Income Tax

Illegal acts amounting to tax evasion 2 min read

• Income Tax

Illegal acts amounting to tax evasion

Manager 9 years ago

Tax avoidance is a process by which a person plans his or her finances to get exemptions and deductions in tax provided by tax laws... Read More

Income from sale of agricultural land situated beyond the municipal limits cannot be taxed as business income 4 min read

• Income Tax

Income from sale of agricultural land situated beyond the municipal limits cannot be taxed as business income

Manager 9 years ago

The profits arising out of sale of an agricultural land which is far away from the limits of municipality cannot be treated as a regular... Read More

It is not necessary that books of account should compulsorily be rejected when a survey is conducted 3 min read

• Income Tax

It is not necessary that books of account should compulsorily be rejected when a survey is conducted

Manager 9 years ago

The ITAT, Chandigarh in the case of M/s Venus Woolen Mills vs. The CIT-III, [2014] 36 ITR (Trib.) 388 Ludhiana, has held that it is... Read More

The key to Tax Planning 2 min read

• Income Tax

The key to Tax Planning

Manager 9 years ago

Tax Planning deals with making investments for the purpose of reducing the tax liability and increasing returns. All individuals should try to plan his taxes... Read More

Income Tax Scrutiny Aspects In India 3 min read

• Income Tax

Income Tax Scrutiny Aspects In India

Manager 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

Penalties Applicable for belated Full Disclosure of Transactions and Payment of Tax 2 min read

• Income Tax

Penalties Applicable for belated Full Disclosure of Transactions and Payment of Tax

Manager 9 years ago

The Income Tax Department of India functions in accordance with the provisions of the Income Tax Act, 1961. The Income Tax Act is amended in the... Read More

Penalty under section 271(1) (c) of the Income Tax Act 2 min read

• Income Tax

Penalty under section 271(1) (c) of the Income Tax Act

Manager 9 years ago

The expression “Penalty” has nowhere been defined in the Income Tax Act, 1961. Penalty is generally treated as a liability comprising a punishment upon the... 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

Manager 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

Should tax planning be the aim of Insurance Coverage?

• Income Tax

Should tax planning be the aim of Insurance Coverage?

Manager 9 years ago

Issuance of notice under section 143(2) is not mandatory before making an assessment under section 153A 4 min read

• Income Tax

Issuance of notice under section 143(2) is not mandatory before making an assessment under section 153A

9 years ago

The ITAT Mumbai in the case of Sumanlata Bansal( PAN- AAHPB0141N) vs. the Assistant Commissioner of Income Tax, Central Circle 8 Mumbai, ITA nos. 525... Read More