Income Tax

Do’s and don’ts of a Survey under the Income Tax Act, 1961 4 min read

• Income Tax

Do’s and don’ts of a Survey under the Income Tax Act, 1961

Manager 9 years ago

The term “Survey” has not been defined in the Income Tax Act. However as per Concise Oxford Dictionary, “Survey” means having a view over anything,... Read More

Non-reporting of actual income for taxation as an error 3 min read

• Income Tax

Non-reporting of actual income for taxation as an error

Manager 9 years ago

Though we require filing income tax returns (ITR) every year, we are still prone to errors. There are some errors which are often made by... Read More

An Assessing Officer should help the tax payers in a reasonable manner 2 min read

• Income Tax

An Assessing Officer should help the tax payers in a reasonable manner

Manager 9 years ago

The Income Tax Appellate Tribunal in Shri Paramjeet Singh Chhabra vs. Income Tax Officer 1(2) being ITA No. 1 12/Ind/2013 (for the A.Y. 2005-06) by... Read More

The latest circular for transfer of assets 2 min read

• Income Tax

The latest circular for transfer of assets

Manager 9 years ago

Under the latest circular of the central board of direct taxes, an accessing officer (AO) is instructed to follow the guidelines provided; for permitting the... Read More

New Income Tax Audit Forms introduced 3 min read

• Income Tax

New Income Tax Audit Forms introduced

Manager 9 years ago

The Central Board of Direct Taxes (CBDT) has introduced a new series of forms for the financial year 2015-16. The new forms of income tax... Read More

CBDT proceedings for CIT vs. Alom Extrusions Ltd 2 min read

• Income Tax

CBDT proceedings for CIT vs. Alom Extrusions Ltd

Manager 9 years ago

In the case law of cit v/s alom extrusions limited, section 43(b) provides that deduction must be allowed only in the assessment year. The CBDT... Read More

No penalty under section 271(1) (c) can be levied if assessee discloses his income in notes to accounts 3 min read

• Income Tax

No penalty under section 271(1) (c) can be levied if assessee discloses his income in notes to accounts

Manager 9 years ago

The Delhi High Court in the case of Karan Raghav Exports vs. the Commissioner of Income Tax, ITA 1152 of 2011 dealt with the substantial... Read More

Amendment in Section 2(14) Capital Gains 2 min read

• Income Tax

Amendment in Section 2(14) Capital Gains

Manager 9 years ago

In a recent amendment in Income Tax Act 1961, that came into effect on 01.04.2014 with its assessment year 2014-15, item (b) was substituted to... Read More

Even if a sum is credited to the Profit and Loss account, an assessee can seek its exclusion for “book profits” 5 min read

• Income Tax

Even if a sum is credited to the Profit and Loss account, an assessee can seek its exclusion for “book profits”

Manager 9 years ago

Even if a sum is credited to the Profit and Loss account, an assessee can seek its exclusion for “book profits” The Income Tax Appellate... Read More

How to Save Capital Gains Tax? 2 min read

• Income Tax

How to Save Capital Gains Tax?

Manager 9 years ago

As per provisions of Income Tax Act, 1961, any long term capital gains arising from transfer of any capital asset would taxable unless specifically exempted.... Read More