Income Tax

Tax benefit under section 54 of the Income Tax Act 5 min read

• Income Tax

Tax benefit under section 54 of the Income Tax Act

Akanksha 9 years ago

An assessee can claim exemption from capital gains on sale of house property according to the sections 54, 54B, 54D, 54EC, 54F and 54G of... Read More

Concealing foreign assets will attract penalty 4 min read

• Income Tax

Concealing foreign assets will attract penalty

9 years ago

Declaring foreign assets in the income tax return has been made mandatory in the Assessment Year 2012-13. Only Indian residents having the status of ‘resident... Read More

Consequences of Non-filing of IT Return in Time 2 min read

• Income Tax

Consequences of Non-filing of IT Return in Time

Aditijh 9 years ago

Consequences of Non-filing of IT Return in Time If a man escapes a taxable income his income is considered as black money and he is... Read More

Notice under section 143(2) is mandatory even if re-assessment proceeding is initiated under section 148 2 min read

• Income Tax

Notice under section 143(2) is mandatory even if re-assessment proceeding is initiated under section 148

9 years ago

The ITAT Bangalore in the case of Shri GN. Mohan Raju vs. the Income tax Officer, 2014 (11) TMI 283, on 10Th November, 2014 dealt... Read More

When can the IT Department reopen an assessment? 3 min read

• Income Tax

When can the IT Department reopen an assessment?

9 years ago

Section 147 of the Income Tax Act lays down the guidelines regarding the procedure for reopening of assessments. In many cases relating to assessments, it... Read More

Debate as to whether CIT has power to assume jurisdiction u/s 263 of the Act in respect of assessments made u/s 153A after obtaining mandatory approval u/s 153D. 10 min read

• Income Tax

Debate as to whether CIT has power to assume jurisdiction u/s 263 of the Act in respect of assessments made u/s 153A after obtaining mandatory approval u/s 153D.

9 years ago

By CA Sarbjit Garg, (M) 9814331650 email: [email protected]   (The author strongly feels that powers of CIT u/s 263 do not extend to assessments made... Read More

Draft Assessment – Bombay High Court Judgment 2 min read

• Income Tax

Draft Assessment – Bombay High Court Judgment

9 years ago

The draft assessment request on 30th March, 2015 was even with the choice for  the Supreme Court in GKN Driveshafts (India) Ltd v/s Income Tax Officer and Others reported... Read More

All about income tax scrutiny 3 min read

• Income Tax

All about income tax scrutiny

9 years ago

It is practically not possible for the Income Tax Department to make regular assessment of all the returns filed before them in any assessment year.... Read More

Forms 15G and 15H – tools to save tax? 5 min read

• Income Tax

Forms 15G and 15H – tools to save tax?

9 years ago

Banks often ask depositors to file Form No. 15G or 15H every year. There are different rules regarding filing of Form No. 15G and Form... 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