Income Tax

Is interest on home loan treated as a cost of acquisition for calculating capital gains tax on sale of a house? 5 min read

• Income Tax

Is interest on home loan treated as a cost of acquisition for calculating capital gains tax on sale of a house?

10 years ago

A common question often which arises in the mind of the tax payers is that if someone takes a housing loan and pays interest towards... Read More

HRA allowance to be scanned by the Income Tax Department 2 min read

• Income Tax

HRA allowance to be scanned by the Income Tax Department

10 years ago 2

Here is some bad news for tax evaders. A circular issued by the Central Board of  Direct taxes   states that salaried taxpayers claiming exemption for HRA  allowance now... Read More

Penalty Under Various Section of Income Tax As Per Union Budget 2015-16 5 min read

• Income Tax

Penalty Under Various Section of Income Tax As Per Union Budget 2015-16

10 years ago

Section of the ITA Kind of default Penalty that can be levied 140A (3) If one fails to pay in part or whole ofHis self... Read More

What is the Time Limit for re-opening Assessment Proceedings? 2 min read

• Income Tax

What is the Time Limit for re-opening Assessment Proceedings?

10 years ago

Reopening of assessment proceedings: Section 147 of the Income Tax Act deals with re-opening of concluded assessment proceedings. The Assessing Officer is entitled to make... Read More

High Court allows filing the revised return after service of intimation under section 143(1) 3 min read

• Income Tax

High Court allows filing the revised return after service of intimation under section 143(1)

10 years ago

The Kolkata High Court in the case of Tata Metaliks Ltd. vs. C.I.T. III, Kolkata, being ITA No. 301 of 2005, has held that an... Read More

Notice by Assessing Officer not valid if issued in the name of an amalgamated company 4 min read

• Income Tax

Notice by Assessing Officer not valid if issued in the name of an amalgamated company

10 years ago

The ITAT Delhi in the case of Ms. Images Credit and Portfolio (P) Ltd. vs. ACIT (ITAT Delhi), I.T.A. No. 5301 to 5305/Del/13 has recently... Read More

Income Tax: Powers of the Assessing Officer 3 min read

• Income Tax

Income Tax: Powers of the Assessing Officer

10 years ago

It becomes necessary to examine the provisions of Section 131 of the Income Tax Act, 1961 that provides powers as vested in a court under... Read More

How can you save tax through investment in your spouse’s name? 2 min read

• Income Tax

How can you save tax through investment in your spouse’s name?

10 years ago

Many tax savings instruments provide  investment in the name of spouse, children or parents, subject to few restrictions. One can open a fixed deposit or purchase... Read More

Income from sale of agricultural land situated beyond the municipal limits cannot be taxed as business income 4 min read

• Income Tax

Income from sale of agricultural land situated beyond the municipal limits cannot be taxed as business income

10 years ago

The profits arising out of sale of an agricultural land which is far away from the limits of municipality cannot be treated as a regular... Read More

Income Tax Department launches Toll-free line for complaints related to black money in elections 2 min read

• Income Tax

Income Tax Department launches Toll-free line for complaints related to black money in elections

10 years ago

In the run up to the upcoming Assembly polls in Delhi, the Income Tax Department has launched a Toll-free number – 1800 110 132 –... Read More