Mumbai High Court lays strict rules for availing section 54F exemption
The Income Tax Act, 1961 provides exemption to tax payers from paying income tax on long-term capital gains where the profits of the asset which... Read More
Income Tax
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E-Nivaran of Income Tax itself needs some Nivaran- a User Experience
Recently Income Tax Department launched an online platform for resolving income tax grievances of assessees. The system is supposed to address the grievances of the... Read More
Assessment of Undisclosed Income in Income Tax Act u/s 133A
This arrangement is similar to VDS (Voluntary Disclosure Scheme). This scheme is effective from 1st June 2016. Declaration of undisclosed income or assets could be... Read More
Can Additions to Income by Mutual Consent of Assesse and Assessing Officer lead to Penalty under Income Tax Act
Income tax is a complicated law, and understanding the provisions of the act requires expertise and experience in dealing with taxation laws. Understanding taxable incomes... Read More
How to handle outstanding Income Tax demand?
2 min read
Income tax demand could arise due to several simple reasons. For instance, at the time of filing return, you might have wrongly fed the information... Read More
House Transfer within 3 years under family arrangement, sec. 54F relief can’t be denied
1. As we are aware that the whenever investment in house property is made to plan capital gains tax u/s 54(F), then the such property... Read More
A guide to the benefits enjoyed by a Non- Resident in India
If you are a Non-Resident Indian, you should always be aware of when to pay taxes, how taxes are levied on your income that is... Read More
Assessment under Section 153A of Income Tax Act, 1961
Further addition in the assessments under section 153A of Income Tax Act, 1961 is overruled if it does not contain incriminating materials. Summary: As per... Read More
What is Best Judgement Assessment?
2 min read
Understanding Best Judgement Assessment In the best judgement assessment, the A.O assesses the assessment in his own judgement to gather sufficient information and to form... Read More
Provisions of Section 194C (6) do not depend upon Section 194C (7)
The Income Tax Tribunal at Kolkata in the case of Soma Rani Ghosh vs. Deputy Commissioner of Income Tax numbered as I.T.A. No. 1420 /Kol./... Read More
Forfeiture of Gratuity by Employer- What are the Remedies for an employee- Can employer be challenged? 
Employer can forfeit gratuity of an employee in case of moral turpitude 
Diving Deeper: The Impact of the New Tax Bill on Dairy and Farming Income 
Bombay High Court Upholds Section 271(1)(c) Penalty for Deliberate Non-Disclosure