Income Tax

Mere cash deposit of more than Rs 10 lakhs in bank doesn’t indicate income has escaped Taxation: ITAT 11 min read

• Income Tax

Mere cash deposit of more than Rs 10 lakhs in bank doesn’t indicate income has escaped Taxation: ITAT

11 years ago

The assessee had deposited cash in excess of Rs 10 lakhs in his saving bank account but he had not filed return of income. The... Read More

Tax Treatment of Earnest Money Forfieted 2 min read

• Income Tax

Tax Treatment of Earnest Money Forfieted

11 years ago

What is earnest money? When someone purchases or sells an immovable property, normally the purchaser gives an amount of earnest money before he makes the... Read More

Latest Home Loan Income Tax Benefits 2 min read

• Income Tax

Latest Home Loan Income Tax Benefits

11 years ago

Saving on income tax takes lot of planning and thoughtful investment. And so as to achieve maximum benefits from the existing income tax rules and... Read More

Penalty u/s 271 (l) (c) is a civil liability – HC – Income Tax 2 min read

• Income Tax

Penalty u/s 271 (l) (c) is a civil liability – HC – Income Tax

Aditijh 11 years ago

In the process of any proceedings or hearing under the Act, if the AO (assessing officer) or Commissioner is found that any tax payer has... Read More

CBDT to make scrutiny guidelines public 4 min read

• Income Tax

CBDT to make scrutiny guidelines public

Aditijh 11 years ago

The CBDT has issued an instruction on 02.09.2014 announcing that the criteria for selection of cases for scrutiny for the financial year 2014 -15 shall... Read More

Check EPF Balance Online 2 min read

• Income Tax

Check EPF Balance Online

11 years ago

In this hi-tech era, digitization has covered everything in financial market too. How can EPFO stay behind? Now, EPF investors can get all details of... Read More

When can reopening of assessment be allowed? 4 min read

• Income Tax

When can reopening of assessment be allowed?

11 years ago

Section 147 of the Income Tax Act, 1961 allows reopening of assessment of income, in case the Assessing Officer believes that any income which is... Read More

Is “mens rea” an essential factor for levy of penalty? 4 min read

• Income Tax

Is “mens rea” an essential factor for levy of penalty?

11 years ago

The debate as to whether “mens rea” is an essential ingredient for levy of penalty has been never ending. It is a common issue as... Read More

All about Penalty under section 271(1) (c) 2 min read

• Income Tax

All about Penalty under section 271(1) (c)

Aditijh 11 years ago

Section 271(1) (c) of the Income Tax Act, 1961 deals with levy of penalty due to concealment of income by an assessee. Penalty under section... Read More

No concealment penalty can be levied on the basis of disallowance of claim for expenditure 3 min read

• Income Tax

No concealment penalty can be levied on the basis of disallowance of claim for expenditure

11 years ago

The Apex Court in the case of CIT v. Reliance Petro products Pvt. Ltd., 322 ITR 158, reiterated that disallowance of claim for expenditure does... Read More