Digging deeper into unexplained cash credit as per provisions of Section 68
It is a strange world nowadays where even corruption carries creativity with innovative tax evasion techniques cropping up every other day. Black money routed through... Read More
Income Tax
- Your guide to understanding and filing income tax returns.
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Exemptions to educational institutions under Section 10(23C) (vi)(via)/ 80G available if funds utilized for charitable purposes
As per the Section 10 (23C) (iiiab) of the Income Tax Act, it clearly specifies that apart from the applicant looking for exemption being any... Read More
Higher Tax deduction rate for Short term capital gains
The section 111A of the income tax act 1961, lays down the provision for Tax Deduction Rate for short term capital gains. Definition of short... Read More
Verdict on Non-competent Fee and Commercial Expediency
Ind. Global Corporate Finance Pvt. Ltd. was given a verdict by the Mumbai Bench of Income tax appellate regarding the non-competent fee paid by the... Read More
Capital Gains on Transfer of Jointly Owned Property
Capital Gains on Transfer of Jointly Owned Property Often an assessee owns one residential property by itself, or be a joint owner along with a close... Read More
Usual Tricks to Convert Black Money into White Legal Money
Some Common Tricks to Convert Black Money in White Money The growth of unaccounted money or black money has resulted in the creation of a... Read More
No addition under section 68 if one can prove the authenticity of a transaction
Prove Authenticity of Transaction to avoid Addition under Section 68 The Delhi High Court in the case of Commissioner of Income Tax vs. Gangeshwari Metal... Read More
Computation of Income Tax Liability under Different heads of Income- A Beginners Guide
Understanding Computation of Income Tax Liability As per the Income Tax Act, Income is classified under five different heads. In every financial year, either the... Read More
A searched person cannot be allowed to adjust Cash seized During Income Tax Raid with payment of advance tax
Treatment of Cash seized During Income Tax Raid The Finance Act, 2013 has introduced an explanation to section 132B which states that the ‘existing liability’ does... Read More
An assessee cannot be deprived of credit for TDS due to any anomaly in Form 26AS filed by his deductor
Anomaly in Form 26AS by Deductor- Assessee Cannot be denied Credit of TDS It has been recently held in the case of LSG Sky Chef... Read More
Major Changes Expected in Direct Tax Code 2025 and why these matter 
Can an assessee pay House Rent to his parents and claim relief? Would there be any legal complications? 
Boost Your Business & Reduce Taxes: A Guide to Maximizing Benefits Under Section 80JJAA 
What is remedy to taxpayer if the Tax deductor fails to deposit the TDS or fails to file TDS Return