Income Tax

It is not necessary that books of account should compulsorily be rejected when a survey is conducted 3 min read

• Income Tax

It is not necessary that books of account should compulsorily be rejected when a survey is conducted

Manager 11 years ago

The ITAT, Chandigarh in the case of M/s Venus Woolen Mills vs. The CIT-III, [2014] 36 ITR (Trib.) 388 Ludhiana, has held that it is... Read More

The key to Tax Planning 2 min read

• Income Tax

The key to Tax Planning

Manager 11 years ago

Tax Planning deals with making investments for the purpose of reducing the tax liability and increasing returns. All individuals should try to plan his taxes... Read More

Income Tax Scrutiny Aspects In India 3 min read

• Income Tax

Income Tax Scrutiny Aspects In India

Manager 11 years ago

In general, income tax department cannot assess all the income tax returns filed in one financial year. Hence, normally random scrutiny for assessing the assessee... Read More

Penalties Applicable for belated Full Disclosure of Transactions and Payment of Tax 2 min read

• Income Tax

Penalties Applicable for belated Full Disclosure of Transactions and Payment of Tax

Manager 11 years ago

The Income Tax Department of India functions in accordance with the provisions of the Income Tax Act, 1961. The Income Tax Act is amended in the... Read More

Penalty under section 271(1) (c) of the Income Tax Act 2 min read

• Income Tax

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

Manager 11 years ago

The expression “Penalty” has nowhere been defined in the Income Tax Act, 1961. Penalty is generally treated as a liability comprising a punishment upon the... Read More

Penalty imposed for false claim of deduction under section 80IB 2 min read

• Income Tax

Penalty imposed for false claim of deduction under section 80IB

Manager 11 years ago

Where the assessee has made false claim for deduction under Section 801B of the Income Tax Act, penalty is levied under Section 271(1) (c) of... Read More

Should tax planning be the aim of Insurance Coverage?

• Income Tax

Should tax planning be the aim of Insurance Coverage?

Manager 11 years ago

Issuance of notice under section 143(2) is not mandatory before making an assessment under section 153A 4 min read

• Income Tax

Issuance of notice under section 143(2) is not mandatory before making an assessment under section 153A

11 years ago

The ITAT Mumbai in the case of Sumanlata Bansal( PAN- AAHPB0141N) vs. the Assistant Commissioner of Income Tax, Central Circle 8 Mumbai, ITA nos. 525... Read More

Share application money cannot be considered as undisclosed income if identity of the share applicants is available 3 min read

• Income Tax

Share application money cannot be considered as undisclosed income if identity of the share applicants is available

11 years ago

The Hon’ble Delhi High Court on 12.8.15 in the cases of Commissioner of Income Tax – 9 (Appellant) vs. Vrindavan Farms (P) Ltd. (Respondent) being... Read More

How to Lodge Complaint Against Illegal Behavior of Assessing Officers? 2 min read

• Income Tax

How to Lodge Complaint Against Illegal Behavior of Assessing Officers?

11 years ago

It is not that always the assessee who is wrong. At times, the behavior and the attitude of the Assessing Officers and other staff of... Read More