Income Tax

Reopening of assessment invalid if done without application of mind 5 min read

• Income Tax

Reopening of assessment invalid if done without application of mind

Baisakhi Ganguly 9 years ago

The Hon’ble High Court of Gujarat at Ahmadabad in the case of Elecon Engineering Company Ltd. (Petitioner) vs. Assistant Commissioner of Income Tax (Respondent), being... Read More

Section 80E – Interest on Education Loan- Conditions and Limit of Deduction 2 min read

• Income Tax

Section 80E – Interest on Education Loan- Conditions and Limit of Deduction

Sourav 9 years ago

When you take an education loan for the higher studies, then the deduction is allowed towards interest on educational loan u/s 80E of the Income... Read More

Don’t want Bankers to deduct TDS on Interest Income? Consider Submitting form 15G/15H and see if you are eligible to submit 2 min read

• Income Tax

Don’t want Bankers to deduct TDS on Interest Income? Consider Submitting form 15G/15H and see if you are eligible to submit

Rebecca Ghomes 9 years ago

What is form 15G/15H? This form is specifically designed for bank account holders to request their banks to not deduct TDS on their interest income... Read More

Income tax department to use analytics to look for discrepancies in bank accounts and select Income Tax Returns for Scrutiny 3 min read

• Income Tax

Income tax department to use analytics to look for discrepancies in bank accounts and select Income Tax Returns for Scrutiny

Sourav 9 years ago

It’s the first time in the Indian history that the income tax department, India will be using big data analytical tools to seek through the personal... Read More

Process of deduction of TDS on payments to NRI (Non-Resident Indians) 5 min read

• Income Tax

Process of deduction of TDS on payments to NRI (Non-Resident Indians)

Sourav 9 years ago

TDS is the first step of payment of income tax to the income tax authorities. Among all the TDS sections only some of them should... Read More

Understanding the Income Tax return form -ITR(1) (Sahaj) 2 min read

• Income Tax

Understanding the Income Tax return form -ITR(1) (Sahaj)

Sourav 9 years ago

The Income Tax Return Form -ITR(1) is can be used by an individual whose total income includes the followings:- Income from Salary/ Pension; or Income... Read More

Clarifications issued in connection with the Income Declaration Scheme, 2016 5 min read

• Income Tax

Clarifications issued in connection with the Income Declaration Scheme, 2016

Baisakhi Ganguly 9 years ago

The Central Board of Direct Taxes (CBDT), Ministry of Finance, Department of Revenue, Government of India on 18th August, 2016 issues Clarifications relating to the... Read More

What are the criteria for scrutiny under Income Tax for Assessment Year 2014-15 2 min read

• Income Tax

What are the criteria for scrutiny under Income Tax for Assessment Year 2014-15

Manager 9 years ago

Criteria for scrutiny under Income Tax Every year, CBDT Notifies Criteria for scrutiny under Income Tax which are picked up for scrutiny. Similarly such guidelines have... Read More

Penalties for Tax Evasion in India 5 min read

• Income Tax

Penalties for Tax Evasion in India

Akanksha 9 years ago

Introduction to Tax Evasion Tax evasion refers to any attempt to avoid payment of taxes by using illegal means. Some of the common forms of... Read More

Reopening of cases by Assessing Officer for Income Escaping Assessment 4 min read

• Income Tax

Reopening of cases by Assessing Officer for Income Escaping Assessment

Sourav 9 years ago

As per the provisions of section 147 and section 148 of the Income Tax Act the Assessing Officer can reopen the assessment of earlier years,... Read More