Income Tax

The Case of Earthmoving Equipment Service Corporation vs. DCIT 3 min read

• Income Tax

The Case of Earthmoving Equipment Service Corporation vs. DCIT

Rebecca Ghomes 8 years ago

According to 69c if transactions are done through banks and are disclosed duly, then any bogus purchases can never be treated as unexplained expenditure. Levy of... Read More

A trust which is solely for the benefit on an individual could claim deduction under section 54F 3 min read

• Income Tax

A trust which is solely for the benefit on an individual could claim deduction under section 54F

Sourav 8 years ago

The Issue arose before the ITAT is that whether the assessee trust, which is only for the benefit of an individual, will be eligible to... Read More

Bombay HC: TDS On Salaries Will Not Be Reimbursed Under Secondment Agreement 3 min read

• Income Tax

Bombay HC: TDS On Salaries Will Not Be Reimbursed Under Secondment Agreement

Diksha Garg 8 years ago

In a new ruling that has gained significance in the recent times, the Bombay High Court will hold the salary payment under the secondment agreement... Read More

Filing Form No 61A for statement of financial transactions wef 1st April 2016 : The Latest Requirement 3 min read

• Income Tax

Filing Form No 61A for statement of financial transactions wef 1st April 2016 : The Latest Requirement

Diksha Garg 8 years ago

To keep an eye on the high valued transactions made by the taxpayers, the new law has been framed by the Income Tax department where... Read More

The case of Godrej & Boyce vs. CIT (Supreme Court) 3 min read

• Income Tax

The case of Godrej & Boyce vs. CIT (Supreme Court)

Diksha Garg 8 years ago

In the judgment given by the Bombay High Court for Godrej & Boyce vs. CIT 328 ITR 81 (Bom), The Supreme Court of India needed... Read More

Law on Benefit Available for Cost of House Acquired Despite Non-payment 3 min read

• Income Tax

Law on Benefit Available for Cost of House Acquired Despite Non-payment

Rebecca Ghomes 8 years ago

When you sell any long term capital asset, there are huge gains which are to be taxed at a rate of 20%. Now the gain... Read More

How can you get tax exemption u/s 54 of Income Tax Act on sale of long term capital asset? 3 min read

• Income Tax

How can you get tax exemption u/s 54 of Income Tax Act on sale of long term capital asset?

Rebecca Ghomes 8 years ago

When you sell any long term capital asset, there may be Capital gains which are liable to be taxed at a rate of 20%. Now the gain... Read More

Could you save yourself from the hands of income tax by transferring money to your spouse’s account? 4 min read

• Income Tax

Could you save yourself from the hands of income tax by transferring money to your spouse’s account?

Sourav 8 years ago

Have you ever transferred money to spouse’s account in order to meet her personal requirements and expenses? If this thing happens very often, then you... Read More

TDS u/s 194C is not required to be deducted when paying wages to laborers working under assessee’s direct supervision 2 min read

• Income Tax

TDS u/s 194C is not required to be deducted when paying wages to laborers working under assessee’s direct supervision

Sourav 8 years ago

Tapas Paul Vs ACIT (ITAT Kolkata) Facts of the case Assessing Officer has disallowed the payment made to the labourers by the assessee on the... Read More

CBDT issues draft rules for valuation of unquoted shares 2 min read

• Income Tax

CBDT issues draft rules for valuation of unquoted shares

Rebecca Ghomes 8 years ago

The current burning news state that the Indian government has introduced a new chapter in the tax department. The insertion of clause X by the... Read More