Income Tax

Do donations help to minimize an individual’s tax liability? 2 min read

• Income Tax

Do donations help to minimize an individual’s tax liability?

9 years ago

In the tax-planning season, most people rush to make investments to reduce their tax liability. It is found that individuals pay more taxes than they... Read More

How to file the income tax return of a deceased assessee? 4 min read

• Income Tax

How to file the income tax return of a deceased assessee?

9 years ago

If an assessee dies intestate, that is without making a will, his return of income tax can still be filed by his legal heirs and... Read More

CBDT procedure for launching prosecution for TDS-TCS default 3 min read

• Income Tax

CBDT procedure for launching prosecution for TDS-TCS default

9 years ago

The Central Board of Direct Taxes has laid down a procedure for launching prosecution for TDS-TCS default. In connection with the above the CBDT has... Read More

The Department cannot access the documents relating to the third party obtained in a search operation 5 min read

• Income Tax

The Department cannot access the documents relating to the third party obtained in a search operation

9 years ago

It has been held by the Hon’ ble Delhi High Court in R. Batliboi & Co. vs. The Department Of Income Tax, in W.P.(C) 9479/2007... Read More

Amendment in Section 2(14) Capital Gains 2 min read

• Income Tax

Amendment in Section 2(14) Capital Gains

Aditijh 9 years ago

In a recent amendment in Income Tax Act 1961, that came into effect on 01.04.2014 with its assessment year 2014-15, item (b) was substituted to... Read More

Rules tightened for non-filers of Income Tax Return 2 min read

• Income Tax

Rules tightened for non-filers of Income Tax Return

9 years ago

  The Central Board of Direct Taxes (CBDT) tightens the rules dealing with monitoring of “non-filers” of Income Tax Returns and aims to follow uniform... Read More

Advantages of Limited Liability Partnership over Partners 2 min read

• Income Tax

Advantages of Limited Liability Partnership over Partners

Manager 9 years ago

Advantages of Limited Liability Partnership over Partners Limited Liability Partnership, abbreviated as LLP, is a kind of business organization. It has become very common now-a-days... Read More

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