Summons issued to persons for personal attendance under section 131 of the Income Tax Act 2 min read

• Income Tax

Summons issued to persons for personal attendance under section 131 of the Income Tax Act

10 years ago

Section 131 of the Income Tax Act provides power to the income tax authorities to summon witnesses,  to force production of books of account and other documents as well as... Read More

Consequences of Tax Evasion in India 2 min read

• Income Tax

Consequences of Tax Evasion in India

10 years ago

Tax evasion is the unlawful process by which people escape paying taxes. In Tax evasion taxpayers willfully misrepresent their true state of affairs before the tax authorities... Read More

Provisions relating to search and seizure under the Income Tax Act 4 min read

• Income Tax

Provisions relating to search and seizure under the Income Tax Act

10 years ago

  Section 132 of the Income Tax Act deals with the provisions relating to search and seizure. Search and seizure involve serious invasion of one’s... Read More

An agricultural land should be within the distance of 8 Kms. from the local limit of the municipality but not from the boundary of the village wherein such land is situated 3 min read

• Income Tax

An agricultural land should be within the distance of 8 Kms. from the local limit of the municipality but not from the boundary of the village wherein such land is situated

10 years ago

The ITAT, Delhi in the case of Assistant Commissioner of Income Tax vs. Vijay Singh Kadan, Legal Heir of Late Shri Randhir Singh Kadan, 2014... Read More

Limitations of Audit under Section 44AB, Income Tax Act 2 min read

• Income Tax

Limitations of Audit under Section 44AB, Income Tax Act

10 years ago

Applicability of Section 44AB of the Income Tax Act: The44AB section provides that people having business or profession should get his accounts audited by a... Read More

Can one use the provisions of RTI to solve income tax issues? 3 min read

• Income Tax

Can one use the provisions of RTI to solve income tax issues?

10 years ago

The Right to Information Act (RTI Act) which became effective from 12.10.2005 is a simple but very powerful legislation. It has helped the rights of... Read More

No addition under section 68 if one can prove the authenticity of a transaction 4 min read

• Income Tax

No addition under section 68 if one can prove the authenticity of a transaction

10 years ago

The Delhi High Court in the case of Commissioner of Income Tax vs. Gangeshwari Metal (P.) Ltd., I.T. Appeal No. 597 OF 2012 has held... Read More

Section 40A (3) disallowance applicable to payment by means of crossed cheque 2 min read

• Income Tax

Section 40A (3) disallowance applicable to payment by means of crossed cheque

10 years ago

The Gujarat High Court in a recent judgment pronounced on 26.4.2014 in the case of Rajmoti Industries vs. ACIT, held that payment through any crossed... Read More

Rules for arrest and bail relating to offences as provided in the Finance Act, 2013 2 min read

• Income Tax

Rules for arrest and bail relating to offences as provided in the Finance Act, 2013

10 years ago

Recently some circulars have been issued regarding the amendments introduced by the Finance Act, 2013, for offences punishable under the provisions of Service Tax, Central... Read More

Interest payable to partners of a partnership firm under Section 40(b) 3 min read

• Income Tax

Interest payable to partners of a partnership firm under Section 40(b)

10 years ago

Section 40(b) of Income Tax Act, 1961 provides certain limitations on the deductions of expenses allowed to assessees being partnership firms regarding the remuneration and... Read More