Income Tax

All about Penalty under section 271(1) (c) 2 min read

• Income Tax

All about Penalty under section 271(1) (c)

10 years ago

Section 271(1) (c) of the Income Tax Act, 1961 deals with levy of penalty due to concealment of income by an assessee. Penalty under section... Read More

Books of account cannot be rejected if TDS has been deducted 4 min read

• Income Tax

Books of account cannot be rejected if TDS has been deducted

10 years ago

The ITAT Pune in the case of VV Constructions v ACIT (ITAT Pune), ITA No. 1641/PN/2013 on 12.06.2015 held that books of account cannot be... Read More

When can an Assessing Officer reject books of accounts? 2 min read

• Income Tax

When can an Assessing Officer reject books of accounts?

10 years ago

If the Assessing Officer is not satisfied regarding the authenticity or completeness of the books of accounts maintained by the assessee or where in his... Read More

Interest payable to partners of a partnership firm under Section 40(b) 3 min read

• Income Tax

Interest payable to partners of a partnership firm under Section 40(b)

10 years ago

Section 40(b) of Income Tax Act, 1961 provides certain limitations on the deductions of expenses allowed to assessees being partnership firms regarding the remuneration and... Read More

Penalty under section 271(1) (c) cannot be levied merely on the ground that the assessee agrees to an addition made by the AO for purchasing his peace of mind 3 min read

• Income Tax

Penalty under section 271(1) (c) cannot be levied merely on the ground that the assessee agrees to an addition made by the AO for purchasing his peace of mind

10 years ago

The Karnataka High Court in the recent case of CIT vs. Manjunatha Cotton and Ginning Factory (2013) 92 DTR 111, has held that as the... Read More

Penalty for concealment 3 min read

• Income Tax

Penalty for concealment

Aditijh 10 years ago

There are different kinds of penalty imposed upon an assessee under the Indian Income Tax Act for defaulters under the different provisions of the Act.... Read More

Tax Payers now don’t have to succumb to Coercion and admit Undisclosed Income 2 min read

• Income Tax

Tax Payers now don’t have to succumb to Coercion and admit Undisclosed Income

Aditijh 10 years ago

Traditionally since ages Income Tax Officers have been harassing tax payers and coercing them to admit to undisclosed income. Not any more now, Well, May... Read More

Deductions on account of expenses on medical treatment under Section 80DDB 2 min read

• Income Tax

Deductions on account of expenses on medical treatment under Section 80DDB

10 years ago

One can avail deduction for expenses on account of medical treatment of himself or any of his dependents in case of some specified diseases like... Read More

Whether interest earned on margin received can be adjusted against interest paid on borrowings-Yes

• Income Tax

Whether interest earned on margin received can be adjusted against interest paid on borrowings-Yes

10 years ago

Exemption under section 54 cannot denied to the assessee due to failure in purchasing new residential property within three years 3 min read

• Income Tax

Exemption under section 54 cannot denied to the assessee due to failure in purchasing new residential property within three years

10 years ago

It has been recently held in the case of Sri Prasad Nimmagadda vs. DCIT, Hyderabad, 2013-57-ITAT that an assessee’s claim of exemption under section 54... Read More