Income Tax

HRA allowance to be scanned by the Income Tax Department 2 min read

• Income Tax

HRA allowance to be scanned by the Income Tax Department

Manager 10 years ago

Here is some bad news for tax evaders. A circular issued by the Central Board of  Direct taxes   states that salaried taxpayers claiming exemption for HRA  allowance now... Read More

Income from sale of agricultural land situated beyond the municipal limits cannot be taxed as business income 4 min read

• Income Tax

Income from sale of agricultural land situated beyond the municipal limits cannot be taxed as business income

Manager 10 years ago

The profits arising out of sale of an agricultural land which is far away from the limits of municipality cannot be treated as a regular... Read More

Can a Tribunal stay a proceeding beyond a period of 365 days as prescribed in the Act? 5 min read

• Income Tax

Can a Tribunal stay a proceeding beyond a period of 365 days as prescribed in the Act?

Manager 10 years ago

The Hon’ble Delhi High Court in the case of Pepsi Foods Private Limited vs. ACIT, W.P. (C) 1334/2015, and W.P. (C) 4280/2014 by a judgment... Read More

How to make your salary tax efficient? 3 min read

• Income Tax

How to make your salary tax efficient?

Manager 10 years ago

Many People have the grudge that their salary is low compared to the tax paid by them which is high. It is very urgent and... Read More

Supreme Court passes judgment supporting penalty under section 271(1) (c) 2 min read

• Income Tax

Supreme Court passes judgment supporting penalty under section 271(1) (c)

Manager 10 years ago

Very recently, the Supreme Court in the case of MAK Data Pvt. Ltd. vs. CIT (C.A.No.9772 of 2003 ) passed the judgment in connection with section... 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?

Manager 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

Tax Deduction at Source when Purchasing and Buying Immovable Property 3 min read

• Income Tax

Tax Deduction at Source when Purchasing and Buying Immovable Property

Manager 10 years ago

Section 194-IA states that any person, being a transferee, responsible for paying to a resident transferor any sum by way of consideration for transfer of... Read More

One can avail Deductions for both House rent Allowance and Home Loan 2 min read

• Income Tax

One can avail Deductions for both House rent Allowance and Home Loan

Manager 10 years ago

A very common question that comes in one’s mind is that if someone claims a deduction for House Rent Allowance (HRA) against his taxable income,... Read More

Taxability of Agricultural Income 3 min read

• Income Tax

Taxability of Agricultural Income

Manager 10 years ago

Agricultural Income – defined: According to the provisions of the Income Tax Act, any income earned from any of the three following three sources are... Read More

Issuance of notice under section 143(2) is not mandatory before making an assessment under section 153A 4 min read

• Income Tax

Issuance of notice under section 143(2) is not mandatory before making an assessment under section 153A

10 years ago

The ITAT Mumbai in the case of Sumanlata Bansal( PAN- AAHPB0141N) vs. the Assistant Commissioner of Income Tax, Central Circle 8 Mumbai, ITA nos. 525... Read More