Limitations of Audit under Section 44AB, Income Tax Act 2 min read

• Income Tax

Limitations of Audit under Section 44AB, Income Tax Act

10 years ago

Applicability of Section 44AB of the Income Tax Act: The44AB section provides that people having business or profession should get his accounts audited by a... Read More

Can one use the provisions of RTI to solve income tax issues? 3 min read

• Income Tax

Can one use the provisions of RTI to solve income tax issues?

10 years ago

The Right to Information Act (RTI Act) which became effective from 12.10.2005 is a simple but very powerful legislation. It has helped the rights of... Read More

No addition under section 68 if one can prove the authenticity of a transaction 4 min read

• Income Tax

No addition under section 68 if one can prove the authenticity of a transaction

10 years ago

The Delhi High Court in the case of Commissioner of Income Tax vs. Gangeshwari Metal (P.) Ltd., I.T. Appeal No. 597 OF 2012 has held... Read More

Section 40A (3) disallowance applicable to payment by means of crossed cheque 2 min read

• Income Tax

Section 40A (3) disallowance applicable to payment by means of crossed cheque

10 years ago

The Gujarat High Court in a recent judgment pronounced on 26.4.2014 in the case of Rajmoti Industries vs. ACIT, held that payment through any crossed... Read More

Rules for arrest and bail relating to offences as provided in the Finance Act, 2013 2 min read

• Income Tax

Rules for arrest and bail relating to offences as provided in the Finance Act, 2013

10 years ago

Recently some circulars have been issued regarding the amendments introduced by the Finance Act, 2013, for offences punishable under the provisions of Service Tax, Central... 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)

10 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

A summary on taxability of gifts 2 min read

• Income Tax

A summary on taxability of gifts

10 years ago

Are you worried about the cash gifts received from your near relations? One should know the tax implications of gifts before making or receiving them.... Read More

Defaulter of TDS not liable to pay the tax but only interest and penalty 5 min read

• Income Tax

Defaulter of TDS not liable to pay the tax but only interest and penalty

10 years ago

The Allahabad High Court in the recent case of Jagran Prakashan Ltd. vs. The Deputy Commissioner of Income Tax (TDS) (Writ Tax NO. 388 of... Read More

Taxability of amount received from Life insurance proceeds on maturity 2 min read

• Income Tax

Taxability of amount received from Life insurance proceeds on maturity

10 years ago

Many people think that the benefit amount they receive on the maturity of all life insurance policies is exempt from income tax. However that is... Read More

How to file the income tax return of a deceased assessee? 4 min read

• Income Tax

How to file the income tax return of a deceased assessee?

10 years ago

If an assessee dies intestate, that is without making a will, his return of income tax can still be filed by his legal heirs and... Read More