Manager

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

Loan on Securities for Instant Liquidity 2 min read

• Income Tax

Loan on Securities for Instant Liquidity

Manager 10 years ago

Securities are important assets which you either invest in as asset for future emergency use or for saving income tax. In case of urgency you... Read More

Impact of non filing of return upon receiving notice from the department 2 min read

• Income Tax

Impact of non filing of return upon receiving notice from the department

Manager 10 years ago

Filing of income tax return is an obligation to be fulfilled by individuals. It is a social duty by the citizens of the country. The... 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

Manager 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

The new Companies Bill aims to put a check upon the “Vanishing Companies” 2 min read

• Income Tax

The new Companies Bill aims to put a check upon the “Vanishing Companies”

Manager 10 years ago

The new Companies Bill seeks to promote class-action suits for corporate frauds. The bill has been passed by the Lok Sabha  in the year 2012. The... 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

Deductions on account of expenses on medical treatment under Section 80DDB 2 min read

• Income Tax

Deductions on account of expenses on medical treatment under Section 80DDB

Manager 10 years ago

One can avail deduction for expenses on account of medical treatment of himself or any of his dependents in case of some specified diseases like... Read More

Gujarat High Court held only receipt of income is not taxable income 2 min read

• Income Tax

Gujarat High Court held only receipt of income is not taxable income

Manager 10 years ago

The Gujarat High Court in a recent judgment held that only receiving a sum of money cannot be chargeable to income tax. The Gujarat High... Read More

Recording of reasons mandatory while levying penalty 2 min read

• Income Tax

Recording of reasons mandatory while levying penalty

Manager 10 years ago

Penalty cannot be imposed if an Assessing Officer does not record his finding that there was a concealment of income or furnishing of incorrect details... 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