Income Tax

The case of Bogus Purchases Vs Accommodation entries 3 min read

• Income Tax

The case of Bogus Purchases Vs Accommodation entries

Rebecca Ghomes 8 years ago

As an example of the Sections 68 and 69C of the Income Tax Act of India, 1961, the case of CIT Vs Ashish International (Bombay High... Read More

What does it mean by the term ‘search and seizure’ under Income Tax Act of India? 6 min read

• Income Tax

What does it mean by the term ‘search and seizure’ under Income Tax Act of India?

Rebecca Ghomes 8 years ago

One of the most powerful weapons for the Income Tax Department of India is the power of search and seizure. This power enables the authorized... Read More

CBDT declares that no disallowance for exempt income if the securities are stock-in-trade 5 min read

• Income Tax

CBDT declares that no disallowance for exempt income if the securities are stock-in-trade

Baisakhi Ganguly 8 years ago

The Special Jurisdiction (Income Tax) of the Hon’ble High Court at Calcutta, Original side, with reference to the circular dated 11.02.2014 passed by the Central... Read More

Cash receipts amounting to Rs.3.00 lakhs per day can be invite problems in Income Tax 5 min read

• Income Tax

Cash receipts amounting to Rs.3.00 lakhs per day can be invite problems in Income Tax

Rebecca Ghomes 8 years ago

The recent budget 2017 proposes to bring in force Section 269ST in view of curtailing black money transactions by penalizing Penalty for Cash Receipts exceeding Rs... Read More

Check out the negatives and misses in the Union Budget 2017 4 min read

• Income Tax

Check out the negatives and misses in the Union Budget 2017

Sourav 8 years ago

It was the only and the first budget ever in the history of independent India to be presented on the 1st February. Finance Minister Shri Arun... Read More

Tax Position of a business established in a SEZ which Does not export its goods but sells only in India 3 min read

• Income Tax

Tax Position of a business established in a SEZ which Does not export its goods but sells only in India

Skumar 8 years ago

Can a business established in an SEZ sell goods in Domestic Tariff Area (DTA) that is within the country, and still claim all the tax... Read More

Income Tax Exemption to Patanjali – The final nail into FMCG’s coffin 3 min read

• Income Tax

Income Tax Exemption to Patanjali – The final nail into FMCG’s coffin

Sourav 8 years ago

This would be the last nail in the coffin for FMCG (Fast Moving Consumer Goods) sector that has already been suffering from demonetisation side effects. The... Read More

How to claim tax relief under section 89(1) for salary arrears 3 min read

• Income Tax

How to claim tax relief under section 89(1) for salary arrears

Sourav 8 years ago

Tax is computed on the salary which is received during the year. Sometimes the employee receives the salary in arrears or advance. When the salary is received from the employer... Read More

How to surrender PAN in case there are more than one PAN(s) allotted? 2 min read

• Income Tax

How to surrender PAN in case there are more than one PAN(s) allotted?

Akanksha 8 years ago

­ A PAN (Permanent Account Number) is a unique number of 10 alphanumeric characters that is assigned to every tax payer by the Income Tax... Read More

Assessing Officer is entitled to withhold Income Tax Refund if he has doubt 3 min read

• Income Tax

Assessing Officer is entitled to withhold Income Tax Refund if he has doubt

Baisakhi Ganguly 8 years ago

The Central Board of Direct Taxes has held that Assessing Officer is entitled to withhold Income Tax refund in any case if he has doubt... Read More