Income Tax

Taxability of Agricultural Income 3 min read

• Income Tax

Taxability of Agricultural Income

9 years ago

Agricultural Income – defined: According to the provisions of the Income Tax Act, any income earned from any of the three following three sources are... Read More

All about best assessment judgment 4 min read

• Income Tax

All about best assessment judgment

9 years ago

Assessment refers to judgment or evaluation. According to the law relating to income tax, assessment means evaluation or measurement of income. The term ‘assessment’ includes... Read More

No TDS on Service Tax; Reset Password using Physical Documents and CBDT wants Citizen Charter to be honored

• Income Tax

No TDS on Service Tax; Reset Password using Physical Documents and CBDT wants Citizen Charter to be honored

9 years ago

Glimpses of the Black Money Bill 3 min read

• Income Tax

Glimpses of the Black Money Bill

9 years ago

The government has recently introduced the Undisclosed Foreign Income and Assets Bill, 2015, commonly known as the Black Money Bill. The income tax department has... Read More

Deductor now entitled to interest on excess TDS in case of refund 3 min read

• Income Tax

Deductor now entitled to interest on excess TDS in case of refund

9 years ago

The Apex court in the case of Union Of India vs. Tata Chemicals Ltd. recently held that excess TDS is to be refunded by the... Read More

Pay TDS on your life insurance policies 2 min read

• Income Tax

Pay TDS on your life insurance policies

9 years ago

The Budget 2014-15 says that you have to pay a 2% TDS on any sum you receive from most of your life insurance policies. If... Read More

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