Income Tax

F& O transactions are non-speculative business transactions 3 min read

• Income Tax

F& O transactions are non-speculative business transactions

Manager 11 years ago

Taxpayers in India whether they are salaried people or not, prefer to involve themselves in share trading as it is an easy way of earning... Read More

Ways of Reducing TDS 2 min read

• Income Tax

Ways of Reducing TDS

Manager 11 years ago

Ways of Reducing TDS The process of TDS on salary is very confusing for many people having knowledge about Income Tax return. There are some... Read More

Beware of Lottery Scams 2 min read

• Income Tax

Beware of Lottery Scams

Manager 11 years ago

Today it is very common to receive lottery scam emails which notify you that you have won some prize in a lottery with the promise of... Read More

No penalty under section 271(1) (c) can be levied on account of failure in deduction of TDS 3 min read

• Income Tax

No penalty under section 271(1) (c) can be levied on account of failure in deduction of TDS

Manager 11 years ago

The ITAT Mumbai in the case of Rushi Builders and Developers Hotel Bay View, Gorai Khadi, L. T. Road, Borivali (W), Mumbai – 400 091,... Read More

Income Tax Department launches Toll-free line for complaints related to black money in elections 2 min read

• Income Tax

Income Tax Department launches Toll-free line for complaints related to black money in elections

Manager 11 years ago

In the run up to the upcoming Assembly polls in Delhi, the Income Tax Department has launched a Toll-free number – 1800 110 132 –... Read More

Set off of losses under the income tax laws 5 min read

• Income Tax

Set off of losses under the income tax laws

Manager 11 years ago

Though business aims to make income, there is always a possibility of incurring loss. On the basis of the principles of natural justice, a set-off... Read More

Voluntary disclosure of income cannot waive penalty for default 2 min read

• Income Tax

Voluntary disclosure of income cannot waive penalty for default

Manager 11 years ago

The Supreme Court in a recent decision held that a defaulter of income tax cannot be absolved of paying penalty only for making a voluntary... 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

Manager 11 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

Pay TDS on your life insurance policies 2 min read

• Income Tax

Pay TDS on your life insurance policies

Manager 11 years ago

The Budget 2014-15 says that you have to pay a 2% TDS on any sum you receive from most of your life insurance policies. If... Read More

Deduction under Section 80EE of Income Tax Act 3 min read

• Income Tax

Deduction under Section 80EE of Income Tax Act

Manager 11 years ago

The Union Finance Minister in the latest Finance Bill has inserted a new section 80EE of the Income Tax Act dealing with additional deduction regarding... Read More