Income Tax
The ITAT Kolkata on 06.05.2015 has held that no addition of income can be allowed based on a statement recorded under the provisions of section... Read More
Many private limited companies receive share application money in cash. Such companies deposit the cash or cheques they receive for share application in the same... Read More
Issue decided in assessments cannot be reconsidered unless fresh material is found during the search
4 min read
Issue decided in assessments cannot be reconsidered unless fresh material is found during the search
The ITAT Mumbai Bench “F”, Mumbai by a judgment passed on13 th August 2014 in the case of ACIT vs. M/s. Veena Developers (having PAN:... Read More
Companies must start calculating the payable tax amount for every year and start deducting tax from the salary of the employees at an average rate.... Read More
Fate of Unexplained Income under the Income Tax Act Fate of Unexplained Income under the Income Tax Act What is Undeclared or Unexplained Income? It... Read More
The Income Tax Act gives the Department wide powers of investigation including the power to seek information about an assessee even from outsiders. The information... Read More
All about best assessment judgment
4 min read
Assessment refers to judgment or evaluation. According to the law relating to income tax, assessment means evaluation or measurement of income. The term ‘assessment’ includes... Read More
TDS deducted by an employer cannot be recovered from an employee if it is not deposited duly
3 min read
Where a company has deducted Tax at Source (TDS) from the salary of an employee, but did not deposit the same to the Government treasury,... Read More