Income Tax

PENAL PROVISIONS UNDER INCOME TAX ACT 2 min read

• Income Tax

PENAL PROVISIONS UNDER INCOME TAX ACT

10 years ago

PENAL PROVISIONS UNDER INCOME TAX ACT Provisions under section 221: Section 221(1) of the Act states that if a person fails to pay tax i.e.... 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?

Aditijh 10 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

Penalties for Having a Fake or Duplicate PAN Card 2 min read

• Income Tax

Penalties for Having a Fake or Duplicate PAN Card

10 years ago

Presently, there are more than 12 lakh duplicate PAN (Permanent Account Number) card holders existing in our country. Though the government denies the allegations of... Read More

On-Line Tax Accounting System Correction Scope and Procedure 3 min read

• Income Tax

On-Line Tax Accounting System Correction Scope and Procedure

10 years ago

The On-Line Tax Accounting System (OLTAS) was introduced in April 2004, for the accounting and reporting of receipts and payments of the Direct Taxes through... Read More

NO TDS ON PROVISION IS REQUIRED TO BE DEDUCTED IF PAYEE IS NOT IDENTIFIED 3 min read

• Income Tax

NO TDS ON PROVISION IS REQUIRED TO BE DEDUCTED IF PAYEE IS NOT IDENTIFIED

10 years ago

Citation of Case Law: M/s Dishnet Wireless Limited vs. DCIT (ITAT Chennai) I.T.A. Nos.320 to 329/Mds/2014, pronounced on 20.07.2015. Brief of Case: Assessee is Telecom... Read More

The assessee-deductor is not liable to pay the fee for default in filing TDS statements prior to the amendment to section 200A 4 min read

• Income Tax

The assessee-deductor is not liable to pay the fee for default in filing TDS statements prior to the amendment to section 200A

10 years ago

The ITAT at Amritsar in the case of Sibia Healthcare Private Limited St No. 8, Ajit Road, Bhatinda 151 001 (TAN – PTLS15043A) (Appellant) vs.... Read More

Non-reporting of actual income for taxation as an error 2 min read

• Income Tax

Non-reporting of actual income for taxation as an error

10 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

Mandatory Manual Income Tax Scrutiny Criteria F.Y. 2013-14 2 min read

• Income Tax

Mandatory Manual Income Tax Scrutiny Criteria F.Y. 2013-14

Manager 10 years ago

The Board via INSTRUCTION NO 10/2013 declared the manual selection criteria for Income Tax Scrutiny for the financial year 2013-2014. The Central Action Plan for F.Y.2013-2014 was used... Read More

The Different Aspects of a Reverse Mortgage 2 min read

• Income Tax

The Different Aspects of a Reverse Mortgage

Manager 10 years ago

In the year 2007, the Union Finance Minister has adapted a popular concept from the Western countries, Reverse Mortgage. The concept of reverse mortgage: A... Read More

New changes in Service tax laws 4 min read

• Income Tax

New changes in Service tax laws

Manager 10 years ago

The Central Government has issued some new notifications for the year 2013-14 for implementation of few new rules in the field of Service Tax. The... Read More