Income Tax

House Transfer within 3 years under family arrangement, sec. 54F relief can’t be denied 7 min read

• Income Tax

House Transfer within 3 years under family arrangement, sec. 54F relief can’t be denied

Rajbir Chawla 8 years ago

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 5 min read

• Income Tax

A guide to the benefits enjoyed by a Non- Resident in India

Baisakhi Ganguly 8 years ago

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 3 min read

• Income Tax

Assessment under Section 153A of Income Tax Act, 1961

Anuj Mathur 8 years ago

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

• Income Tax

What is Best Judgement Assessment?

Sourav 8 years ago

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) 4 min read

• Income Tax

Provisions of Section 194C (6) do not depend upon Section 194C (7)

Baisakhi Ganguly 8 years ago

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

Refundable Deposits are Business Income but Share Capital is Capital Receipt 2 min read

• Income Tax

Refundable Deposits are Business Income but Share Capital is Capital Receipt

Anuj Mathur 8 years ago

Recently, Supreme Court of India has held the point that refundable deposits should be assessed as business income but share capital should be as capital... Read More

As the last date for Income declaration Scheme nears, Government started mounting Pressures by Income Tax raids across Country 2 min read

• Income Tax

As the last date for Income declaration Scheme nears, Government started mounting Pressures by Income Tax raids across Country

Rajbir Chawla 8 years ago

Nothing works like fear psychosis. And nobody knows better than our Modi Government and our Income Tax Department officials As the much touted Income declaration... Read More

No Penalty for bona fide delay in filing tax audit report 4 min read

• Income Tax

No Penalty for bona fide delay in filing tax audit report

Baisakhi Ganguly 8 years ago

The Income Tax Appellate Tribunal, Jaipur in the case of M/s. Gemorium 1969, Dhabaji Ka Khurra, Ramganj Bazar, Jaipur vs. The ITO, Ward- 5(1) Jaipur... Read More

Don’t let Assessing Officer Harass you by Overstepping his role and jurisdiction in Limited Scrutiny Cases 3 min read

• Income Tax

Don’t let Assessing Officer Harass you by Overstepping his role and jurisdiction in Limited Scrutiny Cases

Rajbir Chawla 8 years ago

CBDT has issued instructions to assessing officers instructing them on how to carry on assessments u/s 143(2) in case of limited scrutiny assessments There are... Read More

Past records of the assessee can be considered in making assessment 5 min read

• Income Tax

Past records of the assessee can be considered in making assessment

Baisakhi Ganguly 8 years ago

The Income Tax Appellate Tribunal Nagpur in the case of Commissioner of Income Tax vs. Badridas Ramrai Shop, 1939 7 ITR 613 Nag., has held... Read More