Income Tax

Limitations of Audit under Section 44AB, Income Tax Act 2 min read

• Income Tax

Limitations of Audit under Section 44AB, Income Tax Act

10 years ago

Applicability of Section 44AB of the Income Tax Act: The44AB section provides that people having business or profession should get his accounts audited by a... Read More

Filing of revised return after issue of notice under section 143(2) is considered as voluntary disclosure in absence of specific particulars 5 min read

• Income Tax

Filing of revised return after issue of notice under section 143(2) is considered as voluntary disclosure in absence of specific particulars

Aditijh 10 years ago

The ITAT, Mumbai on 07.01.2015 passed a judgment stating that if an assessee files the revised return of income after the receipt of notice under... 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

Aditijh 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

Deemed Dividend under section 2(22) explained 3 min read

• Income Tax

Deemed Dividend under section 2(22) explained

Aditijh 10 years ago

Deemed dividend under section 2(22) from an Indian company or any dividend that is received from a foreign company is taxable in the hands of... Read More

Difference between tax evasion and tax avoidance 2 min read

• Income Tax

Difference between tax evasion and tax avoidance

Aditijh 10 years ago

There are two terms while dealing with online filing of Income tax returns which are often misunderstood or even misused “tax avoidance” and “tax evasion”.... Read More

Cash deposit in bank account is treated as turnover 2 min read

• Income Tax

Cash deposit in bank account is treated as turnover

Aditijh 10 years ago

The Gujarat high Court in the case of Commissioner of Income Tax – I vs. Sarwankumar Sharma, Tax Appeal No. 252 of 2014, has held... Read More

Expecting arrest for non-filing of tax return? 3 min read

• Income Tax

Expecting arrest for non-filing of tax return?

10 years ago

If you have failed to file your income tax return by the end of the assessment year without any genuine ground for failing to do... Read More

Service Tax: A List of Taxable Services As Per CBEC 5 min read

• Income Tax

Service Tax: A List of Taxable Services As Per CBEC

10 years ago

Definition Of Service As Per Service Tax Act Service is described in service tax act as the action that is taken for consideration and is... Read More

Receiving a gift of more than Rupees 50,000 could be a tax trap 2 min read

• Income Tax

Receiving a gift of more than Rupees 50,000 could be a tax trap

10 years ago

Receiving a gift more than rupees 50,000/- is taxable under the current tax regulations. The Indian gift tax Act was constituted on April 01, 1958... Read More

Deputation of employees to subsidiaries not chargeable to service tax 3 min read

• Income Tax

Deputation of employees to subsidiaries not chargeable to service tax

10 years ago

The Hon’ble Gujarat High Court in the case of Commissioner of Service Tax vs. Arvind Mills Ltd., 2014 (4) TMI 132, has held that a... Read More