Income Tax

DCIT vs. Sham Sunder Sharma (Court: ITAT Chandigarh) 2 min read

• Income Tax

DCIT vs. Sham Sunder Sharma (Court: ITAT Chandigarh)

Manager 9 years ago

  Instead of following the Tribunal’s order, CIT (A) followed his predecessor’s order even though had the Tribunal had set it aside. It is also... Read More

Completion and Posession of House not mandatory requirement to Claim benefit u/s 54F Income Tax Act 14 min read

• Income Tax

Completion and Posession of House not mandatory requirement to Claim benefit u/s 54F Income Tax Act

Manager 9 years ago

Income Tax – Section 54F. – Whether in the absence of completion and possession by way of registration and transfer of its title of flats... Read More

CBDT makes announcement regarding capital gains on extension of the term of Mutual Funds under the Fixed Maturity Plans 3 min read

• Income Tax

CBDT makes announcement regarding capital gains on extension of the term of Mutual Funds under the Fixed Maturity Plans

Manager 9 years ago

The Central Board of Direct Taxes (CBDT) (TPL Division), New Delhi by Circular No. 6 of 2015 published on 9th April, 2015 has made an... Read More

Tax Issues of NRIs returning to India 2 min read

• Income Tax

Tax Issues of NRIs returning to India

Manager 9 years ago

While staying and working abroad, some people having Indian origin decide to return to India for the purpose of reuniting with their family. At times... 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

A transaction cannot be treated as unexplained merely because the assessee fails to file return 3 min read

• Income Tax

A transaction cannot be treated as unexplained merely because the assessee fails to file return

Manager 9 years ago

Merely as the assessee fails to file the copy of the related return of income tax, a transaction cannot be treated as unexplained. The amount... Read More

Money Back Plan vs. Term Insurance Plan 3 min read

• Income Tax

Money Back Plan vs. Term Insurance Plan

Manager 9 years ago

In India, most of the insurance companies insist money back insurance plan. People are quite sure about their decision regarding insurance. They find money back... Read More

If there are no new “materials” an Assessing Officer cannot re-open an assessment 3 min read

• Income Tax

If there are no new “materials” an Assessing Officer cannot re-open an assessment

Manager 9 years ago

Re-opening of an assessment completed under Section 143(3) of the Income Tax Act by the Assessing Officer cannot be allowed unless the “reasons to believe”... Read More

CBDT issues Advisory to Deductors of TDS to validate section 197 Certification 2 min read

• Income Tax

CBDT issues Advisory to Deductors of TDS to validate section 197 Certification

Manager 9 years ago

The Central Board of Direct Taxes has issued an advisory wherein it has been pointed out that cases of huge default of ‘Short Deduction’ have... Read More

Glimpses of the Union budget 2014 -15 3 min read

• Income Tax

Glimpses of the Union budget 2014 -15

Manager 9 years ago

The Union Budget, presented by the Union finance minister Arun Jaitley on 10.7.2014, tends to offer diverse impact on different industries. The announcements made in... Read More