Income Tax

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

Understanding Survey and search in the Income Tax Act- What are your rights during the survey? 3 min read

• Income Tax

Understanding Survey and search in the Income Tax Act- What are your rights during the survey?

Anuj Mathur 8 years ago

Raid is the term that is often used by common people for income tax survey and search. Understanding survey and search in the income tax... Read More

What if Income Disclosure scheme 2016 fails to collect sizable black money 2 min read

• Income Tax

What if Income Disclosure scheme 2016 fails to collect sizable black money

Rajbir Chawla 8 years ago

As on date, no data is being shared by Government as to what has been the result of the Income Declaration Scheme (IDS), 2016. This... Read More

Tax Liability of Non-Resident Indians working Abroad 3 min read

• Income Tax

Tax Liability of Non-Resident Indians working Abroad

Sourav 8 years ago

With India moving towards a globalized age with sturdier economic relations being forged with developed and developing markets, employee engagements throughout the globe is quite... Read More

Taxation Rules for Condonation of Delay in Corporate Taxes 3 min read

• Income Tax

Taxation Rules for Condonation of Delay in Corporate Taxes

Anuj Mathur 8 years ago

Condonation of Delay – In Genuine cases of human errors while filing the appeal, the AO should ask the assessee so that he/she can correct... Read More

Assessing Officer to examine the accounts carefully before making dis allowance under section 14A 4 min read

• Income Tax

Assessing Officer to examine the accounts carefully before making dis allowance under section 14A

Baisakhi Ganguly 8 years ago

The Honorable Delhi High Court in the case of Pradeep Khanna vs. ACIT, Circle 30(1) Delhi, I.T.A. no. 953/2015 has held that Assessing Officer should... Read More