Income Tax

SBI- Life Sudarshan Plan

• Income Tax

SBI- Life Sudarshan Plan

9 years ago

Income tax deductions towards expenses for medical treatment of a disabled or ailing dependent 2 min read

• Income Tax

Income tax deductions towards expenses for medical treatment of a disabled or ailing dependent

9 years ago

The Income Tax Act, 1961 provides special deductions in the income tax of a taxpayer who has a disabled or ailing dependent for whom the... Read More

Defaulter of TDS not liable to pay the tax but only interest and penalty 5 min read

• Income Tax

Defaulter of TDS not liable to pay the tax but only interest and penalty

9 years ago

The Allahabad High Court in the recent case of Jagran Prakashan Ltd. vs. The Deputy Commissioner of Income Tax (TDS) (Writ Tax NO. 388 of... 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

9 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

Different kinds of penalties for defaults under the Income Tax Act 3 min read

• Income Tax

Different kinds of penalties for defaults under the Income Tax Act

9 years ago

Penalty for default is imposed with the object to encourage tax compliance in India. The Income Tax Act, 1961 deals with different kinds of penalties... Read More

Rules Relating to Gift Tax in India 2 min read

• Income Tax

Rules Relating to Gift Tax in India

9 years ago

Your mother transferred an amount of money to your bank account for helping you for a certain reason. Have you ever thought that is there... Read More

Process of charging interest under section 234 of IT Act 2 min read

• Income Tax

Process of charging interest under section 234 of IT Act

Aditijh 9 years ago

Process of charging interest under section 234 of IT Act Income Tax Act as a statute: Income Tax Act 1961 ( as amended by the... Read More

All about income tax scrutiny 3 min read

• Income Tax

All about income tax scrutiny

9 years ago

It is practically not possible for the Income Tax Department to make regular assessment of all the returns filed before them in any assessment year.... Read More

No concealment penalty can be levied on the basis of disallowance of claim for expenditure 3 min read

• Income Tax

No concealment penalty can be levied on the basis of disallowance of claim for expenditure

9 years ago

The Apex Court in the case of CIT v. Reliance Petro products Pvt. Ltd., 322 ITR 158, reiterated that disallowance of claim for expenditure does... Read More

Taxes paid by Employee Not reimbursed by Employer are not Taxable Income 4 min read

• Income Tax

Taxes paid by Employee Not reimbursed by Employer are not Taxable Income

9 years ago

The Delhi High Court in the case of CIT vs. Dr. Percy Batlivala [ITA No. 13 08 of 2008] has held that for the employees... Read More