Income Tax

Cost awarded against income tax department for abuse of process of law 2 min read

• Income Tax

Cost awarded against income tax department for abuse of process of law

Manager 9 years ago

The Bombay High Court in a recent case imposed a cost of Rs. 1, 00,000/- against the income tax department for abuse of process of... Read More

Taxability of amount received from Life insurance proceeds on maturity 2 min read

• Income Tax

Taxability of amount received from Life insurance proceeds on maturity

Manager 9 years ago

Many people think that the benefit amount they receive on the maturity of all life insurance policies is exempt from income tax. However that is... Read More

What are the Provisions for Re-opening an Assessment 2 min read

• Income Tax

What are the Provisions for Re-opening an Assessment

Manager 9 years ago

Section 147 of the Income Tax Act authorizes the Assessing Officer to re-assess the income chargeable to tax, in cases where he has reason to... Read More

Enjoy your retirement through reverse mortgage

• Income Tax

Enjoy your retirement through reverse mortgage

Manager 9 years ago

No addition of income based on a statement recorded during a survey 4 min read

• Income Tax

No addition of income based on a statement recorded during a survey

Manager 9 years ago

The ITAT Kolkata on 06.05.2015 has held that no addition of income can be allowed based on a statement recorded under the provisions of section... Read More

Private Limited Companies cannot accept share application money in cash 3 min read

• Income Tax

Private Limited Companies cannot accept share application money in cash

Manager 9 years ago

Many private limited companies receive  share application money in cash. Such companies deposit the cash or cheques they receive for share application in the same... Read More

Issue decided in assessments cannot be reconsidered unless fresh material is found during the search 4 min read

• Income Tax

Issue decided in assessments cannot be reconsidered unless fresh material is found during the search

Manager 9 years ago

The ITAT Mumbai Bench “F”, Mumbai by a judgment passed on13 th August 2014 in the case of ACIT vs. M/s. Veena Developers (having PAN:... Read More

Rates of Income Tax and TDS for past 10 years 2 min read

• Income Tax

Rates of Income Tax and TDS for past 10 years

Manager 9 years ago

Companies must start calculating the payable tax amount for every year and start deducting tax from the salary of the employees at an average rate.... Read More

Fate of Unexplained Income under the Income Tax Act 2 min read

• Income Tax

Fate of Unexplained Income under the Income Tax Act

Manager 9 years ago

Fate of Unexplained Income under the Income Tax Act Fate of Unexplained Income under the Income Tax Act What is Undeclared or Unexplained Income? It... Read More

Scope of section 133(6) of the Income Tax Act 3 min read

• Income Tax

Scope of section 133(6) of the Income Tax Act

Manager 9 years ago

The Income Tax Act gives the Department wide powers of investigation including the power to seek information about an assessee even from outsiders. The information... Read More