Income Tax

Longer time taken by Income Tax Department does not deny Assessee right to Interest on Tax Refund 3 min read

• Income Tax

Longer time taken by Income Tax Department does not deny Assessee right to Interest on Tax Refund

Aditijh 10 years ago

An assessee claiming refund is fully eligible for the payment of Interest when the department has taken longer time by calling the additional documents for... Read More

Section 269SS and section 269T do not apply to share application money 2 min read

• Income Tax

Section 269SS and section 269T do not apply to share application money

10 years ago

The Madras High Court has recently held in the case of the Commissioner of Income Tax vs. Ms. Pride Remedies Private Ltd. 2014 (12) TMI... Read More

The legal implications of sham transactions 4 min read

• Income Tax

The legal implications of sham transactions

10 years ago

A sham transaction is a business deal entered into parties for the purpose of deception, like to escape a tax liability or in other words... Read More

Procedure of calculating Wealth Tax 2 min read

• Income Tax

Procedure of calculating Wealth Tax

10 years ago

Procedure of calculating Wealth Tax Wealth tax is not payable on income but payable only because a person is wealthy. Wealth tax is levied when... Read More

New rules for filing income tax For 2013-14 2 min read

• Income Tax

New rules for filing income tax For 2013-14

10 years ago

Some recent amendments have been introduced by the Income Tax Department for filing Income tax Return by the assessees for the Assessment Year 2013-14. These... Read More

The department cannot deny credit of TDS if Form No.16A issued by the employer deductor has been furnished by the assessee 4 min read

• Income Tax

The department cannot deny credit of TDS if Form No.16A issued by the employer deductor has been furnished by the assessee

Aditijh 10 years ago

It has been held by the Hon’ble Gujarat High Court in the case of Sumit Devendra Rajani vs. Assistant Commissioner of Income Tax, Special Civil... Read More

Application for Rectification of Mistake Apparent from Record 2 min read

• Income Tax

Application for Rectification of Mistake Apparent from Record

10 years ago

Circumstances when an application is made for rectification: After filling an Income Tax return, the Income Tax department processes the same. But the information provided... Read More

The law governing Survey, Search and Seizure under the Income Tax Act 5 min read

• Income Tax

The law governing Survey, Search and Seizure under the Income Tax Act

10 years ago

The Income tax department conducts what are considered as some of the worst nightmares of many businessmen and corporate houses – survey, search and seizure... Read More

Can an Assessing Officer examine all matters when a case is selected for scrutiny through CASS? 2 min read

• Income Tax

Can an Assessing Officer examine all matters when a case is selected for scrutiny through CASS?

Aditijh 10 years ago

Recently an issue appeared as to whether an A.O. has any scope to examine all matters when a case is picked up for scrutiny through... Read More

Penalties under section 271 of the Income Tax Act 2 min read

• Income Tax

Penalties under section 271 of the Income Tax Act

10 years ago

If an Assessing Officer or the Commissioner (Appeals) or the Commissioner during any proceedings under the Income Tax Act, believes that someone has concealed the... Read More