Rules tightened for non-filers of Income Tax Return 2 min read

• Income Tax

Rules tightened for non-filers of Income Tax Return

7 years ago

  The Central Board of Direct Taxes (CBDT) tightens the rules dealing with monitoring of “non-filers” of Income Tax Returns and aims to follow uniform... Read More

Impact of Budget 2014 on the amount spent towards Corporate Social Responsibility 3 min read

• Income Tax

Impact of Budget 2014 on the amount spent towards Corporate Social Responsibility

7 years ago

The Companies Act, 2013 imposes a liability upon some companies having net profit amounting to Rs. 500 crore or more or an annual turnover of... Read More

Changes in Income Tax Return forms in AY 2015-16 and some common FAQs 10 min read

• Income Tax

Changes in Income Tax Return forms in AY 2015-16 and some common FAQs

7 years ago

New forms, additional information, completely paperless filing…. the Finance Ministry has introduced several changes in the way taxpayers will file their returns this year. As... Read More

All about Representative Assessee 3 min read

• Income Tax

All about Representative Assessee

7 years ago

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

Interest payable to partners of a partnership firm under Section 40(b) 3 min read

• Income Tax

Interest payable to partners of a partnership firm under Section 40(b)

7 years ago

Section 40(b) of Income Tax Act, 1961 provides certain limitations on the deductions of expenses allowed to assessees being partnership firms regarding the remuneration and... Read More

Appeals should not be filed by the Revenue on settled issues

• Income Tax

Appeals should not be filed by the Revenue on settled issues

7 years ago

Joint Ownership of House – A Perfect Way of Saving On Tax 2 min read

• Income Tax

Joint Ownership of House – A Perfect Way of Saving On Tax

7 years ago

Joint Ownership of the house is something that the India government is considering of applying. This is a very important and path breaking decision that... Read More

The Apex Court explains “religious or charitable purpose” for claiming exemption under Section 11 4 min read

• Income Tax

The Apex Court explains “religious or charitable purpose” for claiming exemption under Section 11

7 years ago

The Apex Court in the case of CIT vs. Dawoodi Bohara Jamat, Civil Appeal No. 2492 of 2014, on 20.2.2014 has held that a charitable... Read More

Now you do not need to send copy of ITR-V after filing return; Can EVC instead 3 min read

• Income Tax

Now you do not need to send copy of ITR-V after filing return; Can EVC instead

7 years ago

Taxpayers filing return of income electronically (without digital signatures) are required to send the signed copy of ITR-V acknowledgement to the CPC, Bengaluru within 120... Read More

Penalty cannot be levied for concealment in a case an assessee has not filed his return 2 min read

• Income Tax

Penalty cannot be levied for concealment in a case an assessee has not filed his return

7 years ago

The Madras High Court in the case of Santosha Nadar v. First Addl. ITO and Another, (1962) 46 ITR 411 (Mad.) has analyzed the issue... Read More