Income Tax

High Value Transactions To Attract Income Tax Scrutiny

• Income Tax

High Value Transactions To Attract Income Tax Scrutiny

11 years ago

No addition under section 68 if one can prove the authenticity of a transaction 4 min read

• Income Tax

No addition under section 68 if one can prove the authenticity of a transaction

11 years ago

The Delhi High Court in the case of Commissioner of Income Tax vs. Gangeshwari Metal (P.) Ltd., I.T. Appeal No. 597 OF 2012 has held... Read More

Save tax by making donations to charitable institutions under section 80G 2 min read

• Income Tax

Save tax by making donations to charitable institutions under section 80G

11 years ago

To promote charity towards the poor class of the society, the government of India is encouraging people to give donations which can also be claimed... Read More

All about clubbing of income of spouse and children 4 min read

• Income Tax

All about clubbing of income of spouse and children

11 years ago

According to the provisions of the Income tax Act, 1961, a person is taxed not only for his own income but sometimes also for the... Read More

Powers of assessing officer to send intimation under section 143(1) 2 min read

• Income Tax

Powers of assessing officer to send intimation under section 143(1)

Aditijh 11 years ago

Sometimes, tax payers receive intimation of demand or that of refund from the income tax Department under section 143(1) of the Income Tax Act. Intimation... Read More

Deductions under section 80 IA and 80 IB of the Income Tax Act, 1961 4 min read

• Income Tax

Deductions under section 80 IA and 80 IB of the Income Tax Act, 1961

11 years ago

Chapter VIA of the Income Tax Act, 1961 deals with deductions allowed to assessees under section 80 of the Act. The assessee can reduce its... Read More

Denial of benefit of set off of the speculation loss and explanation to section 73 of Income Tax Act, 1971 2 min read

• Income Tax

Denial of benefit of set off of the speculation loss and explanation to section 73 of Income Tax Act, 1971

Aditijh 11 years ago

Every year, Income tax return registration and filing of ITR return online or offline is a practice followed both by companies and individuals. An important... Read More

New rules for e-filing of wealth tax returns 2 min read

• Income Tax

New rules for e-filing of wealth tax returns

Aditijh 11 years ago

The Income Tax Department had been amended the Wealth Tax Rules. The Central Board of Direct Taxes has recently framed new rules to amend the... Read More

Liabilities of an auditor under the Companies Act 4 min read

• Income Tax

Liabilities of an auditor under the Companies Act

11 years ago

The Companies Act, 1956 provides that the balance sheet and profit and loss account of a company should truly state all the affairs of the... Read More

Online Correction of E -TDS return made possible on Traces Website 2 min read

• Income Tax

Online Correction of E -TDS return made possible on Traces Website

11 years ago

As part of a fresh initiative and new development, website of TDSCPC (TRACES) have now made possibility of online correction of e-TDS returns on their... Read More