Income Tax

Taxability of Capital Gains 3 min read

• Income Tax

Taxability of Capital Gains

Manager 9 years ago

During sale of an asset, income tax is paid on the profits earned from such sale. Such gains are either short term capital gain or... Read More

Worried about filing income tax return? 2 min read

• Income Tax

Worried about filing income tax return?

Manager 9 years ago

Every tax payable person exceeding their income over exempted income has to pay tax liability by filling income tax returns. Return of income is the... Read More

AO cannot increase the scope of scrutiny without prior approval of the CIT 5 min read

• Income Tax

AO cannot increase the scope of scrutiny without prior approval of the CIT

Manager 9 years ago

The ITAT, Amritsar has recently held in the case of Smt. Gurpreet Kaur (PAN: BRTPK1192A) vs. Income Tax Officer, H/No.812, Rishi Nagar, Ward III (4),... Read More

Which Accounts can be made subject to Special Audit under section 142(2A) by Assessing Officer? 2 min read

• Income Tax

Which Accounts can be made subject to Special Audit under section 142(2A) by Assessing Officer?

Manager 9 years ago

The amendment in the taxation laws in 1975, brought in to existence the sub-section (2A) to section 142 of the Income tax act of India.... Read More

Income Tax Scrutiny Can you Save Yourself From IT? 2 min read

• Income Tax

Income Tax Scrutiny Can you Save Yourself From IT?

Manager 9 years ago

Income Tax Scrutiny is Chosen at Random Evasion of income tax is a serious crime and everyone is expected to pay tax on the income... Read More

All about income tax scrutiny 3 min read

• Income Tax

All about income tax scrutiny

Manager 9 years ago

It is practically not possible for the Income Tax Department to make regular assessment of all the returns filed before them in any assessment year.... Read More

compounding of offences under the Income Tax Act approved by SIT 4 min read

• Income Tax

compounding of offences under the Income Tax Act approved by SIT

Baisakhi Ganguly 9 years ago

The Special Investigation Team (SIT) has recently approved compounding of offences under the Income Tax Act for Indians having foreign accounts who are facing prosecution... Read More

Are You Eligible For Income Tax Rebate U/S 87A 2 min read

• Income Tax

Are You Eligible For Income Tax Rebate U/S 87A

Manager 9 years ago

In budget 2013-14, taxpayers’ focus was on Section 87A. This section is added in Income Tax act 1961 for the benefit of common man. Section... Read More

Deductions u/s 80 for Salaried employees under Indian Income Tax 8 min read

• Income Tax

Deductions u/s 80 for Salaried employees under Indian Income Tax

Manager 9 years ago

The Income Tax Act provides that on determination of the gross total income of an assessee after considering income from all the heads, certain deductions there from may... Read More

Income Tax Return and Annual Information Return – a comparison 2 min read

• Income Tax

Income Tax Return and Annual Information Return – a comparison

Baisakhi Ganguly 9 years ago

According to Taxation Rules, it is mandatory for individuals or entities to file a return no matter whether tax has been deducted at source or... Read More