Income Tax

Deductions u/s 80 for Salaried employees under Indian Income Tax 8 min read

• Income Tax

Deductions u/s 80 for Salaried employees under Indian Income Tax

Manager 8 years ago

The Income Tax Act provides that on determination of the gross total income of an assessee after considering income from all the heads, certain deductions there from may... Read More

Income Tax Return and Annual Information Return – a comparison 2 min read

• Income Tax

Income Tax Return and Annual Information Return – a comparison

Baisakhi Ganguly 8 years ago

According to Taxation Rules, it is mandatory for individuals or entities to file a return no matter whether tax has been deducted at source or... Read More

Clubbing of Income and Assessment 3 min read

• Income Tax

Clubbing of Income and Assessment

gary24 8 years ago

Generally, a person is assessed for tax in respect of her/his own income. In certain circumstances this basic principle has a deviation and the assessee... Read More

An Assessing Officer can apply the proviso to Section 13 rejecting the accounts of the assessee if he fails to properly deduce his profits and gains 3 min read

• Income Tax

An Assessing Officer can apply the proviso to Section 13 rejecting the accounts of the assessee if he fails to properly deduce his profits and gains

Manager 8 years ago

The Punjab & Haryana High Court in the case of Jhandu Mal Tara Chand Rice Mills vs. the Commissioner Of Income Tax , 1969 73... Read More

An assessee cannot be deprived of credit for TDS due to any anomaly in Form 26AS filed by his deductor 2 min read

• Income Tax

An assessee cannot be deprived of credit for TDS due to any anomaly in Form 26AS filed by his deductor

Manager 8 years ago

It has been recently held in the case of LSG Sky Chef (India) Pvt. Ltd vs. CIT (ITAT Mumbai) that an assessee cannot be deprived... Read More

APPEALS PROCEEDINGS UNDER INCOME TAX ACT, 1961 27 min read

• Income Tax

APPEALS PROCEEDINGS UNDER INCOME TAX ACT, 1961

Manager 8 years ago

The term appeal has nowhere been defined under the Income Tax Act. However as per Mozley and Whiteley’s Law Dictionary “Appeal is a complaint to... Read More

Addition cannot be allowed based on a disclosure under pressure if no incriminating material is discovered 7 min read

• Income Tax

Addition cannot be allowed based on a disclosure under pressure if no incriminating material is discovered

Manager 8 years ago

It has been held by the ITAT Jaipur in the case of Shri Basant Bansal, C-13, Sushant Lok 1, Gurgaon – 122 002, having PAN... Read More

No penalty under section 271(1) (c) in case of concealment of income due to “bonafide mistake” by an assessee 2 min read

• Income Tax

No penalty under section 271(1) (c) in case of concealment of income due to “bonafide mistake” by an assessee

Manager 8 years ago

The Assessing Office cannot levy a penalty under section 271(1) (c) due to a bonafide mistake on the part of an assessee. This was subsequently... Read More

When subsidy through refund of excise duty is not taxable as income 3 min read

• Income Tax

When subsidy through refund of excise duty is not taxable as income

Baisakhi Ganguly 8 years ago

The word “subsidy” is of vital importance. It is defined as monetary assistance given by a government to a person or group to help an... Read More

Registration of a charitable institution cannot be cancelled merely for carrying on commercial activities 4 min read

• Income Tax

Registration of a charitable institution cannot be cancelled merely for carrying on commercial activities

Baisakhi Ganguly 8 years ago

The Hon’ble Bombay High court in the case of DIT (Appellant) vs. M/s. Khar Gymkhana (Respondent) being Income Tax Appeal No. 2349 of 2013 has... Read More