Income Tax

NRI and His Tax Liabilities 2 min read

• Income Tax

NRI and His Tax Liabilities

Manager 10 years ago

Non-Resident Indian, more popularly known as NRI is defined in the Foreign Exchange Management Act (FEMA), 1999 and the Income Tax Act, 1961. NRI means a... Read More

Investment in Family Members’ Name Can Help in Tax Planning 2 min read

• Income Tax

Investment in Family Members’ Name Can Help in Tax Planning

Manager 10 years ago

An individual assessee gets many exemptions u/s VI. There are various investment opportunities that can fetch tax savings for us. But there is a question,... Read More

A summary on Section 234E of the Income Tax Act 2 min read

• Income Tax

A summary on Section 234E of the Income Tax Act

Manager 10 years ago

The constitutional validity of Section 234E has been challenged by the different High courts in the cases appearing before them. Fee for default in furnishing... Read More

Assets installed in a discontinued business are too eligible for depreciation 4 min read

• Income Tax

Assets installed in a discontinued business are too eligible for depreciation

10 years ago

The Hon’ble Bombay High Court in the case of Commissioner of Income Tax¬ (Appellant) vs. Sonic Biochem Extractions Pvt. Ltd. (respondent) being ITA No. 2088... Read More

SBI- Life Sudarshan Plan

• Income Tax

SBI- Life Sudarshan Plan

10 years ago

Income tax deductions towards expenses for medical treatment of a disabled or ailing dependent 2 min read

• Income Tax

Income tax deductions towards expenses for medical treatment of a disabled or ailing dependent

10 years ago

The Income Tax Act, 1961 provides special deductions in the income tax of a taxpayer who has a disabled or ailing dependent for whom the... Read More

Defaulter of TDS not liable to pay the tax but only interest and penalty 5 min read

• Income Tax

Defaulter of TDS not liable to pay the tax but only interest and penalty

10 years ago

The Allahabad High Court in the recent case of Jagran Prakashan Ltd. vs. The Deputy Commissioner of Income Tax (TDS) (Writ Tax NO. 388 of... Read More

No penalty under section 271(1) (c) in case of concealment of income due to “bonafide mistake” by an assessee 2 min read

• Income Tax

No penalty under section 271(1) (c) in case of concealment of income due to “bonafide mistake” by an assessee

10 years ago

The Assessing Office cannot levy a penalty under section 271(1) (c) due to a bonafide mistake on the part of an assessee. This was subsequently... Read More

Different kinds of penalties for defaults under the Income Tax Act 3 min read

• Income Tax

Different kinds of penalties for defaults under the Income Tax Act

10 years ago

Penalty for default is imposed with the object to encourage tax compliance in India. The Income Tax Act, 1961 deals with different kinds of penalties... Read More

Rules Relating to Gift Tax in India 2 min read

• Income Tax

Rules Relating to Gift Tax in India

10 years ago

Your mother transferred an amount of money to your bank account for helping you for a certain reason. Have you ever thought that is there... Read More