Income Tax

Draft Assessment – Bombay High Court Judgment 2 min read

• Income Tax

Draft Assessment – Bombay High Court Judgment

10 years ago

The draft assessment request on 30th March, 2015 was even with the choice for  the Supreme Court in GKN Driveshafts (India) Ltd v/s Income Tax Officer and Others reported... Read More

All about income tax scrutiny 3 min read

• Income Tax

All about income tax scrutiny

10 years ago

It is practically not possible for the Income Tax Department to make regular assessment of all the returns filed before them in any assessment year.... Read More

Forms 15G and 15H – tools to save tax? 5 min read

• Income Tax

Forms 15G and 15H – tools to save tax?

10 years ago

Banks often ask depositors to file Form No. 15G or 15H every year. There are different rules regarding filing of Form No. 15G and Form... Read More

CBDT procedure for launching prosecution for TDS-TCS default 3 min read

• Income Tax

CBDT procedure for launching prosecution for TDS-TCS default

10 years ago

The Central Board of Direct Taxes has laid down a procedure for launching prosecution for TDS-TCS default. In connection with the above the CBDT has... Read More

Deductions under Section 80DDB of the Income Tax Act 2 min read

• Income Tax

Deductions under Section 80DDB of the Income Tax Act

10 years ago

Deductions under Section 80DDB of the Income Tax Act are available to an individual or a HUF since 1.4.2004. This kind of deduction is covered... Read More

The clause (iii) of the section 17(3) 2 min read

• Income Tax

The clause (iii) of the section 17(3)

10 years ago

According to clause (iii) of Section 17(3), profits or benefits in lieu of salary” includes: (A) Any amount due to and/or received by any person... Read More

Rules tightened for non-filers of Income Tax Return 2 min read

• Income Tax

Rules tightened for non-filers of Income Tax Return

10 years ago

  The Central Board of Direct Taxes (CBDT) tightens the rules dealing with monitoring of “non-filers” of Income Tax Returns and aims to follow uniform... Read More

Advantages of Limited Liability Partnership over Partners 2 min read

• Income Tax

Advantages of Limited Liability Partnership over Partners

Manager 10 years ago

Advantages of Limited Liability Partnership over Partners Limited Liability Partnership, abbreviated as LLP, is a kind of business organization. It has become very common now-a-days... Read More

Cost awarded against income tax department for abuse of process of law 2 min read

• Income Tax

Cost awarded against income tax department for abuse of process of law

Manager 10 years ago

The Bombay High Court in a recent case imposed a cost of Rs. 1, 00,000/- against the income tax department for abuse of process of... Read More

Taxability of amount received from Life insurance proceeds on maturity 2 min read

• Income Tax

Taxability of amount received from Life insurance proceeds on maturity

Manager 10 years ago

Many people think that the benefit amount they receive on the maturity of all life insurance policies is exempt from income tax. However that is... Read More