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

Impact of the Companies Act, 2013 on audit and auditors 4 min read

• Income Tax

Impact of the Companies Act, 2013 on audit and auditors

10 years ago

The long-awaited Companies Bill 2013 was finally passed by the Lok Sabha on 18.12.2012 and by the Rajya Sabha on 8.8.2013. After receiving the assent... Read More

All about reopening of assessment 3 min read

• Income Tax

All about reopening of assessment

10 years ago

Reassessment is one of the vital weapons in the hands of the Income Tax Department which empowers the Assessing Officer to reassess the income, turnover... Read More

TDS deducted by an employer cannot be recovered from an employee if it is not deposited duly 3 min read

• Income Tax

TDS deducted by an employer cannot be recovered from an employee if it is not deposited duly

10 years ago

Where a company has deducted Tax at Source (TDS) from the salary of an employee, but did not deposit the same to the Government treasury,... Read More

No penalty under section 271(1) (c) in case of concealment of income due to “bonafide mistake” by an assessee 2 min read

• Income Tax

No penalty under section 271(1) (c) in case of concealment of income due to “bonafide mistake” by an assessee

10 years ago

The Assessing Office cannot levy a penalty under section 271(1) (c) due to a bonafide mistake on the part of an assessee. This was subsequently... 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