Income Tax

No addition under section 68 if one can prove the authenticity of a transaction 4 min read

• Income Tax

No addition under section 68 if one can prove the authenticity of a transaction

Manager 8 years ago

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 4 min read

• Income Tax

Computation of Income Tax Liability under Different heads of Income- A Beginners Guide

Sourav 8 years ago

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 3 min read

• Income Tax

A searched person cannot be allowed to adjust Cash seized During Income Tax Raid with payment of advance tax

Rajbir Chawla 8 years ago

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 2 min read

• Income Tax

An assessee cannot be deprived of credit for TDS due to any anomaly in Form 26AS filed by his deductor

Manager 8 years ago

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

An insight into Professional Tax and its Components 2 min read

• Income Tax

An insight into Professional Tax and its Components

Jappi Kaur 8 years ago

Understanding levy of Professional Tax What is Professional Tax Professional tax is a state level tax levied on the individuals earning their living. Note that... Read More

Entered Contract to Sell Property and Realized Money Later? What is Date of Recognition of Sale? 3 min read

• Income Tax

Entered Contract to Sell Property and Realized Money Later? What is Date of Recognition of Sale?

Rebecca Ghomes 8 years ago

Selling House Property? When is Date of Recognition of Sale for Tax Purposes Buying or selling of property is not a single day’s job, it’s a... Read More

Taxability of Capital Gain on Sale of Agricultural Land 4 min read

• Income Tax

Taxability of Capital Gain on Sale of Agricultural Land

Rajbir Chawla 8 years ago

Taxability of Capital Gain on Sale of Agricultural Land Sale of agricultural land is liable to tax except for rural agriculture land, as the rural... Read More

Fast and Cost Effective ways to Transfer Money abroad 3 min read

• Income Tax

Fast and Cost Effective ways to Transfer Money abroad

Skumar 8 years ago

Fast and Cost Effective Ways to Transfer Money abroad With globalization and digitalization reducing the world to a global village, accessing products and services from... Read More

Tax Rates on undisclosed income sky rocketing at 82.5%- Tax Planning and not Tax evasion need of the hour 3 min read

• Income Tax

Tax Rates on undisclosed income sky rocketing at 82.5%- Tax Planning and not Tax evasion need of the hour

Sourav 8 years ago

If you have got any credit in Bank account, that may not necessarily be an explained income. In some cases even if the assessee has... Read More

Transfer of assets of partnership firm among the partners on retirement not subject to Capital Gains Tax 3 min read

• Income Tax

Transfer of assets of partnership firm among the partners on retirement not subject to Capital Gains Tax

Sourav 8 years ago

As is renowned in income-tax forums, there is a lot of disagreement regarding the interpretation of section 45(4) of the Income-Tax Act, 1961. As per section... Read More