Income Tax

Foreseeable Business loss can be allowed as deduction 3 min read

• Income Tax

Foreseeable Business loss can be allowed as deduction

9 years ago

The Income Tax Tribunal, Mumbai in the case of Jacobs Engineering India Pvt. Ltd. vs. The ACIT 8(2), Mumbai, ITA No. 335IMUM of 2007 (A.Y.... Read More

PENAL PROVISIONS UNDER INCOME TAX ACT 2 min read

• Income Tax

PENAL PROVISIONS UNDER INCOME TAX ACT

9 years ago

PENAL PROVISIONS UNDER INCOME TAX ACT Provisions under section 221: Section 221(1) of the Act states that if a person fails to pay tax i.e.... Read More

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

• Income Tax

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

Aditijh 9 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

Penalties for Having a Fake or Duplicate PAN Card 2 min read

• Income Tax

Penalties for Having a Fake or Duplicate PAN Card

9 years ago

Presently, there are more than 12 lakh duplicate PAN (Permanent Account Number) card holders existing in our country. Though the government denies the allegations of... Read More

On-Line Tax Accounting System Correction Scope and Procedure 3 min read

• Income Tax

On-Line Tax Accounting System Correction Scope and Procedure

9 years ago

The On-Line Tax Accounting System (OLTAS) was introduced in April 2004, for the accounting and reporting of receipts and payments of the Direct Taxes through... Read More

NO TDS ON PROVISION IS REQUIRED TO BE DEDUCTED IF PAYEE IS NOT IDENTIFIED 3 min read

• Income Tax

NO TDS ON PROVISION IS REQUIRED TO BE DEDUCTED IF PAYEE IS NOT IDENTIFIED

9 years ago

Citation of Case Law: M/s Dishnet Wireless Limited vs. DCIT (ITAT Chennai) I.T.A. Nos.320 to 329/Mds/2014, pronounced on 20.07.2015. Brief of Case: Assessee is Telecom... Read More

The assessee-deductor is not liable to pay the fee for default in filing TDS statements prior to the amendment to section 200A 4 min read

• Income Tax

The assessee-deductor is not liable to pay the fee for default in filing TDS statements prior to the amendment to section 200A

9 years ago

The ITAT at Amritsar in the case of Sibia Healthcare Private Limited St No. 8, Ajit Road, Bhatinda 151 001 (TAN – PTLS15043A) (Appellant) vs.... Read More

Penalty cannot be levied for concealment in a case an assessee has not filed his return 2 min read

• Income Tax

Penalty cannot be levied for concealment in a case an assessee has not filed his return

9 years ago

The Madras High Court in the case of Santosha Nadar v. First Addl. ITO and Another, (1962) 46 ITR 411 (Mad.) has analyzed the issue... Read More

Rules for arrest and bail relating to offences as provided in the Finance Act, 2013 2 min read

• Income Tax

Rules for arrest and bail relating to offences as provided in the Finance Act, 2013

Manager 9 years ago

Recently some circulars have been issued regarding the amendments introduced by the Finance Act, 2013, for offences punishable under the provisions of Service Tax, Central... Read More

Deduction under Section 43B of the Income Tax Act 2 min read

• Income Tax

Deduction under Section 43B of the Income Tax Act

Manager 9 years ago

A deduction which is otherwise allowed as per the provisions of the Income Tax Act regarding — a)   Any amount which is payable by... Read More