Income Tax

Section 73 of the Income Tax Act- carry forward/ adjustment of speculative losses 2 min read

• Income Tax

Section 73 of the Income Tax Act- carry forward/ adjustment of speculative losses

Manager 10 years ago

Section 73 of the Income Tax Act contains the provisions relating to carry forward and set off of losses arising from speculation business. The explanation... Read More

Expecting arrest for non-filing of tax return? 3 min read

• Income Tax

Expecting arrest for non-filing of tax return?

Manager 10 years ago

If you have failed to file your income tax return by the end of the assessment year without any genuine ground for failing to do... Read More

Interest under section 234 A, B, C of the Income Tax Act 2 min read

• Income Tax

Interest under section 234 A, B, C of the Income Tax Act

10 years ago

Section 234 A, B, C of the Income Tax Act deals with the different penalty provisions for non-payment of Income Tax. Tax should be paid... Read More

On-Line Tax Accounting System Correction Scope and Procedure 3 min read

• Income Tax

On-Line Tax Accounting System Correction Scope and Procedure

10 years ago

The On-Line Tax Accounting System (OLTAS) was introduced in April 2004, for the accounting and reporting of receipts and payments of the Direct Taxes through... Read More

Provision Of Reassessment Under Income Tax Act 1961- PART I 2 min read

• Income Tax

Provision Of Reassessment Under Income Tax Act 1961- PART I

10 years ago

Reassessment of income as the word suggests is assessing the income of an assessee again even when the assessment has taken place earlier. Such reassessment... Read More

Consequences of Tax Evasion in India 2 min read

• Income Tax

Consequences of Tax Evasion in India

10 years ago

Tax evasion is the unlawful process by which people escape paying taxes. In Tax evasion taxpayers willfully misrepresent their true state of affairs before the tax authorities... Read More

EPF or PPF: Provident Fund As Future Investment Instrument 3 min read

• Income Tax

EPF or PPF: Provident Fund As Future Investment Instrument

10 years ago

The prime motive of the government of any country is to provide the financial stability to all its citizens, especially in their elderly age when... Read More

TDS FAQ regarding Property Sale in India under Section 194-IA 3 min read

• Income Tax

TDS FAQ regarding Property Sale in India under Section 194-IA

Aditijh 10 years ago

1.    What is Withholding tax?  According to the new provision, 1% TDS has to be deducted on the purchasing price by the buyer of the... Read More

All about Representative Assessee 3 min read

• Income Tax

All about Representative Assessee

Aditijh 10 years ago

Section 160 (1) (i) of the Income Tax Act deals with the term “Representative Assessee” for all purposes of assessment of income tax. It refers... Read More

Change of opinion cannot be a ground for notice of Reassessment 3 min read

• Income Tax

Change of opinion cannot be a ground for notice of Reassessment

10 years ago

It has been held recently in Maruti Suzuki India Ltd. vs. Dy. CIT 356 ITR (Delhi) 209 that mere change of opinion of the Assessing... Read More