Section 80CCC of The Income Tax Act and Its Deductions
In order to motivate the assessee to save their hard-earned money and invest it wisely, many deductions have been offered by the Government under income... Read More
Income Tax
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Are you making Bogus Purchases? BEWARE – Supreme Court has a new ruling
the Assessment Officer had produced many discrepancies in the assessee's books of account inclusive of the purchases made from 22 parties, according to which, SOPs have been followed by the assessee pertaining to all the purchases, where every single identification has been done inclusive of the entry of goods, whereas, in terms of the purchases from the 22 parties, no identification has been done. The assessee and the directors have admitted this fact and its directors.... Read More
Guidelines Issued by CBDT For the Manual Selection Of Returns For Complete Scrutiny during the FY 2019-20
The parameters based on which the manual selection of returns for the complete scrutiny in the FY 2019-20 are as mentioned below: (i) Cases that... Read More
Advance tax indicates that income tax has to be paid in advance rather than a lump sum payment done the year-end. It is also referred... Read More
INCOME TAX INFORMANTS REWARD SCHEME 2018
5 min read
A new reward scheme has been introduced in supersession of the ‘Guidelines for grant of rewards to Informants, 2007’ and various existing guidelines on the... Read More
The gift tax had been abolished about 20 years ago in India. However, certain provisions for making gifts liable to tax for the recipient were... Read More
Income Tax Department asked by CAG to tighten the inspection of farm income tax exemption claims
2 min read
Tax exemption claims on farm income have caught the eye of the Comptroller and Auditor General of India (CAG) who has in turn called for... Read More
The appeal was filed by the Revenue in order to challenge the Income Tax Appellate Tribunal’s (“the Tribunal” for short) judgment. The questions presented for... Read More
Changes in the TDS provision via the Finance bill,2019 passed by the Lok Sabha and Interim Budget, 2019
Sec 194M (new section): TDS on payment surpassing Rs 50 lakhs to either a Contractor or a Professional by Individual/HUF (This is applicable w.e.f. 01/09/2019)... Read More
Sec 194M (new section): TDS on payment surpassing Rs 50 lakhs to either a Contractor or a Professional by Individual/HUF (This is applicable w.e.f. 01/09/2019)... Read More
Major Changes Expected in Direct Tax Code 2025 and why these matter 
Can an assessee pay House Rent to his parents and claim relief? Would there be any legal complications? 
Boost Your Business & Reduce Taxes: A Guide to Maximizing Benefits Under Section 80JJAA 
What is remedy to taxpayer if the Tax deductor fails to deposit the TDS or fails to file TDS Return