Income Tax

Income tax deductions towards expenses for medical treatment of a disabled or ailing dependent 2 min read

• Income Tax

Income tax deductions towards expenses for medical treatment of a disabled or ailing dependent

9 years ago

The Income Tax Act, 1961 provides special deductions in the income tax of a taxpayer who has a disabled or ailing dependent for whom the... Read More

Defaulter of TDS not liable to pay the tax but only interest and penalty 5 min read

• Income Tax

Defaulter of TDS not liable to pay the tax but only interest and penalty

9 years ago

The Allahabad High Court in the recent case of Jagran Prakashan Ltd. vs. The Deputy Commissioner of Income Tax (TDS) (Writ Tax NO. 388 of... Read More

No penalty under section 271(1) (c) in case of concealment of income due to “bonafide mistake” by an assessee 2 min read

• Income Tax

No penalty under section 271(1) (c) in case of concealment of income due to “bonafide mistake” by an assessee

9 years ago

The Assessing Office cannot levy a penalty under section 271(1) (c) due to a bonafide mistake on the part of an assessee. This was subsequently... Read More

Different kinds of penalties for defaults under the Income Tax Act 3 min read

• Income Tax

Different kinds of penalties for defaults under the Income Tax Act

9 years ago

Penalty for default is imposed with the object to encourage tax compliance in India. The Income Tax Act, 1961 deals with different kinds of penalties... Read More

Rules Relating to Gift Tax in India 2 min read

• Income Tax

Rules Relating to Gift Tax in India

9 years ago

Your mother transferred an amount of money to your bank account for helping you for a certain reason. Have you ever thought that is there... 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

9 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

Statutory reserve created under section 45IC of Reserve Bank of India Act should be included in the book profits 2 min read

• Income Tax

Statutory reserve created under section 45IC of Reserve Bank of India Act should be included in the book profits

9 years ago

It was held by the Delhi High Court in the case of Srei Infrastructure Finance Ltd. vs. ACIT that according to Explanation (1) (c) to... Read More

TDS Certificates to be issued According to according to Section 203 of the Income Tax Act read with the Rule 31 of the Income Tax Rules. 2 min read

• Income Tax

TDS Certificates to be issued According to according to Section 203 of the Income Tax Act read with the Rule 31 of the Income Tax Rules.

9 years ago

The Income Tax department in a circular dated 9.4.13 has declared that it has become mandatory for all deductors to issue the TDS certificates for... Read More

Impacts of Non-issuance of TDS certificate within time 2 min read

• Income Tax

Impacts of Non-issuance of TDS certificate within time

9 years ago

There is a grievance that often the tax deductors fail to issue TDS certificate in spite of many reminders by the deductee for such issue.... Read More

Filing of Income Tax Return without paying Self Assessment Tax makes it defective 2 min read

• Income Tax

Filing of Income Tax Return without paying Self Assessment Tax makes it defective

9 years ago

Present provisions of section 139(9) of the Income Tax Act: The present provisions of section 139(9) of the Income Tax Act contain the conditions the... Read More