Income Tax

Penalty under section 271 (1) (c) cannot be levied only as there has been an addition based on valuation of the Registering Authority 5 min read

• Income Tax

Penalty under section 271 (1) (c) cannot be levied only as there has been an addition based on valuation of the Registering Authority

9 years ago

The ITAT Hyderabad in the case of Bhavya Anant Udeshi Hyderabad-500034 having PAN AALPUB8857A (appellant) vs. The Income Tax Officer (International Taxation)-I, Hyderabad- 500004 (respondent),... Read More

Transfer pricing rules in India 4 min read

• Income Tax

Transfer pricing rules in India

Aditijh 9 years ago

Commercial transactions between the different multinational groups may not take place through the same market forces existing between the two independent companies. One company often... Read More

A summary on taxability of gifts 2 min read

• Income Tax

A summary on taxability of gifts

9 years ago

Are you worried about the cash gifts received from your near relations? One should know the tax implications of gifts before making or receiving them.... Read More

How to rectify a defective return? 2 min read

• Income Tax

How to rectify a defective return?

9 years ago

An Assessing Officer can call upon the assessee to rectify a defective return filed by him.  This is provided in section 139(9) of the Income... Read More

Income Tax Scrutiny Aspects In India 3 min read

• Income Tax

Income Tax Scrutiny Aspects In India

Aditijh 9 years ago

In general, income tax department cannot assess all the income tax returns filed in one financial year. Hence, normally random scrutiny for assessing the assessee... Read More

Can one claim deduction or exemption if missed in form 16? 2 min read

• Income Tax

Can one claim deduction or exemption if missed in form 16?

9 years ago

When salaried people file their final proofs relating to tax, if an employee fails to file any detail, the deduction claimed by him is not... Read More

Rules tightened for non-filers of Income Tax Return 2 min read

• Income Tax

Rules tightened for non-filers of Income Tax Return

9 years ago

  The Central Board of Direct Taxes (CBDT) tightens the rules dealing with monitoring of “non-filers” of Income Tax Returns and aims to follow uniform... Read More

Civil Procedure Code also applies to appeals under section 260A.

• Income Tax

Civil Procedure Code also applies to appeals under section 260A.

9 years ago

Taxability of Agricultural Income 3 min read

• Income Tax

Taxability of Agricultural Income

9 years ago

Agricultural Income – defined: According to the provisions of the Income Tax Act, any income earned from any of the three following three sources are... Read More

All about best assessment judgment 4 min read

• Income Tax

All about best assessment judgment

9 years ago

Assessment refers to judgment or evaluation. According to the law relating to income tax, assessment means evaluation or measurement of income. The term ‘assessment’ includes... Read More