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

Capital Gain on depreciable assets held for more than three years should be treated as long term capital gain for determining the rate of tax 4 min read

• Income Tax

Capital Gain on depreciable assets held for more than three years should be treated as long term capital gain for determining the rate of tax

10 years ago

Recently in the case of M/s. Smita Conductors Ltd. vs. the Deputy Commissioner of Income Tax, ITA No. 4004/Mum/2011 by a judgment it has been... Read More

All about Wealth Tax 3 min read

• Income Tax

All about Wealth Tax

10 years ago

In India the Wealth Tax Act puts an obligation upon people to pay tax on the wealth held by them. It is payable on the... Read More

Allotment of shares of a new corporate body cannot be taxed under the head “income from other sources” 4 min read

• Income Tax

Allotment of shares of a new corporate body cannot be taxed under the head “income from other sources”

10 years ago

The Mumbai Income Tax Appellate Tribunal held in a recent judgment that the allotment of shares at premium by a newly incorporated company should not... Read More

EPF or PPF: Provident Fund As Future Investment Instrument 3 min read

• Income Tax

EPF or PPF: Provident Fund As Future Investment Instrument

10 years ago

The prime motive of the government of any country is to provide the financial stability to all its citizens, especially in their elderly age when... 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

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

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

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