Income Tax

When can reopening of assessment be allowed? 4 min read

• Income Tax

When can reopening of assessment be allowed?

Baisakhi Ganguly 10 years ago

Section 147 of the Income Tax Act, 1961 allows reopening of assessment of income, in case the Assessing Officer believes that any income which is... Read More

Text of Request made to CBDT for DEFERMENT OF NEW AUDIT REPORT for ASSESSMENT YEAR 2015-16. 5 min read

• Income Tax

Text of Request made to CBDT for DEFERMENT OF NEW AUDIT REPORT for ASSESSMENT YEAR 2015-16.

Manager 10 years ago

As members of the Institute would be aware that CBDT has introduced new format for uploading Tax Audit Report for the Assessment Year 2014-15 relevant... Read More

An Assessing Officer is liable to prove that share application money is assessable as unexplained cash credit 5 min read

• Income Tax

An Assessing Officer is liable to prove that share application money is assessable as unexplained cash credit

Baisakhi Ganguly 10 years ago

 It has been recently held by the ITAT Delhi in the case of Mithila Credit Services Ltd vs. ITO, being ITA No. 1078/Del/2013 that the... Read More

Income Tax Scrutiny Aspects In India 3 min read

• Income Tax

Income Tax Scrutiny Aspects In India

Manager 10 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

How to file the income tax return of a deceased assessee? 4 min read

• Income Tax

How to file the income tax return of a deceased assessee?

Manager 10 years ago

If an assessee dies intestate, that is without making a will, his return of income tax can still be filed by his legal heirs and... Read More

“A judge can change his mind before pronouncing a judgment” –declares the Apex court 5 min read

• Income Tax

“A judge can change his mind before pronouncing a judgment” –declares the Apex court

Manager 10 years ago

The Apex Court in a recent judgment held that despite pronouncing a judgment in an open court a Judge can change his view until the... Read More

Check EPF Balance Online 2 min read

• Income Tax

Check EPF Balance Online

Manager 10 years ago

In this hi-tech era, digitization has covered everything in financial market. How can EPFO stay behind? Now EPF investors can get all details of their... Read More

Non-filing of income tax return may lead to prosecution as held by the Apex Court 2 min read

• Income Tax

Non-filing of income tax return may lead to prosecution as held by the Apex Court

Manager 11 years ago

The Apex Court in one of its recent judgment held that non-filing of income tax return may lead to prosecution under the Income Tax Act.... Read More

Calculation of interest under Section 234 A, B and C of the Income Tax Act 3 min read

• Income Tax

Calculation of interest under Section 234 A, B and C of the Income Tax Act

Manager 11 years ago

If someone files his income tax return after the due date, he shall be liable to pay penal interest as per section 234 of the... Read More

Deduction for education loan under section 80E of the Income Tax Act 3 min read

• Income Tax

Deduction for education loan under section 80E of the Income Tax Act

Baisakhi Ganguly 11 years ago

Individuals are entitled to claim deduction under section 80E of the Income Tax Act, 1961 on education loan. Section 80E of Income Tax Act allows... Read More