Income Tax

Business Expenditure in Income Tax Act under Section 37(1) 2 min read

• Income Tax

Business Expenditure in Income Tax Act under Section 37(1)

Anuj Mathur 8 years ago

Business expenditure -income tax act  u/s 37(1) states that if a director of company hires lawyers to represent his favor in court then his/her expenditure... Read More

Ease in Strictness of Section 206AA – Dealing with Previous Issues 4 min read

• Income Tax

Ease in Strictness of Section 206AA – Dealing with Previous Issues

Anuj Mathur 8 years ago

Section 206AA was highly rigorous and confusing as it made mandatory to submit PAN number while submitting taxes. It created many controversies; especially in case... Read More

No exemption allowed for failure to deposit the consideration towards purchase of new flat 4 min read

• Income Tax

No exemption allowed for failure to deposit the consideration towards purchase of new flat

Baisakhi Ganguly 8 years ago

The High Court of judicature at Mumbai recently in the case of ITA No.545 of 2002, Humayun Suleman Merchant (Appellant) vs. The Chief Commissioner of... Read More

Incurring Losses- Process of Setting off and carry forward of losses 2 min read

• Income Tax

Incurring Losses- Process of Setting off and carry forward of losses

Shanaya 8 years ago

Incurring Losses- Process of Setting off of losses, types of adjustment, unabsorbed depreciation and Exception for Setting off Losses are discussed below Businesses are set... Read More

Good news for taxpayers- The much awaited e-nivaran project launched by CBDT 3 min read

• Income Tax

Good news for taxpayers- The much awaited e-nivaran project launched by CBDT

Garima Jalali 8 years ago

e-nivaran is the beginning of a new era in the Income Tax Department.  e-nivaran- a dream project of Indian Government and the Income Tax department has... Read More

As the deadline for selecting cases for Scrutiny nears, Department sending Scrutiny Notices 3 min read

• Income Tax

As the deadline for selecting cases for Scrutiny nears, Department sending Scrutiny Notices

Rajbir Chawla 8 years ago

As the deadline for selecting the case of Financial Year 2014-15 nears, the department is sending the notices for Scrutiny. This year, not necessarily all... Read More

Would those missing deadline of Income Declaration Scheme 2016 face Raid-Raj by Income Tax Department 3 min read

• Income Tax

Would those missing deadline of Income Declaration Scheme 2016 face Raid-Raj by Income Tax Department

Rajbir Chawla 8 years ago

From various speeches in various forums by Prime Minister, Narender Modi and Finance Minister, Arun Jaitley, one can sense the focus that the Government is... Read More

Date of Possession of Property – is it Same as Date of Purchase? 2 min read

• Income Tax

Date of Possession of Property – is it Same as Date of Purchase?

Shanaya 8 years ago

Bastimal K Jain V ITO (ITAT)- Mumbai Judgement POSSESSION DATE OF PROPERTY SAME AS “PURCHASE DATE” In Bastimal K Jain V ITO (ITAT) Mumbai, it... Read More

Another interesting turn in Hissaria brothers vs. CIT Case 4 min read

• Income Tax

Another interesting turn in Hissaria brothers vs. CIT Case

Garima Jalali 8 years ago

The Hissaria brothers vs. CIT case has taken another twist. Recently another judgement was passed by the Rajasthan stated that the penalty proceeding for default... Read More

can Limited tax scrutiny be Converted to full tax scrutiny- a tax quick fix 2 min read

• Income Tax

can Limited tax scrutiny be Converted to full tax scrutiny- a tax quick fix

Garima Jalali 8 years ago

Know how and when it gets worse– from limited tax scrutiny to full tax scrutiny Knowing tax and its components properly is hands down a... Read More