Income Tax

Taxability of amount received from Life insurance proceeds on maturity 2 min read

• Income Tax

Taxability of amount received from Life insurance proceeds on maturity

10 years ago

Many people think that the benefit amount they receive on the maturity of all life insurance policies is exempt from income tax. However that is... Read More

TDS deducted by an employer cannot be recovered from an employee if it is not deposited duly 3 min read

• Income Tax

TDS deducted by an employer cannot be recovered from an employee if it is not deposited duly

10 years ago

Where a company has deducted Tax at Source (TDS) from the salary of an employee, but did not deposit the same to the Government treasury,... Read More

Know more about new house rent allowance (HRA) rules 2 min read

• Income Tax

Know more about new house rent allowance (HRA) rules

Akanksha 10 years ago

In a recent change in the rent allowance rules for people who pay an annual rent exceeding the limit of Rs.100,000 per annum, would need... Read More

All about Income Tax Raid 4 min read

• Income Tax

All about Income Tax Raid

10 years ago 2

One should not keep any unaccounted or undeclared money, jewellery or any kind of wealth, commonly known as black money. All such income should always be... Read More

Penalty under section 271(1) (c) of the Income Tax Act 3 min read

• Income Tax

Penalty under section 271(1) (c) of the Income Tax Act

10 years ago

There are many judgments of different courts which have adjudicated the issue of levy of penalty under section 271(1) (c) of the Income Tax Act.... Read More

Statutory reserve created under section 45IC of Reserve Bank of India Act should be included in the book profits 2 min read

• Income Tax

Statutory reserve created under section 45IC of Reserve Bank of India Act should be included in the book profits

10 years ago

It was held by the Delhi High Court in the case of Srei Infrastructure Finance Ltd. vs. ACIT that according to Explanation (1) (c) to... Read More

TDS Certificates to be issued According to according to Section 203 of the Income Tax Act read with the Rule 31 of the Income Tax Rules. 2 min read

• Income Tax

TDS Certificates to be issued According to according to Section 203 of the Income Tax Act read with the Rule 31 of the Income Tax Rules.

10 years ago

The Income Tax department in a circular dated 9.4.13 has declared that it has become mandatory for all deductors to issue the TDS certificates for... Read More

Impacts of Non-issuance of TDS certificate within time 2 min read

• Income Tax

Impacts of Non-issuance of TDS certificate within time

10 years ago

There is a grievance that often the tax deductors fail to issue TDS certificate in spite of many reminders by the deductee for such issue.... Read More

Filing of Income Tax Return without paying Self Assessment Tax makes it defective 2 min read

• Income Tax

Filing of Income Tax Return without paying Self Assessment Tax makes it defective

10 years ago

Present provisions of section 139(9) of the Income Tax Act: The present provisions of section 139(9) of the Income Tax Act contain the conditions the... Read More

The New Channel of Collecting Information Return for AIR 3 min read

• Income Tax

The New Channel of Collecting Information Return for AIR

Aditijh 10 years ago

The new channel of collecting information in the form of Annual Information Return provided in Section 285BA of the I.T. Act 1961 has come across... Read More