Income Tax

Income Tax Scrutiny Aspects In India 3 min read

• Income Tax

Income Tax Scrutiny Aspects In India

Manager 10 years ago

In general, income tax department cannot assess all the income tax returns filed in one financial year. Hence, normally random scrutiny for assessing the assessee... Read More

Penalties Applicable for belated Full Disclosure of Transactions and Payment of Tax 2 min read

• Income Tax

Penalties Applicable for belated Full Disclosure of Transactions and Payment of Tax

Manager 10 years ago

The Income Tax Department of India functions in accordance with the provisions of the Income Tax Act, 1961. The Income Tax Act is amended in the... Read More

Penalty under section 271(1) (c) of the Income Tax Act 2 min read

• Income Tax

Penalty under section 271(1) (c) of the Income Tax Act

Manager 10 years ago

The expression “Penalty” has nowhere been defined in the Income Tax Act, 1961. Penalty is generally treated as a liability comprising a punishment upon the... Read More

Penalty imposed for false claim of deduction under section 80IB 2 min read

• Income Tax

Penalty imposed for false claim of deduction under section 80IB

Manager 10 years ago

Where the assessee has made false claim for deduction under Section 801B of the Income Tax Act, penalty is levied under Section 271(1) (c) of... Read More

Should tax planning be the aim of Insurance Coverage?

• Income Tax

Should tax planning be the aim of Insurance Coverage?

Manager 10 years ago

Assessing Officers directed to quickly comply with the appeal orders 3 min read

• Income Tax

Assessing Officers directed to quickly comply with the appeal orders

Baisakhi Ganguly 10 years ago

The Central Board of Direct Taxes has recently passed a direction on 07.10.2015 wherein it has been notified that the Assessing Officers of the Revenue... Read More

Article: Penalty u/s. 271(1)(c)- A boon or a curse? 2 min read

• Income Tax

Article: Penalty u/s. 271(1)(c)- A boon or a curse?

Anuj Mathur 10 years ago

India has gone digital from groceries to ITR filing online. However, income tax return registration has become easy; there is a cliché to it. The... Read More

Impacts of Non-issuance of TDS certificate within time 2 min read

• Income Tax

Impacts of Non-issuance of TDS certificate within time

Baisakhi Ganguly 10 years ago

There is a grievance that often the tax deductors fail to issue TDS certificate in spite of many reminders by the deductee for such issue.... Read More

CBDT Instruction regarding Compulsory Manual Selection of Cases for Scrutiny during FY 2015-2016 5 min read

• Income Tax

CBDT Instruction regarding Compulsory Manual Selection of Cases for Scrutiny during FY 2015-2016

Manager 10 years ago

The CBDT (Central Board of Direct Taxes) has issued the above Instruction on August 31, 2015 to lay the parameters for compulsory manual selection of... Read More

Is “mens rea” an essential factor for levy of penalty? 4 min read

• Income Tax

Is “mens rea” an essential factor for levy of penalty?

Baisakhi Ganguly 10 years ago

The debate as to whether “mens rea” is an essential ingredient for levy of penalty has been never ending. It is a common issue as... Read More