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

• Income Tax

Deduction under Section 43B of the Income Tax Act

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

Interest on NPAs and Stick Loans is not taxable according to prudential norms

• Income Tax

Interest on NPAs and Stick Loans is not taxable according to prudential norms

10 years ago

Is interest on home loan treated as a cost of acquisition for calculating capital gains tax on sale of a house? 5 min read

• Income Tax

Is interest on home loan treated as a cost of acquisition for calculating capital gains tax on sale of a house?

10 years ago

A common question often which arises in the mind of the tax payers is that if someone takes a housing loan and pays interest towards... 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

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

Rules tightened for non-filers of Income Tax Return 2 min read

• Income Tax

Rules tightened for non-filers of Income Tax Return

10 years ago

  The Central Board of Direct Taxes (CBDT) tightens the rules dealing with monitoring of “non-filers” of Income Tax Returns and aims to follow uniform... 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

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

Basics About Service Tax, Every Indian MUST Know! 2 min read

• Income Tax

Basics About Service Tax, Every Indian MUST Know!

10 years ago

Introduction to Service Tax There are commonly two types of taxes- direct and indirect taxes. Service taxes are considered as indirect taxes that are levied... Read More

The disallowance under section 40(a) (ia) of the Income Tax Act proposed to be limited to 30% of the total amount of expenses 6 min read

• Income Tax

The disallowance under section 40(a) (ia) of the Income Tax Act proposed to be limited to 30% of the total amount of expenses

10 years ago

It has been recently proposed that in case of non-deduction or non-payment of TDS on payments made to residents of the country according to section... Read More

Remedies available to assessees if employer fails to deposit the deducted TDS 3 min read

• Income Tax

Remedies available to assessees if employer fails to deposit the deducted TDS

10 years ago

The Revenue department has warned the tax deductors who are defaulters in depositing TDS to prosecute them for such failure. It is often found that... Read More

Deductions under section 80 IA and 80 IB of the Income Tax Act, 1961 4 min read

• Income Tax

Deductions under section 80 IA and 80 IB of the Income Tax Act, 1961

10 years ago

Chapter VIA of the Income Tax Act, 1961 deals with deductions allowed to assessees under section 80 of the Act. The assessee can reduce its... Read More