Whether interest earned on margin received can be adjusted against interest paid on borrowings-Yes

• Income Tax

Whether interest earned on margin received can be adjusted against interest paid on borrowings-Yes

10 years ago

Personal Finance Changes As Per Budget 2013-14 2 min read

• Income Tax

Personal Finance Changes As Per Budget 2013-14

10 years ago

Budget 2013-14 has brought several changes that can affect an individual’s tax slab. Among many changes, personal finance changes are quite essential for an individual.... Read More

Penalty cannot be levied on the basis of voluntary surrender 4 min read

• Income Tax

Penalty cannot be levied on the basis of voluntary surrender

10 years ago

It has been recently held by the ITAT Mumbai in the case of Heranba Industries Ltd. (PAN/GIR No.- AAACH3787Q) vs. DCIT 9(2), ITA No.2292/Mum/2013, Mumbai,... Read More

The dilemma of purchasing immovable property from a non-resident

• Income Tax

The dilemma of purchasing immovable property from a non-resident

10 years ago

Step by step procedure of LLP (Limited Liability Partnership) Formation, in India.

• Income Tax

Step by step procedure of LLP (Limited Liability Partnership) Formation, in India.

10 years ago

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

Can seized cash be adjusted against advance tax? 2 min read

• Income Tax

Can seized cash be adjusted against advance tax?

10 years ago

The Finance Bill, 2013 has inserted an Explanation to section 132B of Income Tax Act, 1961, which states that the “existing liability” does not include... Read More