Income Tax

Gujarat High Court held only receipt of income is not taxable income 2 min read

• Income Tax

Gujarat High Court held only receipt of income is not taxable income

Manager 9 years ago

The Gujarat High Court in a recent judgment held that only receiving a sum of money cannot be chargeable to income tax. The Gujarat High... Read More

Section 40A (3) disallowance applicable to payment by means of crossed cheque 2 min read

• Income Tax

Section 40A (3) disallowance applicable to payment by means of crossed cheque

Manager 9 years ago

The Gujarat High Court in a recent judgment pronounced on 26.4.2014 in the case of Rajmoti Industries vs. ACIT, held that payment through any crossed... 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

Manager 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

Defective returns due to unpaid self-assessment tax for AY 2013-2014

• Income Tax

Defective returns due to unpaid self-assessment tax for AY 2013-2014

Manager 9 years ago

Section 269SS and section 269T do not apply to share application money 2 min read

• Income Tax

Section 269SS and section 269T do not apply to share application money

Manager 9 years ago

The Madras High Court has recently held in the case of the Commissioner of Income Tax vs. Ms. Pride Remedies Private Ltd. 2014 (12) TMI... Read More

Gift Tax Needs Simplification 2 min read

• Income Tax

Gift Tax Needs Simplification

Manager 9 years ago

The Indian Finance Minister has promised to come good on lot of forward looking changes like imposing common goods tax and other reforms to combat... Read More

How to calculate capital gains tax? 3 min read

• Income Tax

How to calculate capital gains tax?

Manager 9 years ago

Lack of knowledge amongst the taxpayers is a major reason for improper compliance of tax laws in India. People transfer their movable and immovable assets.... Read More

Lawful tax planning does not amount to an offence 3 min read

• Income Tax

Lawful tax planning does not amount to an offence

Manager 9 years ago

Tax evasion is an offence and should always be avoided. A tax planning till it is lawful does not only reduce the tax burden of a tax payer but also... Read More

TDS not deductible merely on book entry 2 min read

• Income Tax

TDS not deductible merely on book entry

Manager 9 years ago

The Income Tax appellate Tribunal in ITA NO.2603/Mum/2011 (Income Tax Officer vs. M/s Pipavav Shipyard Ltd.) dismissed the appeal of the revenue. It was an... Read More

How to Face an Income Tax Raid? 2 min read

• Income Tax

How to Face an Income Tax Raid?

Manager 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