The Hon’ble High Court at Karnataka on 13.7.15 has held that the provisions of section 54F are beneficial in nature and should be interpreted liberally.... Read More
Income Tax
The ITAT Mumbai in the case of Sumanlata Bansal( PAN- AAHPB0141N) vs. the Assistant Commissioner of Income Tax, Central Circle 8 Mumbai, ITA nos. 525... Read More
All about Representative Assessee
3 min read
Section 160 (1) (i) of the Income Tax Act deals with the term “Representative Assessee” for all purposes of assessment of income tax. It refers... Read More
Set off of unabsorbed depreciation
1 min read
Procedure of calculating Wealth Tax
2 min read
Procedure of calculating Wealth Tax Wealth tax is not payable on income but payable only because a person is wealthy. Wealth tax is levied when... Read More
After filling an Income Tax Return, the department verifies the same by going through the information given by the assessee in his return of income.... Read More
Download Acts
1 min read
The Finance Bill, 2013 has inserted an Explanation to section 132B of Income Tax Act, 1961, which states that the “existing liability” does not include... Read More
Income Tax Department targets tax evaders
2 min read
The Income Tax department has undertaken an intelligence project to spot those PAN holders who have not filed income tax returns and regarding whom information... Read More