Income Tax

Beware of Lottery Scams 2 min read

• Income Tax

Beware of Lottery Scams

Manager 9 years ago

Today it is very common to receive lottery scam emails which notify you that you have won some prize in a lottery with the promise of... Read More

No penalty under section 271(1) (c) can be levied on account of failure in deduction of TDS 3 min read

• Income Tax

No penalty under section 271(1) (c) can be levied on account of failure in deduction of TDS

Manager 9 years ago

The ITAT Mumbai in the case of Rushi Builders and Developers Hotel Bay View, Gorai Khadi, L. T. Road, Borivali (W), Mumbai – 400 091,... Read More

Income Tax Department launches Toll-free line for complaints related to black money in elections 2 min read

• Income Tax

Income Tax Department launches Toll-free line for complaints related to black money in elections

Manager 9 years ago

In the run up to the upcoming Assembly polls in Delhi, the Income Tax Department has launched a Toll-free number – 1800 110 132 –... Read More

Set off of losses under the income tax laws 5 min read

• Income Tax

Set off of losses under the income tax laws

Manager 9 years ago

Though business aims to make income, there is always a possibility of incurring loss. On the basis of the principles of natural justice, a set-off... Read More

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