Income Tax

Law Relating to Tax on Gifts from Relatives 2 min read

• Income Tax

Law Relating to Tax on Gifts from Relatives

9 years ago

Many of us believe that gifts from relatives are exempted from tax. But many of us are ignorant of the fact that gifts received from... Read More

Penalty imposed for false claim of deduction under section 80IB 2 min read

• Income Tax

Penalty imposed for false claim of deduction under section 80IB

9 years ago

Where the assessee has made false claim for deduction under Section 801B of the Income Tax Act, penalty is levied under Section 271(1) (c) of... Read More

No disallowance for amounts already paid without TDS 4 min read

• Income Tax

No disallowance for amounts already paid without TDS

9 years ago

The ITAT Mumbai in the case of Jitendra Mansukhlal Shah, 191, Pilla Building, Nagdevi Street, Mumbai 400003 vs. Dy. Commissioner of Income Tax, Central Circle... Read More

No penalty under section 271(1) (c) can be levied on account of failure in deduction of TDS 3 min read

• Income Tax

No penalty under section 271(1) (c) can be levied on account of failure in deduction of TDS

9 years ago

The ITAT Mumbai in the case of Rushi Builders and Developers Hotel Bay View, Gorai Khadi, L. T. Road, Borivali (W), Mumbai – 400 091,... Read More

When profits received by business partners are not taxable in the hands of partners 2 min read

• Income Tax

When profits received by business partners are not taxable in the hands of partners

9 years ago

If a person is a partner of a firm that is separately assessed, his share of profit in the total income of the firm is... Read More

Safe Investment with Fixed Deposit – Is it a wise Investment too? 2 min read

• Income Tax

Safe Investment with Fixed Deposit – Is it a wise Investment too?

9 years ago

When we think of risk free returns, Fixed Deposit is one of the major names that come in our mind. A very simple reason is fixed... Read More

The New Company Bill 2011: Incorporation & Raising Capital 2 min read

• Income Tax

The New Company Bill 2011: Incorporation & Raising Capital

9 years ago

The Companies Act 1956 was supplanted by a new company bill passed as Companies Bill 2011, passed in Lok Sabha on Dec 18, 2012 at... Read More

Rules Relating to Gift Tax in India 2 min read

• Income Tax

Rules Relating to Gift Tax in India

9 years ago

Your mother transferred an amount of money to your bank account for helping you for a certain reason. Have you ever thought that is there... Read More

INCOME TAX ON EXPATRIATE INCOME IN INDIA 3 min read

• Income Tax

INCOME TAX ON EXPATRIATE INCOME IN INDIA

9 years ago

Who is Expatriate? An individual living in a country other than their country of citizenship, often temporarily and for work reasons. Scope of Taxation Based... Read More

Rectification of mistakes under section 154 of the Income Tax Act 2 min read

• Income Tax

Rectification of mistakes under section 154 of the Income Tax Act

9 years ago

The Income Tax Act has set procedure for Rectification of mistakes under section 154 of the Act for disposal of errors in the income tax... Read More