Income Tax

TDS FAQ regarding Property Sale in India under Section 194-IA 3 min read

• Income Tax

TDS FAQ regarding Property Sale in India under Section 194-IA

Aditijh 9 years ago

1.    What is Withholding tax?  According to the new provision, 1% TDS has to be deducted on the purchasing price by the buyer of the... Read More

All about Representative Assessee 3 min read

• Income Tax

All about Representative Assessee

Aditijh 9 years ago

Section 160 (1) (i) of the Income Tax Act deals with the term “Representative Assessee” for all purposes of assessment of income tax. It refers... Read More

Change of opinion cannot be a ground for notice of Reassessment 3 min read

• Income Tax

Change of opinion cannot be a ground for notice of Reassessment

9 years ago

It has been held recently in Maruti Suzuki India Ltd. vs. Dy. CIT 356 ITR (Delhi) 209 that mere change of opinion of the Assessing... Read More

Is interest on home loan treated as a cost of acquisition for calculating capital gains tax on sale of a house? 5 min read

• Income Tax

Is interest on home loan treated as a cost of acquisition for calculating capital gains tax on sale of a house?

9 years ago

A common question often which arises in the mind of the tax payers is that if someone takes a housing loan and pays interest towards... Read More

HRA allowance to be scanned by the Income Tax Department 2 min read

• Income Tax

HRA allowance to be scanned by the Income Tax Department

9 years ago 2

Here is some bad news for tax evaders. A circular issued by the Central Board of  Direct taxes   states that salaried taxpayers claiming exemption for HRA  allowance now... Read More

Penalty Under Various Section of Income Tax As Per Union Budget 2015-16 5 min read

• Income Tax

Penalty Under Various Section of Income Tax As Per Union Budget 2015-16

9 years ago

Section of the ITA Kind of default Penalty that can be levied 140A (3) If one fails to pay in part or whole ofHis self... Read More

What is the Time Limit for re-opening Assessment Proceedings? 2 min read

• Income Tax

What is the Time Limit for re-opening Assessment Proceedings?

9 years ago

Reopening of assessment proceedings: Section 147 of the Income Tax Act deals with re-opening of concluded assessment proceedings. The Assessing Officer is entitled to make... Read More

High Court allows filing the revised return after service of intimation under section 143(1) 3 min read

• Income Tax

High Court allows filing the revised return after service of intimation under section 143(1)

9 years ago

The Kolkata High Court in the case of Tata Metaliks Ltd. vs. C.I.T. III, Kolkata, being ITA No. 301 of 2005, has held that an... Read More

Notice by Assessing Officer not valid if issued in the name of an amalgamated company 4 min read

• Income Tax

Notice by Assessing Officer not valid if issued in the name of an amalgamated company

9 years ago

The ITAT Delhi in the case of Ms. Images Credit and Portfolio (P) Ltd. vs. ACIT (ITAT Delhi), I.T.A. No. 5301 to 5305/Del/13 has recently... Read More

Income Tax: Powers of the Assessing Officer 3 min read

• Income Tax

Income Tax: Powers of the Assessing Officer

9 years ago

It becomes necessary to examine the provisions of Section 131 of the Income Tax Act, 1961 that provides powers as vested in a court under... Read More