Income Tax

One can avail Deductions for both House Rent Allowance and Home Loan 2 min read

• Income Tax

One can avail Deductions for both House Rent Allowance and Home Loan

Manager 11 years ago

A very common question that comes in one’s mind is that if someone claims a deduction for House Rent Allowance (HRA) against his taxable income,... Read More

Tax Planning Tips for the Year2012-13 2 min read

• Income Tax

Tax Planning Tips for the Year2012-13

Manager 11 years ago

Tax planning is very crucial now-a-days. An intelligent thinking can be of great help and can assist a lot to avoid paying huge amount of... 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

11 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

11 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

11 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

11 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

11 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

11 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

11 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

Process of charging interest under section 234 of IT Act 2 min read

• Income Tax

Process of charging interest under section 234 of IT Act

Aditijh 11 years ago

Process of charging interest under section 234 of IT Act Income Tax Act as a statute: Income Tax Act 1961 ( as amended by the... Read More