Income Tax

Denial of benefit of set off of the speculation loss and explanation to section 73 of Income Tax Act, 1971 2 min read

• Income Tax

Denial of benefit of set off of the speculation loss and explanation to section 73 of Income Tax Act, 1971

Manager 9 years ago

Every year, Income tax return registration and filing of ITR return online or offline is a practice followed both by companies and individuals. An important... Read More

Recording of reasons mandatory while levying penalty 2 min read

• Income Tax

Recording of reasons mandatory while levying penalty

Manager 9 years ago

Penalty cannot be imposed if an Assessing Officer does not record his finding that there was a concealment of income or furnishing of incorrect details... Read More

Income Tax department decided to scan TDS of corporate executives 2 min read

• Income Tax

Income Tax department decided to scan TDS of corporate executives

Manager 9 years ago

The Income Tax department has decided to scan the salary of the executives of corporate for the purpose of examining the concealed tax opportunities in... Read More

How can you save tax through investment in your spouse’s name? 2 min read

• Income Tax

How can you save tax through investment in your spouse’s name?

Manager 9 years ago

Many tax savings instruments provide  investment in the name of spouse, children or parents, subject to few restrictions. One can open a fixed deposit or purchase... Read More

Highhandedness of the Income Tax and Excise Officers 3 min read

• Income Tax

Highhandedness of the Income Tax and Excise Officers

Manager 9 years ago

The curse of the Indian government establishment is that power is in the hands of people with low self-disposition and they run amok with it.... Read More

Block assessment proceedings cannot be initiated against the assessee if search is not conducted against the assessee 3 min read

• Income Tax

Block assessment proceedings cannot be initiated against the assessee if search is not conducted against the assessee

Manager 9 years ago

In the recent case of Commissioner of Income Tax-3 vs. Sunny Liquors Pvt. Ltd., 2015 (1) TMI 103, the Andhra Pradesh High Court has held... Read More

The disallowance under section 40(a) (ia) of the Income Tax Act proposed to be limited to 30% of the total amount of expenses 6 min read

• Income Tax

The disallowance under section 40(a) (ia) of the Income Tax Act proposed to be limited to 30% of the total amount of expenses

Manager 9 years ago

It has been recently proposed that in case of non-deduction or non-payment of TDS on payments made to residents of the country according to section... Read More

Chartered Accountants blamed for lower levy of taxes 2 min read

• Income Tax

Chartered Accountants blamed for lower levy of taxes

Manager 9 years ago

Recently a CAG report said the failure on behalf of the chartered accountants hired by the income tax department to furnish authentic tax information has... Read More

Know more about new house rent allowance (HRA) rules

• Income Tax

Know more about new house rent allowance (HRA) rules

Manager 9 years ago

Receiving a gift of more than Rupees 50,000 could be a tax trap 2 min read

• Income Tax

Receiving a gift of more than Rupees 50,000 could be a tax trap

Manager 9 years ago

Receiving a gift more than rupees 50,000/- is taxable under the current tax regulations. The Indian gift tax Act was constituted on April 01, 1958... Read More