If additions in income are not made on the grounds for reassessment, no addition can be made elsewhere
The Hon’ble Agra ITAT has held recently in the case of Kumar Goyal vs. ITO (ITAT Agra), I.T.A. No.116/Agra/2012 that if no additions are made... Read More
Income Tax
- Your guide to understanding and filing income tax returns.
- Simplify your tax filing process with expert advice.
- Learn about the different types of income tax, including individual income tax, corporate income tax, and more. Understand the income tax slabs, deductions, and exemptions applicable to various income sources.
- Get expert advice on tax planning and saving strategies to minimize your tax liability. Learn how to file your income tax return accurately and on time, avoiding penalties and interest charges.
- Stay up-to-date with the latest income tax news, circulars, and notifications. Access useful tools like income tax calculators, TDS calculators, and form 16 download links.
Penalty cannot be levied in case of huge loss
The Bombay High Court in the case of The Commissioner of Income Tax vs. M/s Garware Chemicals Ltd., Income Tax Appeal No. 916 of 2012... Read More
One Person Company – Incorporation, Set Up and Legal Aspects
Most of the times, you may don’t want to interrupt your free lifestyle and at the same time setup a business. Well, one person company... Read More
One can claim deduction on only one residential property occupied by him
If a person is the owner of more than one residential property, only one of the properties which he chooses will be treated as a... Read More
Finance Minister tables the budget for 2014
3 min read
2014 Budget presented Finance Minister, P. Chidambaram tables the Budget for 2014, a most awaited one right before the elections. States should take measures to... Read More
Why people should avoid tax evasion?
3 min read
A recent report released by the Indian Finance Ministry stated that the number of taxpayers in India for the financial year 2011-12 is around 3.24... Read More
Deduction for house rent allowance
3 min read
An income tax exemption which most of the people avail is on House Rent Allowance (HRA). Such allowance is paid by the employer to an... Read More
DCIT vs. Sham Sunder Sharma (Court: ITAT Chandigarh)
Instead of following the Tribunal’s order, CIT (A) followed his predecessor’s order even though had the Tribunal had set it aside. It is also... Read More
Completion and Posession of House not mandatory requirement to Claim benefit u/s 54F Income Tax Act
14 min read
Income Tax – Section 54F. – Whether in the absence of completion and possession by way of registration and transfer of its title of flats... Read More
CBDT makes announcement regarding capital gains on extension of the term of Mutual Funds under the Fixed Maturity Plans
The Central Board of Direct Taxes (CBDT) (TPL Division), New Delhi by Circular No. 6 of 2015 published on 9th April, 2015 has made an... 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