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

TDS For Property Sale in India under Section 194-IA 2 min read

• Income Tax

TDS For Property Sale in India under Section 194-IA

10 years ago

TDS for Property Sale that is applicable from 1st June 2013 and is deducted at source on sale of immovable property including land and building... Read More

How to rectify a defective return? 2 min read

• Income Tax

How to rectify a defective return?

10 years ago

An Assessing Officer can call upon the assessee to rectify a defective return filed by him.  This is provided in section 139(9) of the Income... Read More

Penalty under section 271(1) (c) cannot be levied merely on the ground that the assessee agrees to an addition made by the AO for purchasing his peace of mind 3 min read

• Income Tax

Penalty under section 271(1) (c) cannot be levied merely on the ground that the assessee agrees to an addition made by the AO for purchasing his peace of mind

10 years ago

The Karnataka High Court in the recent case of CIT vs. Manjunatha Cotton and Ginning Factory (2013) 92 DTR 111, has held that as the... Read More

No disallowance for non-deduction of TDS if the receiver has paid income tax on the same 3 min read

• Income Tax

No disallowance for non-deduction of TDS if the receiver has paid income tax on the same

10 years ago

The Hon’ble Income Tax Appellate Tribunal, Agra Bench (Agra) in the case of Rajeev Kumar Agarwal vs. Additional Commissioner of Income Tax (ITA No. 337/Agra/2013)... Read More

Defective returns due to unpaid self-assessment tax for AY 2013-2014

• Income Tax

Defective returns due to unpaid self-assessment tax for AY 2013-2014

10 years ago

Save tax by making donations to charitable institutions under section 80G 2 min read

• Income Tax

Save tax by making donations to charitable institutions under section 80G

10 years ago

To promote charity towards the poor class of the society, the government of India is encouraging people to give donations which can also be claimed... Read More

Having tax problem? Ask ombudsman for help 2 min read

• Income Tax

Having tax problem? Ask ombudsman for help

10 years ago

Are you struggling to get your refund from the Income Tax department? Are you been harassed many times for an income tax scrutiny for the past... 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