Manager

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

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

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

Penalty under section 271(1) (c) of the Income Tax Act 3 min read

• Income Tax

Penalty under section 271(1) (c) of the Income Tax Act

Manager 10 years ago

There are many judgments of different courts which have adjudicated the issue of levy of penalty under section 271(1) (c) of the Income Tax Act.... Read More

Capital gains tax rates 2 min read

• Income Tax

Capital gains tax rates

Manager 10 years ago

Depending upon the type of capital assets you have made investment in the tax rates of your capital gains are decided. There are few investments... Read More

Beware of Lottery Scams 2 min read

• Income Tax

Beware of Lottery Scams

Manager 10 years ago

Today it is very common to receive lottery scam emails which notify you that you have won some prize in a lottery with the promise of... 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

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

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