Income Tax

How can you get tax exemption by selling your asset under Section 54F Income Tax Conditions? 2 min read

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• Income Tax

How can you get tax exemption by selling your asset under Section 54F Income Tax Conditions?

Rebecca Ghomes 9 years ago

Whenever we decide to sell any long-term capital asset, the gains are large but the tax to be paid is indeed huge too. Gains on... Read More

Common mistakes to avoid while filing income tax returns 3 min read

• Income Tax

Common mistakes to avoid while filing income tax returns

Sourav 9 years ago

The season for filling the Income Tax return is back. Everyone whose income is above INR 5 lakhs are required to mandatory e-file their income... Read More

How to manage your taxes even if you miss the deadline with Belated Income Tax Return Process? 4 min read

• Income Tax

How to manage your taxes even if you miss the deadline with Belated Income Tax Return Process?

Rebecca Ghomes 9 years ago

If the income tax return is not submitted within the stipulated timeline it is called Belated Income Tax Return. One can still file the return... Read More

Whether remission of loan can be assessed as income under section 41(1) for the purposes of MAT 4 min read

• Income Tax

Whether remission of loan can be assessed as income under section 41(1) for the purposes of MAT

Sourav 9 years ago

Section 41(1)/ 115JB of the IT ACT: The Entire provision contained under the law clarified whether the remission of loan can be assessed as income... Read More

Last date to file Belated Return of Income Tax – Assessment Year 2017-18 4 min read

• Income Tax

Last date to file Belated Return of Income Tax – Assessment Year 2017-18

Sourav 9 years ago

The due date for filing the return of income is stated in Section 139(1) of the Income Tax Act, 1961. As per the section 139(1),... Read More

Flipkart India Private Limited vs. ACIT : The department cannot demand payment of tax dues but have to grant complete stay if the assessment is “unreasonably high pitched” 4 min read

• Income Tax

Flipkart India Private Limited vs. ACIT : The department cannot demand payment of tax dues but have to grant complete stay if the assessment is “unreasonably high pitched”

Sourav 9 years ago

Flipkart India Private Limited vs. ACIT (Karnataka High Court) The applicant raised the contentions in support of the petition for stay of demand: The Issue:... Read More

Procedure for electronic filing of appeal before the CIT(Appeals) 5 min read

• Income Tax

Procedure for electronic filing of appeal before the CIT(Appeals)

Sourav 9 years ago

The Central Board of Direct Taxes has made an announcement vide press release dated 30.12.2015 with respect to the Procedure for electronic filing of appeal... Read More

Exemption under Section 54F allowed for multiple flats if located at same address 4 min read

• Income Tax

Exemption under Section 54F allowed for multiple flats if located at same address

Sourav 9 years ago

Assessee allowed to claim exemption u/s 54F for multiple flats if located at same address In the Case of CIT Vs Shri Gumanmal Jain (Madras High Court),... Read More

Assessee not indebted for providing the facility for conducting the survey if not asked for 3 min read

• Income Tax

Assessee not indebted for providing the facility for conducting the survey if not asked for

Sourav 9 years ago

Income Tax Appellate Tribunal Amritsar Bench in a thought-provoking decision of Smt. Kailash Devi ITA 347/ASR/ 2015 manifested on 05-04-2016 on conducting the survey and... Read More

Assessment of income of third person under the Income Tax Act 3 min read

• Income Tax

Assessment of income of third person under the Income Tax Act

Rebecca Ghomes 9 years ago

Section 153C – Under this provision provides for the procedure for assessment of income of any other person. Section 153C (1) provides that notwithstanding anything... Read More