Income Tax

What are the criteria for scrutiny under Income Tax for Assessment Year 2014-15 2 min read

• Income Tax

What are the criteria for scrutiny under Income Tax for Assessment Year 2014-15

9 years ago

Every year, CBDT issues some guidelines for the selection of cases which are picked up for scrutiny. Similarly such guidelines have been issued this year.... Read More

Audited books of account of an assessee cannot be denied 3 min read

• Income Tax

Audited books of account of an assessee cannot be denied

9 years ago

In the Assistant Commissioner of Income Tax, Central Circle-1, Rajkot vs. Rushabh Vatika, IT APPEAL NO. 51 (RJT.) OF 2013 it has recently been held... Read More

In an arrangement made between the family members being Directors of the company the difference in rate cannot be considered for the levy of capital gains tax 4 min read

• Income Tax

In an arrangement made between the family members being Directors of the company the difference in rate cannot be considered for the levy of capital gains tax

9 years ago

The Income Tax Appellate Tribunal, Hyderabad ‘B’ Bench, Hyderabad has recently held that in an arrangement made between the family members being Directors of the... Read More

A summary on section 263 of the Income Tax Act 3 min read

• Income Tax

A summary on section 263 of the Income Tax Act

Aditijh 9 years ago

Section 263 of the Income Tax Act deals with the powers given to the Commissioner of Income tax to ask for and check the records... Read More

How to Face an Income Tax Raid? 2 min read

• Income Tax

How to Face an Income Tax Raid?

9 years ago

The term “Raid” in the law of Income Tax in India is an interaction with the Income Tax Department which leads to chaos and panic.... Read More

CBDT aims to supervise orders of revision passed by the CIT under section 264 3 min read

• Income Tax

CBDT aims to supervise orders of revision passed by the CIT under section 264

9 years ago

CBDT has passed an order on 16.05.2014 being no.11of 2014 (F.NO.279/MISC, /M-115/2013-ITJ) stating that it shall supervise the revision orders passed by the CIT under... Read More

Penalty under section 271(1) (c) cannot be levied for a claim which was fully disclosed but was subsequently disallowed 6 min read

• Income Tax

Penalty under section 271(1) (c) cannot be levied for a claim which was fully disclosed but was subsequently disallowed

9 years ago

The Bombay High Court in the case of CIT Vs. S. M. Construction, Income Tax Appeal No. 412 of 2013, by a judgment dated 03.03.2015... Read More

Process of availing immunity of TDS default u/s 201 of the IT Act 3 min read

• Income Tax

Process of availing immunity of TDS default u/s 201 of the IT Act

9 years ago

There is an increase of Defaulting in TDS submissions. And so there is an increase in applications for immunity from accountants. In the cases in... Read More

A summary on Section 234E of the Income Tax Act 2 min read

• Income Tax

A summary on Section 234E of the Income Tax Act

9 years ago

The constitutional validity of Section 234E has been challenged by the different High courts in the cases appearing before them. Fee for default in furnishing... Read More

Revision of Tax Audit Report 2 min read

• Income Tax

Revision of Tax Audit Report

9 years ago

Generally, there is no provision regarding revision of a tax audit report. But if an assessee changes the financial statement, a new tax audit report... Read More