Income Tax

Income Tax Act 1961 – Penalties and Prosecution 2 min read

• Income Tax

Income Tax Act 1961 – Penalties and Prosecution

Manager 8 years ago

Income tax has to be paid by every person if the taxable income exceeds their respective basic exemption limit. Income Tax also has several penalties... Read More

An insight into Intra Day Trading 2 min read

• Income Tax

An insight into Intra Day Trading

Manager 8 years ago

  Intra day trading The common name for Intra Day Trading is “Day Trading”.  Here, a trader acquires a stock in a given position and... Read More

Mortgage Rules to be tightened in Canada 2 min read

• Income Tax

Mortgage Rules to be tightened in Canada

Manager 8 years ago

The federal government of Canada is aiming minimum down payment for expensive homes in Canada which is to be made effective in the coming New... Read More

Delhi High Court declares repayment of interest on loan by conversion is not actual payment under section 43B 4 min read

• Income Tax

Delhi High Court declares repayment of interest on loan by conversion is not actual payment under section 43B

Manager 8 years ago

It has recently been held by the Delhi High Court at New Delhi in the case of Commissioner of Income Tax, Delhi vs. M.M. Aqua... Read More

Rule 37BA to be treated as retrospective in nature 5 min read

• Income Tax

Rule 37BA to be treated as retrospective in nature

Manager 8 years ago

It has recently been held by the Hon’ble J. Mahavir Singh of ITAT Kolkata in the case of Parmanand Tiwari vs. ITO, Wd-54(1), Kolkata, I.T.A... Read More

KLR Industries Ltd vs. DCIT (ITAT Hyderabad) 2 min read

• Income Tax

KLR Industries Ltd vs. DCIT (ITAT Hyderabad)

Manager 8 years ago

One of the well known principles of law for the establishment of a credit shown in the accounts is that the beginner onus is on... Read More

Which Accounts can be made subject to Special Audit under section 142(2A) by Assessing Officer? 3 min read

• Income Tax

Which Accounts can be made subject to Special Audit under section 142(2A) by Assessing Officer?

Manager 8 years ago

The amendment in the taxation laws in 1975, brought in to existence the sub-section (2A) to section 142 of the Income tax act of India.... Read More

Chartered Accountants blamed for lower levy of taxes 3 min read

• Income Tax

Chartered Accountants blamed for lower levy of taxes

Manager 8 years ago

Recently a CAG report said the failure on behalf of the chartered accountants hired by the income tax department to furnish authentic tax information has... Read More

ITAT Delhi explains the scope of proviso to section 2(15) relating to deduction for charitable institutions 5 min read

• Income Tax

ITAT Delhi explains the scope of proviso to section 2(15) relating to deduction for charitable institutions

Manager 8 years ago

The ITAT Delhi in the case of Association of State Road Transport vs. CIT – V, Astru Bhawan, Plot No. 4A, PSP Block, Pocket-14, Sector-8,... Read More

Denial of benefit of set off of the speculation loss and explanation to section 73 of Income Tax Act, 1971 2 min read

• Income Tax

Denial of benefit of set off of the speculation loss and explanation to section 73 of Income Tax Act, 1971

Manager 8 years ago

Every year, Income tax return registration and filing of ITR return online or offline is a practice followed both by companies and individuals. An important... Read More