Higher Tax deduction rate for Short term capital gains
The section 111A of the income tax act 1961, lays down the provision for Tax Deduction Rate for short term capital gains. Definition of short... Read More
Income Tax
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Verdict on Non-competent Fee and Commercial Expediency
Ind. Global Corporate Finance Pvt. Ltd. was given a verdict by the Mumbai Bench of Income tax appellate regarding the non-competent fee paid by the... Read More
Capital Gains on Transfer of Jointly Owned Property
Capital Gains on Transfer of Jointly Owned Property Often an assessee owns one residential property by itself, or be a joint owner along with a close... Read More
Usual Tricks to Convert Black Money into White Legal Money
Some Common Tricks to Convert Black Money in White Money The growth of unaccounted money or black money has resulted in the creation of a... Read More
No addition under section 68 if one can prove the authenticity of a transaction
Prove Authenticity of Transaction to avoid Addition under Section 68 The Delhi High Court in the case of Commissioner of Income Tax vs. Gangeshwari Metal... Read More
Computation of Income Tax Liability under Different heads of Income- A Beginners Guide
Understanding Computation of Income Tax Liability As per the Income Tax Act, Income is classified under five different heads. In every financial year, either the... Read More
A searched person cannot be allowed to adjust Cash seized During Income Tax Raid with payment of advance tax
Treatment of Cash seized During Income Tax Raid The Finance Act, 2013 has introduced an explanation to section 132B which states that the ‘existing liability’ does... Read More
An assessee cannot be deprived of credit for TDS due to any anomaly in Form 26AS filed by his deductor
Anomaly in Form 26AS by Deductor- Assessee Cannot be denied Credit of TDS It has been recently held in the case of LSG Sky Chef... Read More
An insight into Professional Tax and its Components
Understanding levy of Professional Tax What is Professional Tax Professional tax is a state level tax levied on the individuals earning their living. Note that... Read More
Entered Contract to Sell Property and Realized Money Later? What is Date of Recognition of Sale?
3 min read
Selling House Property? When is Date of Recognition of Sale for Tax Purposes Buying or selling of property is not a single day’s job, it’s a... Read More
ITAT Amritsar: No Section 269SS Violation for One-Time Cash Payment Before Sub-Registrar 
Tax Officials Unleash Digital Dragnet: How New Raid Powers Redefine Privacy, Property Rights in India and likely to Fuel Corruption 
Income Tax Department Rewards for Reporting Tax Evasion: A Comprehensive Guide 
Forfeiture of Gratuity by Employer- What are the Remedies for an employee- Can employer be challenged?