Ask ombudsman for help

Manager 10 years ago

Are you struggling to get your refund from the Income Tax department? Are you been harassed many times for an income tax scrutiny for the past... 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

Manager 10 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

An agricultural land should be within the distance of 8 Kms. from the local limit of the municipality but not from the boundary of the village wherein such land is situated 3 min read

• Income Tax

An agricultural land should be within the distance of 8 Kms. from the local limit of the municipality but not from the boundary of the village wherein such land is situated

Manager 10 years ago

The ITAT, Delhi in the case of Assistant Commissioner of Income Tax vs. Vijay Singh Kadan, Legal Heir of Late Shri Randhir Singh Kadan, 2014... Read More

Can forming a HUF help in saving taxes? 6 min read

• Income Tax

Can forming a HUF help in saving taxes?

Manager 10 years ago

A Hindu Joint Family or a HUF gives specific advantages regarding taxation. The Income Tax Act and the Wealth Tax Act recognize HUF as an... Read More