Income tax act

A trust which is solely for the benefit on an individual could claim deduction under section 54F 3 min read

• Income Tax

A trust which is solely for the benefit on an individual could claim deduction under section 54F

Sourav 8 years ago

The Issue arose before the ITAT is that whether the assessee trust, which is only for the benefit of an individual, will be eligible to... Read More

Bombay HC: TDS On Salaries Will Not Be Reimbursed Under Secondment Agreement 3 min read

• Income Tax

Bombay HC: TDS On Salaries Will Not Be Reimbursed Under Secondment Agreement

Diksha Garg 8 years ago

In a new ruling that has gained significance in the recent times, the Bombay High Court will hold the salary payment under the secondment agreement... Read More

Penalty U/s 271DA For Violation Of S. 269ST Of The Income-tax Act, 1961 3 min read

• Income Tax

Penalty U/s 271DA For Violation Of S. 269ST Of The Income-tax Act, 1961

Diksha Garg 9 years ago

The issue being examined is about the law applicable to sections 269ST and 271DA of the Income-tax Act, 1961. Whether the Penalty U/s 271DA For Violation... Read More

Transactions in cash and future segment cannot be segregated for the purpose of Income Tax 6 min read

• Income Tax

Transactions in cash and future segment cannot be segregated for the purpose of Income Tax

Baisakhi Ganguly 9 years ago

The Income Tax Appellate Tribunal at Mumbai in the case of ITA No.3654/M/2014 Assessment Year 2009-10 filed by M/s. J.M. Financial Services Ltd., (Formerly J.M.... Read More

Income tax department can reopen old cases, even upto ten years, in case of big deals 3 min read

• Income Tax

Income tax department can reopen old cases, even upto ten years, in case of big deals

Baisakhi Ganguly 9 years ago

As per the memorandum of the Finance Bill 2017, the Income tax department can reopen old cases and the books of accounts of an assessee... Read More

The deduction of the profits of a business should be made independently in respect of each business 4 min read

• Income Tax

The deduction of the profits of a business should be made independently in respect of each business

Baisakhi Ganguly 9 years ago

The Hon’ble apex Court in the case of CIT vs. Yokogawa India Limited, Civil Appeal No. 8498 of 2013,  8497of 2013 and others has held... Read More

The Hon’ble Apex Court sets four Principles relating to levy of penalty under section 271(1) (c) 3 min read

• Income Tax

The Hon’ble Apex Court sets four Principles relating to levy of penalty under section 271(1) (c)

Baisakhi Ganguly 9 years ago

The Hon’ble Apex Court sets four Principles relating to levy of penalty under section 271(1) (c) of the Income Tax Act, 1961.   Principles relating... Read More

Loss for forward contract to protect against loss for fluctuations in foreign exchange allowed as deduction 5 min read

• Income Tax

Loss for forward contract to protect against loss for fluctuations in foreign exchange allowed as deduction

Manager 9 years ago

The ITAT, Mumbai in the case of ACIT , Mumbai (Appellant) vs. M/s. Venus Jewel, EC-5021/22, Bharat Diamond Bourse, Bandra-Kurla Complex Bandra, Mumbai 400051 (having... Read More

A debatable claim could not result in penalty- No Penalty u/s 271 on Debatable Issue 2 min read

• Income Tax

A debatable claim could not result in penalty- No Penalty u/s 271 on Debatable Issue

Manager 9 years ago

The section 271(1) (c) of the income tax act 1961, clearly states that no penalty would be levied on an income tax payer if the... Read More

Tax implications of Waiver of loan- would this be taxed in hands of borrower 5 min read

• Income Tax

Tax implications of Waiver of loan- would this be taxed in hands of borrower

Manager 9 years ago

A loan denotes borrowing money which is to be paid back along with interest. In a loan, the borrower at receives an amount of money... Read More