Income Tax

Receipt of share premium can’t be assessed as unexplained credit where the transaction, identity of the payer and capacity of the subscriber are genuine 3 min read

• Income Tax

Receipt of share premium can’t be assessed as unexplained credit where the transaction, identity of the payer and capacity of the subscriber are genuine

Sourav 9 years ago

As per section 68 of the Income Tax Act, if the shares are issued at the premium which defies commercial prudence, the receipt of such... Read More

Extension on exemption for capital gains on Rupee Denominated Bonds 2 min read

• Income Tax

Extension on exemption for capital gains on Rupee Denominated Bonds

Sourav 9 years ago

The offshore Rupee denominated bonds, generally known as the masala bonds, got a tax benefit when the government during the Budget 2017 exempted them from... Read More

Reasons to believe for conducting a search & seizure not to be disclosed 2 min read

• Income Tax

Reasons to believe for conducting a search & seizure not to be disclosed

Sourav 9 years ago

Sub-section (1) and Sub-Section (1A) of section 132 of the Income Tax Act, 1961 provides that where the authority stated therein, depending on the information in his... Read More

Chartered Accountants, Professionals To Bear Penalty For Wrong Certificates And Reports 2 min read

• Income Tax

Chartered Accountants, Professionals To Bear Penalty For Wrong Certificates And Reports

soutrikjoy 9 years ago

The Central Government has over the period moved its focus more on voluntary compliance. Certain certificates and certification of reports by a qualified professionals have... Read More

How change in base year of Indexation will affect your income from capital gains 3 min read

• Income Tax

How change in base year of Indexation will affect your income from capital gains

Sourav 9 years ago

Capital gains on transfer of capital assets including immovable property may decline after the announcement of change in base year of Indexation from 1981 to 2001... Read More

The Highs and Lows of the Union Budget 2017 3 min read

• Income Tax

The Highs and Lows of the Union Budget 2017

Sourav 9 years ago

India’s 2017 budget brings a hike in government spending and reduces taxes as Prime Minister Narendra Modi assures to help the deprived and the poor... Read More

Rights of Assesse in case of any Proposed additions to the Returned Income 3 min read

• Income Tax

Rights of Assesse in case of any Proposed additions to the Returned Income

Skumar 9 years ago

The assessing officer has a legal obligation to pass a draft order before he passes an assessment order to make Additions to the Returned Income... Read More

Generation of surplus is not fatal for granting exemption if such surplus is utilized for charitable purposes 4 min read

• Income Tax

Generation of surplus is not fatal for granting exemption if such surplus is utilized for charitable purposes

Sourav 9 years ago

In the case of CIT vs. Gulab Devi Memorial Hospital Trust (P&H High Court), the CIT (Commissioner of Income Tax) overruled the claim made by... Read More

Expenses on Stock Options are deductible Revenue Expenditure 6 min read

• Income Tax

Expenses on Stock Options are deductible Revenue Expenditure

Baisakhi Ganguly 9 years ago

The Income Tax Appellate Tribunal at Delhi in the case of ITA No.2283/Del/2013 Religare Commodities Ltd, D3, P3B, District Centre, Saket, New Delhi vs. ACIT,... Read More

Is Income Tax Notice the Anticipated Fate of People Having Deposited Over Rs. 10 Lacs? 3 min read

• Income Tax

Is Income Tax Notice the Anticipated Fate of People Having Deposited Over Rs. 10 Lacs?

anchaltailor 9 years ago

Are you worried about the Income Tax notice coming your way? On November 8, 2016, the Government of India has taken a historic step to... Read More