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Deductions under Section 80DDB of the Income Tax Act

Deductions under Section 80DDB of the Income Tax Act

Deductions under Section 80DDB of the Income Tax Act are available to an individual or a HUF since 1.4.2004. This kind of deduction is covered by Chapter VIA of the Income Tax Act, 1961. Who can claim such deduction? To claim deduction under Section 80DDB of the Income Tax Act, 1961, the following conditions should be satisfied: 1. The Taxpayer ... Read More »

KLR Industries Ltd vs. DCIT (ITAT Hyderabad)

One of the well known principles of law for the establishment of a credit shown in the accounts is that the beginner onus is on the assessee in order to prove such credit only by the establishment of the creditor’s identity, the genuineness or reality of the transaction and the worthiness of the creditor for the credit. There are some ... Read More »

Parin K. Rajwani vs. JCIT (ITAT Mumbai)

The real assessment order was passed on the November 30, 2010 on which date the Assessing officer proposed to begin penalty proceedings under section 271 D had been initiated. Income Tax (IT) Department may slap the tax payer with the penalty notice under section 271D of the Income Tax Act. The notice under section 271 D was also issued on ... Read More »