Income Tax

Effects of Not Filing Income Tax Return in Time 2 min read

• Income Tax

Effects of Not Filing Income Tax Return in Time

9 years ago

Though filing of Income Tax return is voluntary but the Government of India has made the filing of return for any income which is taxable... Read More

Law Relating to Gift Tax in India 2 min read

• Income Tax

Law Relating to Gift Tax in India

Aditijh 9 years ago

Law Relating to Gift Tax in India In the earlier times in India cash gifts of up to Rs 50,000 were tax free but if... Read More

TDS For Property Sale in India under Section 194-IA 2 min read

• Income Tax

TDS For Property Sale in India under Section 194-IA

9 years ago

TDS for Property Sale that is applicable from 1st June 2013 and is deducted at source on sale of immovable property including land and building... Read More

Mandatory Manual Income Tax Scrutiny Criteria F.Y. 2013-14 2 min read

• Income Tax

Mandatory Manual Income Tax Scrutiny Criteria F.Y. 2013-14

Aditijh 9 years ago

The Board via INSTRUCTION NO 10/2013 declared the manual selection criteria for Income Tax Scrutiny for the financial year 2013-2014. The Central Action Plan for F.Y.2013-2014 was used... Read More

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

9 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

Tribunal should make all efforts to dispose of the appeals in the cases where there is stay of demand 5 min read

• Income Tax

Tribunal should make all efforts to dispose of the appeals in the cases where there is stay of demand

Aditijh 9 years ago

The Gujarat High Court in the case of Deputy Commissioner of Income Tax, TDS Circle vs. Vodafone Essar Gujarat Limited, held that the Learned Tribunal... Read More

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

• Income Tax

Can forming a HUF help in saving taxes?

9 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

Ways of Reducing TDS 2 min read

• Income Tax

Ways of Reducing TDS

Aditijh 9 years ago

Ways of Reducing TDS The process of TDS on salary is very confusing for many people having knowledge about Income Tax return. There are some... Read More

Mere cash deposit of more than Rs 10 lakhs in bank doesn’t indicate income has escaped Taxation: ITAT 11 min read

• Income Tax

Mere cash deposit of more than Rs 10 lakhs in bank doesn’t indicate income has escaped Taxation: ITAT

9 years ago

The assessee had deposited cash in excess of Rs 10 lakhs in his saving bank account but he had not filed return of income. The... Read More

Tax Treatment of Earnest Money Forfieted 2 min read

• Income Tax

Tax Treatment of Earnest Money Forfieted

9 years ago

What is earnest money? When someone purchases or sells an immovable property, normally the purchaser gives an amount of earnest money before he makes the... Read More