Income Tax

Income from stocks—business income or capital gains 1 min read

• Income Tax

Income from stocks—business income or capital gains

Manager 9 years ago

16th September: Is the return from share market being shown as business income or capital gains? Well, to remain safe, you may opt for having... Read More

How a Self-Occupied House is Taxed 3 min read

• Income Tax

How a Self-Occupied House is Taxed

Manager 9 years ago

Any financial benefits derived from one’s own house property are considered as an income and is thus taxable under the Income Tax Act. “Income from... Read More

Simplest and easiest way to revise return under section 139(5) 2 min read

• Income Tax

Simplest and easiest way to revise return under section 139(5)

Manager 9 years ago

What is Revised Return? If an assessee has already filed the return before due date and subsequently he discovers that there is any omission or... Read More

Liabilities of an auditor under the Companies Act 4 min read

• Income Tax

Liabilities of an auditor under the Companies Act

Manager 9 years ago

The Companies Act, 1956 provides that the balance sheet and profit and loss account of a company should truly state all the affairs of the... 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

Manager 9 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

Rules for NRIs selling property in India 2 min read

• Income Tax

Rules for NRIs selling property in India

Manager 9 years ago

A new trend in the NRI property rules has been observed recently. NRIs (non resident Indians) coming to India to sell their purchased or inherited... Read More

Indexed Cost of gifts has to be determined with reference to previous owner 4 min read

• Income Tax

Indexed Cost of gifts has to be determined with reference to previous owner

Manager 9 years ago

If you receive capital assets either by way of gift or by way of inheritance through a will from your dear ones, the liability towards... Read More

Have you been served an income tax notice? Do not panic 4 min read

• Income Tax

Have you been served an income tax notice? Do not panic

Manager 9 years ago

Most of the taxpayers have little knowledge about a tax; as such they panic upon receiving a tax notice.  But instead of panicking, one should... Read More

A summary on section 263 of the Income Tax Act 3 min read

• Income Tax

A summary on section 263 of the Income Tax Act

Manager 9 years ago

Section 263 of the Income Tax Act deals with the powers given to the Commissioner of Income tax to ask for and check the records... Read More

An Assessing Officer should help the tax payers in a reasonable manner 2 min read

• Income Tax

An Assessing Officer should help the tax payers in a reasonable manner

Manager 9 years ago

The Income Tax Appellate Tribunal in Shri Paramjeet Singh Chhabra vs. Income Tax Officer 1(2) being ITA No. 1 12/Ind/2013 (for the A.Y. 2005-06) by... Read More