Income Tax

How change in base year of Indexation will affect your income from capital gains 3 min read

• Income Tax

How change in base year of Indexation will affect your income from capital gains

Sourav 8 years ago

Capital gains on transfer of capital assets including immovable property may decline after the announcement of change in base year of Indexation from 1981 to 2001... Read More

The Highs and Lows of the Union Budget 2017 3 min read

• Income Tax

The Highs and Lows of the Union Budget 2017

Sourav 8 years ago

India’s 2017 budget brings a hike in government spending and reduces taxes as Prime Minister Narendra Modi assures to help the deprived and the poor... Read More

Rights of Assesse in case of any Proposed additions to the Returned Income 3 min read

• Income Tax

Rights of Assesse in case of any Proposed additions to the Returned Income

Skumar 8 years ago

The assessing officer has a legal obligation to pass a draft order before he passes an assessment order to make Additions to the Returned Income... Read More

Generation of surplus is not fatal for granting exemption if such surplus is utilized for charitable purposes 4 min read

• Income Tax

Generation of surplus is not fatal for granting exemption if such surplus is utilized for charitable purposes

Sourav 8 years ago

In the case of CIT vs. Gulab Devi Memorial Hospital Trust (P&H High Court), the CIT (Commissioner of Income Tax) overruled the claim made by... Read More

Expenses on Stock Options are deductible Revenue Expenditure 6 min read

• Income Tax

Expenses on Stock Options are deductible Revenue Expenditure

Baisakhi Ganguly 8 years ago

The Income Tax Appellate Tribunal at Delhi in the case of ITA No.2283/Del/2013 Religare Commodities Ltd, D3, P3B, District Centre, Saket, New Delhi vs. ACIT,... Read More

Is Income Tax Notice the Anticipated Fate of People Having Deposited Over Rs. 10 Lacs? 3 min read

• Income Tax

Is Income Tax Notice the Anticipated Fate of People Having Deposited Over Rs. 10 Lacs?

anchaltailor 8 years ago

Are you worried about the Income Tax notice coming your way? On November 8, 2016, the Government of India has taken a historic step to... Read More

Profit from investment in penny stocks not sham as per Income Tax Tribunal 4 min read

• Income Tax

Profit from investment in penny stocks not sham as per Income Tax Tribunal

Rebecca Ghomes 8 years ago

Income Tax tribunal after getting sufficient authentic information from the Securities and Exchange Board of India has declared that the transactions or investment in penny... Read More

Whether loss on sale of shares of subsidiary is allowed as a business expenditure? 4 min read

• Income Tax

Whether loss on sale of shares of subsidiary is allowed as a business expenditure?

Sourav 8 years ago

The assessee claimed loss on sale of shares as business expenses. The issue came up before court was whether any loss on sale of the... Read More

Entries in loose sheets are inadmissible as evidence under section 34 of the Evidence Act 6 min read

• Income Tax

Entries in loose sheets are inadmissible as evidence under section 34 of the Evidence Act

Baisakhi Ganguly 8 years ago

The Hon’ble Apex Court in the case of Common Cause vs. Union of India, Interlocutory Application Nos. 3 and 4 of 2017 in Writ Petition... Read More

The deduction of the profits of a business should be made independently in respect of each business 4 min read

• Income Tax

The deduction of the profits of a business should be made independently in respect of each business

Baisakhi Ganguly 8 years ago

The Hon’ble apex Court in the case of CIT vs. Yokogawa India Limited, Civil Appeal No. 8498 of 2013,  8497of 2013 and others has held... Read More