Income Tax

No penalty u/s 271D can be levied if transactions are genuine 3 min read

• Income Tax

No penalty u/s 271D can be levied if transactions are genuine

Manager 8 years ago

The ITAT Chandigarh in the case of M/s Chawla Chemtech Pvt. Ltd. vs. the Joint CIT, Gobindgarh – 2016 (4) TMI 378 has held that... Read More

Tax Free Securities under Section 14 A and Rule 8D 3 min read

• Income Tax

Tax Free Securities under Section 14 A and Rule 8D

Manager 8 years ago

The Finance Ministry of India is responsible for the preparation and presentation of the Finance Bill every year. At the helm of financial affairs in... Read More

Penalties for tax evasion 2 min read

• Income Tax

Penalties for tax evasion

Manager 8 years ago

Tax evasion as an offence: Tax evasion is an illegal act which occurs for failure to file income tax return or altering the tax amount... Read More

Save tax on capital gains- Tax Planning made easy on Capital Gains 4 min read

• Income Tax

Save tax on capital gains- Tax Planning made easy on Capital Gains

Manager 8 years ago

The profits arising from the sale of a ‘capital asset’ are known as a capital gains. This gain is subject to income tax in the... Read More

Your guide in registering your Limited Liability Partnership- Is LLP better than Conventional Partnership? 2 min read

• Income Tax

Your guide in registering your Limited Liability Partnership- Is LLP better than Conventional Partnership?

Sourav 8 years ago

Limited Liability Partnership or better known as LLPs, were introduced 2008 and have quickly become a common structure for businesses today. You need at least... Read More

Share application money cannot be considered as undisclosed income if identity of the share applicants is available 3 min read

• Income Tax

Share application money cannot be considered as undisclosed income if identity of the share applicants is available

Manager 8 years ago

The Hon’ble Delhi High Court on 12.8.15 in the cases of Commissioner of Income Tax – 9 (Appellant) vs. Vrindavan Farms (P) Ltd. (Respondent) being... Read More

Claiming depreciation by unlawfully representing a loan transaction as a lease transaction would attract penalty 3 min read

• Income Tax

Claiming depreciation by unlawfully representing a loan transaction as a lease transaction would attract penalty

Manager 8 years ago

The ITAT Mumbai in the case of Times Guaranty Ltd., Times of India Building, Dr. D.N. Road, Mumbai – 400 001, vs. ACIT, Circle 1(3),... Read More

Want to know about your salary type and if they are subject to tax-deduction-at-source? 3 min read

• Income Tax

Want to know about your salary type and if they are subject to tax-deduction-at-source?

Rebecca Ghomes 8 years ago

A clear concept on salary and tax deduction at source is explained in this article. The concept of various types of income is explained along with the... Read More

Into the details of Rule 114E of Income Tax Rules 1962- Mandatory reporting of Certain Transactions 3 min read

• Income Tax

Into the details of Rule 114E of Income Tax Rules 1962- Mandatory reporting of Certain Transactions

Rebecca Ghomes 8 years ago

In another attempt to bring high-value cash transactions under the purview of Income Tax in India, Rule 114E of Income Tax Rules 1962 came into... Read More

Income Tax Liability of NRI and Complying with Undisclosed foreign income and assets act 3 min read

• Income Tax

Income Tax Liability of NRI and Complying with Undisclosed foreign income and assets act

Sourav 8 years ago

An NRI’s (Non-Resident Indian) income taxes in India would depend on the residential status for the respective year. If the residential status is ‘Resident’ then the... Read More