Manager

Taxability of income from shares 3 min read

• Income Tax

Taxability of income from shares

Manager 10 years ago

Many people have an idea that the income received from shares is exempt from income tax. But in reality it is not so. One should... Read More

Procedure of calculating Wealth Tax 2 min read

• Income Tax

Procedure of calculating Wealth Tax

Manager 10 years ago

Procedure of calculating Wealth Tax Wealth tax is not payable on income but payable only because a person is wealthy. Wealth tax is levied when... Read More

Blank cheques found during a search cannot be treated as unexplained investments 5 min read

• Income Tax

Blank cheques found during a search cannot be treated as unexplained investments

Manager 10 years ago

The ITAT, Hyderabad in the case of Sri Laxmi Narayan Agarwal (PAN: ACDPA7791B) vs. Asst. Commissioner of Income Tax, Circle-6(1), Hyderabad, I.T.A. No. 1392/HYD/2010 by... Read More

Assets installed in a discontinued business are too eligible for depreciation 4 min read

• Income Tax

Assets installed in a discontinued business are too eligible for depreciation

Manager 10 years ago

The Hon’ble Bombay High Court in the case of Commissioner of Income Tax¬ (Appellant) vs. Sonic Biochem Extractions Pvt. Ltd. (respondent) being ITA No. 2088... Read More

Deduction under Section 43B of the Income Tax Act 2 min read

• Income Tax

Deduction under Section 43B of the Income Tax Act

Manager 10 years ago

A deduction which is otherwise allowed as per the provisions of the Income Tax Act regarding — a)   Any amount which is payable by... Read More

How to rectify an income Tax Return filed by an assessee? 2 min read

• Income Tax

How to rectify an income Tax Return filed by an assessee?

Manager 10 years ago

After filling an Income Tax Return, the department verifies the same by going through the information given by the assessee in his return of income.... Read More

New changes in Service tax laws 4 min read

• Income Tax

New changes in Service tax laws

Manager 10 years ago

The Central Government has issued some new notifications for the year 2013-14 for implementation of few new rules in the field of Service Tax. The... Read More

All about capital gains tax 4 min read

• Income Tax

All about capital gains tax

Manager 10 years ago

There are many assets such as real estate, gold, silver, etc. in which one invests. The gains from these investments are called capital gains. These... Read More

Income from stocks—business income or capital gains 1 min read

• Income Tax

Income from stocks—business income or capital gains

Manager 10 years ago

16th September: Is the return from share market being shown as business income or capital gains? Well, to remain safe, you may opt for having... Read More

Non-filing of income tax return may lead to prosecution as held by the Apex Court 2 min read

• Income Tax

Non-filing of income tax return may lead to prosecution as held by the Apex Court

Manager 10 years ago

The Apex Court in one of its recent judgment held that non-filing of income tax return may lead to prosecution under the Income Tax Act.... Read More