A common question often which arises in the mind of the tax payers is that if someone takes a housing loan and pays interest towards... Read More
There are many judgments of different courts which have adjudicated the issue of levy of penalty under section 271(1) (c) of the Income Tax Act.... Read More
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
One can avail deduction for expenses on account of medical treatment of himself or any of his dependents in case of some specified diseases like... Read More
Introduction to Service Tax There are commonly two types of taxes- direct and indirect taxes. Service taxes are considered as indirect taxes that are levied... Read More
It has been recently proposed that in case of non-deduction or non-payment of TDS on payments made to residents of the country according to section... Read More
The Revenue department has warned the tax deductors who are defaulters in depositing TDS to prosecute them for such failure. It is often found that... Read More
Chapter VIA of the Income Tax Act, 1961 deals with deductions allowed to assessees under section 80 of the Act. The assessee can reduce its... Read More
Employee Provident Fund (EPF) is maintained by Employee Provident fund Organization (EPFO). After a 1.25% decline in the year 2011-12, EPF rate was 8.25%. EPFO... Read More