The Supreme Court in a recent decision held that a defaulter of income tax cannot be absolved of paying penalty only for making a voluntary... Read More
Medical reimbursement paid to employees is not part of salary and no TDS can be charged upon it
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The Income Tax Appellate Tribunal in the Assistant Commissioner of Income Tax (TDS) vs. M/s. SAP Labs India Pvt. Ltd. being ITA Nos.1414 to 1416/Bang/2012... Read More
Revision of Tax Audit Report
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Generally, there is no provision regarding revision of a tax audit report. But if an assessee changes the financial statement, a new tax audit report... Read More
Rules for NRIs selling property in India
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A new trend in the NRI property rules has been observed recently. NRIs (non resident Indians) coming to India to sell their purchased or inherited... Read More
Special audit is conducted when the Assessing Officer during any proceedings fails to understand the complexity in accounts. With the prior approval of Chief Commissioner... Read More
Generally a person has to pay tax for his own income. But there are cases where a person is taxed for income belonging to somebody... Read More
The Companies Act 1956 was supplanted by a new company bill passed as Companies Bill 2011, passed in Lok Sabha on Dec 18, 2012 at... Read More
India Rupee (INR) today at this time is hovering around 61.27 per USD. It touched all time low yesterday and fell below level of Rs... Read More
Reassessment of income as the word suggests is assessing the income of an assessee again even when the assessment has taken place earlier. Such reassessment... Read More
Negative List Of Services As Introduced In Year 2012’s Budget : A new concept of negative list for service tax was announced in the year... Read More