Income Tax

Penalty under section 271(1) (c) of the Income Tax Act 2 min read

• Income Tax

Penalty under section 271(1) (c) of the Income Tax Act

Manager 9 years ago

The expression “Penalty” has nowhere been defined in the Income Tax Act, 1961. Penalty is generally treated as a liability comprising a punishment upon the... Read More

Penalty imposed for false claim of deduction under section 80IB 2 min read

• Income Tax

Penalty imposed for false claim of deduction under section 80IB

Manager 9 years ago

Where the assessee has made false claim for deduction under Section 801B of the Income Tax Act, penalty is levied under Section 271(1) (c) of... Read More

Should tax planning be the aim of Insurance Coverage?

• Income Tax

Should tax planning be the aim of Insurance Coverage?

Manager 9 years ago

Issuance of notice under section 143(2) is not mandatory before making an assessment under section 153A 4 min read

• Income Tax

Issuance of notice under section 143(2) is not mandatory before making an assessment under section 153A

9 years ago

The ITAT Mumbai in the case of Sumanlata Bansal( PAN- AAHPB0141N) vs. the Assistant Commissioner of Income Tax, Central Circle 8 Mumbai, ITA nos. 525... Read More

Share application money cannot be considered as undisclosed income if identity of the share applicants is available 3 min read

• Income Tax

Share application money cannot be considered as undisclosed income if identity of the share applicants is available

9 years ago

The Hon’ble Delhi High Court on 12.8.15 in the cases of Commissioner of Income Tax – 9 (Appellant) vs. Vrindavan Farms (P) Ltd. (Respondent) being... Read More

How to Lodge Complaint Against Illegal Behavior of Assessing Officers? 2 min read

• Income Tax

How to Lodge Complaint Against Illegal Behavior of Assessing Officers?

9 years ago

It is not that always the assessee who is wrong. At times, the behavior and the attitude of the Assessing Officers and other staff of... 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

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

No disallowance for non-deduction of TDS if the receiver has paid income tax on the same 3 min read

• Income Tax

No disallowance for non-deduction of TDS if the receiver has paid income tax on the same

9 years ago

The Hon’ble Income Tax Appellate Tribunal, Agra Bench (Agra) in the case of Rajeev Kumar Agarwal vs. Additional Commissioner of Income Tax (ITA No. 337/Agra/2013)... Read More

Rates of Income Tax and TDS for past 10 years 2 min read

• Income Tax

Rates of Income Tax and TDS for past 10 years

9 years ago

Companies must start calculating the payable tax amount for every year and start deducting tax from the salary of the employees at an average rate.... Read More

Will paying salary to your spouse lower your tax liability? 3 min read

• Income Tax

Will paying salary to your spouse lower your tax liability?

Aditijh 9 years ago

If you are running a business and your wife is assisting you, paying salary to her if she is not in the income tax bracket... Read More