Income Tax

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

Manager 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

Penalty under section 271(1) (c) cannot be levied for a claim which was fully disclosed but was subsequently disallowed 6 min read

• Income Tax

Penalty under section 271(1) (c) cannot be levied for a claim which was fully disclosed but was subsequently disallowed

Manager 10 years ago

The Bombay High Court in the case of CIT Vs. S. M. Construction, Income Tax Appeal No. 412 of 2013, by a judgment dated 03.03.2015... Read More

Application for Rectification of Mistake Apparent from Record 2 min read

• Income Tax

Application for Rectification of Mistake Apparent from Record

Manager 10 years ago

Circumstances when an application is made for rectification: After filling an Income Tax return, the Income Tax department processes the same. But the information provided... Read More

Computation of Wealth Tax

• Income Tax

Computation of Wealth Tax

Manager 10 years ago

Deduction under section 80IC allowed to hotels under the category “eco tourism” 2 min read

• Income Tax

Deduction under section 80IC allowed to hotels under the category “eco tourism”

Manager 10 years ago

The Income Tax Tribunal, Chandigarh, in The A.C.I.T., Vs. Sh. Raghunath Singh Thakur, ITA No.152 by a judgment dated 22.06.2012 held that deduction under section... Read More

Know more about new house rent allowance (HRA) rules

• Income Tax

Know more about new house rent allowance (HRA) rules

Manager 10 years ago

CBDT procedure for launching prosecution for TDS-TCS default 3 min read

• Income Tax

CBDT procedure for launching prosecution for TDS-TCS default

Aditijh 10 years ago

The Central Board of Direct Taxes has laid down a procedure for launching prosecution for TDS-TCS default. In connection with the above the CBDT has... Read More

Tax evasion likely to become a criminal offence in the country 3 min read

• Income Tax

Tax evasion likely to become a criminal offence in the country

10 years ago

The government has declared to make tax evasion a criminal offence in the country very shortly. It would prosecute offenders with an object to check... Read More

High Value Transactions To Attract Income Tax Scrutiny

• Income Tax

High Value Transactions To Attract Income Tax Scrutiny

10 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

10 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