Income Tax

When NRIs need to pay income tax in India? 2 min read

• Income Tax

When NRIs need to pay income tax in India?

Manager 10 years ago

The Income Tax Act has not defined NRI directly. Section 6 of the Act deals with the criteria of a Resident in India and states that anybody... Read More

Capital Gain on depreciable assets held for more than three years should be treated as long term capital gain for determining the rate of tax 4 min read

• Income Tax

Capital Gain on depreciable assets held for more than three years should be treated as long term capital gain for determining the rate of tax

Manager 10 years ago

Recently in the case of M/s. Smita Conductors Ltd. vs. the Deputy Commissioner of Income Tax, ITA No. 4004/Mum/2011 by a judgment it has been... Read More

CBDT to make scrutiny guidelines public 4 min read

• Income Tax

CBDT to make scrutiny guidelines public

Manager 10 years ago

The CBDT has issued an instruction on 02.09.2014 announcing that the criteria for selection of cases for scrutiny for the financial year 2014 -15 shall... Read More

Gujarat High Court held only receipt of income is not taxable income 2 min read

• Income Tax

Gujarat High Court held only receipt of income is not taxable income

Manager 10 years ago

The Gujarat High Court in a recent judgment held that only receiving a sum of money cannot be chargeable to income tax. The Gujarat High... Read More

Section 40A (3) disallowance applicable to payment by means of crossed cheque 2 min read

• Income Tax

Section 40A (3) disallowance applicable to payment by means of crossed cheque

Manager 10 years ago

The Gujarat High Court in a recent judgment pronounced on 26.4.2014 in the case of Rajmoti Industries vs. ACIT, held that payment through any crossed... Read More

In an arrangement made between the family members being Directors of the company the difference in rate cannot be considered for the levy of capital gains tax 4 min read

• Income Tax

In an arrangement made between the family members being Directors of the company the difference in rate cannot be considered for the levy of capital gains tax

Manager 10 years ago

The Income Tax Appellate Tribunal, Hyderabad ‘B’ Bench, Hyderabad has recently held that in an arrangement made between the family members being Directors of the... Read More

Defective returns due to unpaid self-assessment tax for AY 2013-2014

• Income Tax

Defective returns due to unpaid self-assessment tax for AY 2013-2014

Manager 10 years ago

Section 269SS and section 269T do not apply to share application money 2 min read

• Income Tax

Section 269SS and section 269T do not apply to share application money

Manager 10 years ago

The Madras High Court has recently held in the case of the Commissioner of Income Tax vs. Ms. Pride Remedies Private Ltd. 2014 (12) TMI... Read More

Gift Tax Needs Simplification 2 min read

• Income Tax

Gift Tax Needs Simplification

Manager 10 years ago

The Indian Finance Minister has promised to come good on lot of forward looking changes like imposing common goods tax and other reforms to combat... Read More

How to calculate capital gains tax? 3 min read

• Income Tax

How to calculate capital gains tax?

Manager 10 years ago

Lack of knowledge amongst the taxpayers is a major reason for improper compliance of tax laws in India. People transfer their movable and immovable assets.... Read More