Income Tax

Voluntary disclosure of income cannot waive penalty for default 2 min read

• Income Tax

Voluntary disclosure of income cannot waive penalty for default

Manager 9 years ago

The Supreme Court in a recent decision held that a defaulter of income tax cannot be absolved of paying penalty only for making a voluntary... Read More

Filing of revised return after issue of notice under section 143(2) is considered as voluntary disclosure in absence of specific particulars 5 min read

• Income Tax

Filing of revised return after issue of notice under section 143(2) is considered as voluntary disclosure in absence of specific particulars

Manager 9 years ago

The ITAT, Mumbai on 07.01.2015 passed a judgment stating that if an assessee files the revised return of income after the receipt of notice under... Read More

Pay TDS on your life insurance policies 2 min read

• Income Tax

Pay TDS on your life insurance policies

Manager 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

Deduction under Section 80EE of Income Tax Act 3 min read

• Income Tax

Deduction under Section 80EE of Income Tax Act

Manager 9 years ago

The Union Finance Minister in the latest Finance Bill has inserted a new section 80EE of the Income Tax Act dealing with additional deduction regarding... Read More

Is interest on home loan treated as a cost of acquisition for calculating capital gains tax on sale of a house? 5 min read

• Income Tax

Is interest on home loan treated as a cost of acquisition for calculating capital gains tax on sale of a house?

Manager 9 years ago

A common question often which arises in the mind of the tax payers is that if someone takes a housing loan and pays interest towards... Read More

All about revised Income Tax Return 2 min read

• Income Tax

All about revised Income Tax Return

Manager 9 years ago

If an assessee has filed his income tax return under section  139(1) of Income Tax Act, 1961  within the due date  or in pursuance of a notice served upon him... Read More

The dilemma of purchasing immovable property from a non-resident

• Income Tax

The dilemma of purchasing immovable property from a non-resident

Manager 9 years ago

Deputation of employees to subsidiaries not chargeable to service tax 3 min read

• Income Tax

Deputation of employees to subsidiaries not chargeable to service tax

Manager 9 years ago

The Hon’ble Gujarat High Court in the case of Commissioner of Service Tax vs. Arvind Mills Ltd., 2014 (4) TMI 132, has held that a... Read More

Insurance Agents sell products with more commission

• Income Tax

Insurance Agents sell products with more commission

Manager 9 years ago

Facts under which the Penalty may be void under Income Tax Act section 274 2 min read

• Income Tax

Facts under which the Penalty may be void under Income Tax Act section 274

Aditijh 9 years ago

Section 271 (1)(c)  is a penalty notice under section 274 in which the irrelevant portion is not stroke out and which does not also specify... Read More