Income Tax

Claiming depreciation by unlawfully representing a loan transaction as a lease transaction would attract penalty 3 min read

• Income Tax

Claiming depreciation by unlawfully representing a loan transaction as a lease transaction would attract penalty

Manager 9 years ago

The ITAT Mumbai in the case of Times Guaranty Ltd., Times of India Building, Dr. D.N. Road, Mumbai – 400 001, vs. ACIT, Circle 1(3),... Read More

Want to know about your salary type and if they are subject to tax-deduction-at-source? 3 min read

• Income Tax

Want to know about your salary type and if they are subject to tax-deduction-at-source?

Rebecca Ghomes 9 years ago

A clear concept on salary and tax deduction at source is explained in this article. The concept of various types of income is explained along with the... Read More

Into the details of Rule 114E of Income Tax Rules 1962- Mandatory reporting of Certain Transactions 3 min read

• Income Tax

Into the details of Rule 114E of Income Tax Rules 1962- Mandatory reporting of Certain Transactions

Rebecca Ghomes 9 years ago

In another attempt to bring high-value cash transactions under the purview of Income Tax in India, Rule 114E of Income Tax Rules 1962 came into... Read More

Income Tax Liability of NRI and Complying with Undisclosed foreign income and assets act 3 min read

• Income Tax

Income Tax Liability of NRI and Complying with Undisclosed foreign income and assets act

Sourav 9 years ago

An NRI’s (Non-Resident Indian) income taxes in India would depend on the residential status for the respective year. If the residential status is ‘Resident’ then the... Read More

Mere omission cannot be treated as concealment of income 5 min read

• Income Tax

Mere omission cannot be treated as concealment of income

Manager 9 years ago

The Hon’ble Supreme court has held in the case of K.C. Builders & another vs. The Asst. Commissioner of Income Tax, J.T. 2004(2) SC 100,... Read More

Patna High Court explains the law on accountability of public officials for failure to follow directions 5 min read

• Income Tax

Patna High Court explains the law on accountability of public officials for failure to follow directions

Manager 9 years ago

Law on Accountability of Public Officials- what is remedy if they fail to follow Directions The Patna High Court in the case of M/s Overseas... Read More

Registering as Legal Heir in Case of the Death of Taxpayer 4 min read

• Income Tax

Registering as Legal Heir in Case of the Death of Taxpayer

soutrikjoy 9 years ago

There are certain queries coming from various Taxpayers on how to deal Tax liabilities and compliances after demise and what are legal requirements concerning Income Tax Liability... Read More

Tax Planning Guide for Small and Medium Businesses 4 min read

• Income Tax

Tax Planning Guide for Small and Medium Businesses

Sourav 9 years ago

Tax planning is a highly significant aspect of running any business. In fact, it is one of the important constituents of your financial planning. Tax... Read More

Digging deeper into unexplained cash credit as per provisions of Section 68 3 min read

• Income Tax

Digging deeper into unexplained cash credit as per provisions of Section 68

Rebecca Ghomes 9 years ago

It is a strange world nowadays where even corruption carries creativity with innovative tax evasion techniques cropping up every other day. Black money routed through... Read More

Exemptions to educational institutions under Section 10(23C) (vi)(via)/ 80G available if funds utilized for charitable purposes 2 min read

• Income Tax

Exemptions to educational institutions under Section 10(23C) (vi)(via)/ 80G available if funds utilized for charitable purposes

Sourav 9 years ago

As per the Section 10 (23C) (iiiab) of the Income Tax Act, it clearly specifies that apart from the applicant looking for exemption being any... Read More