Income Tax

No TDS on Service Tax; Reset Password using Physical Documents and CBDT wants Citizen Charter to be honored

• Income Tax

No TDS on Service Tax; Reset Password using Physical Documents and CBDT wants Citizen Charter to be honored

11 years ago

Glimpses of the Black Money Bill 3 min read

• Income Tax

Glimpses of the Black Money Bill

11 years ago

The government has recently introduced the Undisclosed Foreign Income and Assets Bill, 2015, commonly known as the Black Money Bill. The income tax department has... Read More

Deductor now entitled to interest on excess TDS in case of refund 3 min read

• Income Tax

Deductor now entitled to interest on excess TDS in case of refund

11 years ago

The Apex court in the case of Union Of India vs. Tata Chemicals Ltd. recently held that excess TDS is to be refunded by the... Read More

Pay TDS on your life insurance policies 2 min read

• Income Tax

Pay TDS on your life insurance policies

11 years ago

The Budget 2014-15 says that you have to pay a 2% TDS on any sum you receive from most of your life insurance policies. If... Read More

Foreseeable Business loss can be allowed as deduction 3 min read

• Income Tax

Foreseeable Business loss can be allowed as deduction

11 years ago

The Income Tax Tribunal, Mumbai in the case of Jacobs Engineering India Pvt. Ltd. vs. The ACIT 8(2), Mumbai, ITA No. 335IMUM of 2007 (A.Y.... Read More

PENAL PROVISIONS UNDER INCOME TAX ACT 2 min read

• Income Tax

PENAL PROVISIONS UNDER INCOME TAX ACT

11 years ago

PENAL PROVISIONS UNDER INCOME TAX ACT Provisions under section 221: Section 221(1) of the Act states that if a person fails to pay tax i.e.... Read More

Which Accounts can be made subject to Special Audit under section 142(2A) by Assessing Officer? 2 min read

• Income Tax

Which Accounts can be made subject to Special Audit under section 142(2A) by Assessing Officer?

Aditijh 11 years ago

The amendment in the taxation laws in 1975, brought in to existence the sub-section (2A) to section 142 of the Income tax act of India.... Read More

Penalties for Having a Fake or Duplicate PAN Card 2 min read

• Income Tax

Penalties for Having a Fake or Duplicate PAN Card

11 years ago

Presently, there are more than 12 lakh duplicate PAN (Permanent Account Number) card holders existing in our country. Though the government denies the allegations of... 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

11 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

NO TDS ON PROVISION IS REQUIRED TO BE DEDUCTED IF PAYEE IS NOT IDENTIFIED 3 min read

• Income Tax

NO TDS ON PROVISION IS REQUIRED TO BE DEDUCTED IF PAYEE IS NOT IDENTIFIED

11 years ago

Citation of Case Law: M/s Dishnet Wireless Limited vs. DCIT (ITAT Chennai) I.T.A. Nos.320 to 329/Mds/2014, pronounced on 20.07.2015. Brief of Case: Assessee is Telecom... Read More