Income Tax

Comparison between Jeevan Tarang and Jeevan Anand 2 min read

• Income Tax

Comparison between Jeevan Tarang and Jeevan Anand

9 years ago

At present LIC is successfully running two polices Jeevan Tarang and Jeevan Anand which are both a combination of whole life and endowment features. Herein... Read More

Effects of the new Companies Act upon audit and auditors 5 min read

• Income Tax

Effects of the new Companies Act upon audit and auditors

9 years ago

The old Companies Act enacted in 1956 was introduced to consolidate the law governing the corporate sectors. This Act was in force for the last... Read More

Money Back Plan vs. Term Insurance Plan 3 min read

• Income Tax

Money Back Plan vs. Term Insurance Plan

9 years ago

In India, most of the insurance companies insist money back insurance plan. People are quite sure about their decision regarding insurance. They find money back... Read More

Facing an Income Tax Raid? Execute your Rights!

• Income Tax

Facing an Income Tax Raid? Execute your Rights!

9 years ago

Filing Returns on certain Income made by NRIs 2 min read

• Income Tax

Filing Returns on certain Income made by NRIs

9 years ago

As per Income Tax Act 1961, there are a few categories of earnings made by Non Resident Indians on which they have to file returns.... Read More

Medical reimbursement paid to employees is not part of salary and no TDS can be charged upon it 2 min read

• Income Tax

Medical reimbursement paid to employees is not part of salary and no TDS can be charged upon it

9 years ago

The Income Tax Appellate Tribunal in the Assistant Commissioner of Income Tax (TDS) vs. M/s. SAP Labs India Pvt. Ltd. being ITA Nos.1414 to 1416/Bang/2012... Read More

No penalty under section 271(1) (c) in case of concealment of income due to “bonafide mistake” by an assessee 2 min read

• Income Tax

No penalty under section 271(1) (c) in case of concealment of income due to “bonafide mistake” by an assessee

9 years ago

The Assessing Office cannot levy a penalty under section 271(1) (c) due to a bonafide mistake on the part of an assessee. This was subsequently... Read More

Is there a Waiver in Arrears of Penalty for Deceased Individuals? 2 min read

• Income Tax

Is there a Waiver in Arrears of Penalty for Deceased Individuals?

9 years ago

The proposition There are various corporate laws, which are applicable on any working individual. However, certain issues have been missing in those laws. Recently, a... Read More

Charitable organizations entitled to deduction of 15% of the gross receipts without fulfilling any condition 4 min read

• Income Tax

Charitable organizations entitled to deduction of 15% of the gross receipts without fulfilling any condition

9 years ago

It has recently been held by the ITAT Chandigarh in the cases of the Income Tax Officer vs. Bhartiya Vidya Mandir Trust, Ward VI (1),... Read More

If the Assessee discharges the primary burden of proving creditworthiness of creditors, the onus shifts upon revenue to prove otherwise 5 min read

• Income Tax

If the Assessee discharges the primary burden of proving creditworthiness of creditors, the onus shifts upon revenue to prove otherwise

9 years ago

The ITAT, Lucknow Bench in the case of Vishnu Jaiswal vs. Commissioner of Income Tax (Appeals), IT Appeal No. 336 of 2011 for the (Assessment... Read More