Income Tax

Defective returns due to unpaid self-assessment tax for AY 2013-2014

• Income Tax

Defective returns due to unpaid self-assessment tax for AY 2013-2014

Manager 9 years ago

Section 269SS and section 269T do not apply to share application money 2 min read

• Income Tax

Section 269SS and section 269T do not apply to share application money

Manager 9 years ago

The Madras High Court has recently held in the case of the Commissioner of Income Tax vs. Ms. Pride Remedies Private Ltd. 2014 (12) TMI... Read More

Gift Tax Needs Simplification 2 min read

• Income Tax

Gift Tax Needs Simplification

Manager 9 years ago

The Indian Finance Minister has promised to come good on lot of forward looking changes like imposing common goods tax and other reforms to combat... Read More

How to calculate capital gains tax? 3 min read

• Income Tax

How to calculate capital gains tax?

Manager 9 years ago

Lack of knowledge amongst the taxpayers is a major reason for improper compliance of tax laws in India. People transfer their movable and immovable assets.... Read More

Lawful tax planning does not amount to an offence 3 min read

• Income Tax

Lawful tax planning does not amount to an offence

Manager 9 years ago

Tax evasion is an offence and should always be avoided. A tax planning till it is lawful does not only reduce the tax burden of a tax payer but also... Read More

TDS not deductible merely on book entry 2 min read

• Income Tax

TDS not deductible merely on book entry

Manager 9 years ago

The Income Tax appellate Tribunal in ITA NO.2603/Mum/2011 (Income Tax Officer vs. M/s Pipavav Shipyard Ltd.) dismissed the appeal of the revenue. It was an... Read More

How to Face an Income Tax Raid? 2 min read

• Income Tax

How to Face an Income Tax Raid?

Manager 9 years ago

The term “Raid” in the law of Income Tax in India is an interaction with the Income Tax Department which leads to chaos and panic.... Read More

TDS Certificates to be issued According to according to Section 203 of the Income Tax Act read with the Rule 31 of the Income Tax Rules. 2 min read

• Income Tax

TDS Certificates to be issued According to according to Section 203 of the Income Tax Act read with the Rule 31 of the Income Tax Rules.

Manager 9 years ago

The Income Tax department in a circular dated 9.4.13 has declared that it has become mandatory for all deductors to issue the TDS certificates for... Read More

Filing of Income Tax Returns by NRIs 2 min read

• Income Tax

Filing of Income Tax Returns by NRIs

Manager 9 years ago

31st July is the due date for filing income tax returns for any financial year. If you are a Non Resident Indian (NRI) and trying... Read More

PENAL PROVISIONS UNDER INCOME TAX ACT 2 min read

• Income Tax

PENAL PROVISIONS UNDER INCOME TAX ACT

Manager 9 years ago

PENAL PROVISIONS UNDER INCOME TAX ACT Provisions under section 221: Section 221(1) of the Act states that if a person fails to pay tax i.e.... Read More