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 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

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

Know all about relief in case of Double Taxation under section 90 and 91 2 min read

• Income Tax

Know all about relief in case of Double Taxation under section 90 and 91

10 years ago

In all nations of the world tax is levied on the basis of “Source” and “Residence”. The source denotes that income should be taxed in... Read More

Consequences of Failure to Deduct TDS 2 min read

• Income Tax

Consequences of Failure to Deduct TDS

Aditijh 10 years ago

Payment of tax to the government according to the TDS provisions as provided in the Section 201(1A) & Section 40(a) has to be made by... Read More

Investigation under the provisions of the Income Tax Act 3 min read

• Income Tax

Investigation under the provisions of the Income Tax Act

10 years ago

According to the Oxford English Dictionary, the term “investigation” refers to “the official examination of the facts regarding a situation or a crime.” For the... Read More

CBDT lays down guidelines for processing Scrutiny Cases for AY 14-15 selected under CASS 3 min read

• Income Tax

CBDT lays down guidelines for processing Scrutiny Cases for AY 14-15 selected under CASS

Aditijh 10 years ago

The CBDT has announced norms for scrutinizing the cases selected under CASS. Taking note of the fact that quite often the assessing officers go astray... Read More

What are the criteria for scrutiny under Income Tax for Assessment Year 2014-15 2 min read

• Income Tax

What are the criteria for scrutiny under Income Tax for Assessment Year 2014-15

10 years ago

Every year, CBDT issues some guidelines for the selection of cases which are picked up for scrutiny. Similarly such guidelines have been issued this year.... Read More

Audited books of account of an assessee cannot be denied 3 min read

• Income Tax

Audited books of account of an assessee cannot be denied

10 years ago

In the Assistant Commissioner of Income Tax, Central Circle-1, Rajkot vs. Rushabh Vatika, IT APPEAL NO. 51 (RJT.) OF 2013 it has recently been held... 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

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

A summary on section 263 of the Income Tax Act 3 min read

• Income Tax

A summary on section 263 of the Income Tax Act

Aditijh 10 years ago

Section 263 of the Income Tax Act deals with the powers given to the Commissioner of Income tax to ask for and check the records... Read More

How to Face an Income Tax Raid? 2 min read

• Income Tax

How to Face an Income Tax Raid?

10 years ago

The term “Raid” in the law of Income Tax in India is an interaction with the Income Tax Department which leads to chaos and panic.... Read More