Manager

APPEALS PROCEEDINGS UNDER INCOME TAX ACT, 1961 27 min read

• Income Tax

APPEALS PROCEEDINGS UNDER INCOME TAX ACT, 1961

Manager 9 years ago

­­­­­­­­­­­­­­­­­­­­­­­­The term appeal has nowhere been defined under the Income Tax Act.   However as per Mozley and Whiteley’s Law Dictionary “Appeal is a complaint... Read More

Law Relating to Gift Tax in India 2 min read

• SERVICE TAX

Law Relating to Gift Tax in India

Manager 9 years ago

Law Relating to Gift Tax in India In the earlier times in India cash gifts of up to Rs 50,000 were tax free but if... Read More

All About Intra-day Trading Startegies 2 min read

• Stock Market and Investing

All About Intra-day Trading Startegies

Manager 9 years ago

All about Intraday trading An insight into Intraday Trading Strategies The common name for IntraDay Trading is “Day Trading”.  Here, a trader acquires a stock... Read More

Merits & Demerits of Investing in Equity Savings Scheme 2 min read

• Income Tax

Merits & Demerits of Investing in Equity Savings Scheme

Manager 9 years ago

In exercise of the powers conferred by 80CCG  (1) of the Income-tax Act, 1961 (43 of 1961), the Central Government of India has formulated the ... Read More

How to avoid income tax audit 2 min read

• tax-calculators

How to avoid income tax audit

Manager 9 years ago

Most of the people paying Tax are afraid of an IRS audit / income tax audit. Recent statistics have revealed that 150,000 taxpayers have been... Read More

Assessing Officer not entitled to reopen assessment for his change of opinion 2 min read

• Income Tax

Assessing Officer not entitled to reopen assessment for his change of opinion

Manager 9 years ago

Reassessment is a tool of the Income Tax  Department. It gives the Assessing Officer the power to reassess income, of an assessee which has not... Read More

Loss for forward contract to protect against loss for fluctuations in foreign exchange allowed as deduction 5 min read

• Income Tax

Loss for forward contract to protect against loss for fluctuations in foreign exchange allowed as deduction

Manager 9 years ago

The ITAT, Mumbai in the case of ACIT , Mumbai (Appellant) vs. M/s. Venus Jewel, EC-5021/22, Bharat Diamond Bourse, Bandra-Kurla Complex Bandra, Mumbai 400051 (having... Read More

AOP not considered as an individual or HUF for the purpose of section 56(2) (vi) 2 min read

• Income Tax

AOP not considered as an individual or HUF for the purpose of section 56(2) (vi)

Manager 9 years ago

The ITAT Delhi in the case of Mridu Hari Dalmia Parivar Trust vs. Assessing Officer, Circle 31 (1) , New Delhi. – 2016 (4) TMI... Read More

The final order of an Assessing Officer cannot take benefit from the orders of subsequent litigation 3 min read

• Income Tax

The final order of an Assessing Officer cannot take benefit from the orders of subsequent litigation

Manager 9 years ago

Subsequent Litigation- Assessing Officer not to take benefit of it while framing orders A question arose recently whether a final order of an Assessing Officer... Read More

A debatable claim could not result in penalty- No Penalty u/s 271 on Debatable Issue 2 min read

• Income Tax

A debatable claim could not result in penalty- No Penalty u/s 271 on Debatable Issue

Manager 9 years ago

The section 271(1) (c) of the income tax act 1961, clearly states that no penalty would be levied on an income tax payer if the... Read More