Income Tax

Does disallowance of a claim for expenses amount to furnishing incorrect details of income? 3 min read

• Income Tax

Does disallowance of a claim for expenses amount to furnishing incorrect details of income?

Manager 10 years ago

The Income Tax Act aims to protect the interest of the Revenue against furnishing incorrect details of income in the return of the assessee. Many... 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 10 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

Supreme Court declares involuntary surrender of income does not save one from penalty proceedings 3 min read

• Income Tax

Supreme Court declares involuntary surrender of income does not save one from penalty proceedings

Manager 10 years ago

The Apex Court in a recent judgment declared that voluntary disclosure cannot help an assessee to escape from penalty proceedings. Supreme Court declares involuntary surrender... 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

Manager 10 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

All about Income Tax Raid 4 min read

• Income Tax

All about Income Tax Raid

Manager 10 years ago

One should not keep any unaccounted or undeclared money, jewellery or any kind of wealth, commonly known as black money. All such income should always be... Read More

Consequences of non-filing or late-filing of TDS return 2 min read

• Income Tax

Consequences of non-filing or late-filing of TDS return

Manager 10 years ago

The Central Board of Direct Taxes (CBDT) has ordered all the income tax offices to penalize employers who deduct TDS but do not deposit them.... Read More

Consequences of not filing returns by due date

• Income Tax

Consequences of not filing returns by due date

Manager 10 years ago

Filing Returns on certain Income made by NRIs 2 min read

• Income Tax

Filing Returns on certain Income made by NRIs

Aditijh 10 years ago

As per Income Tax Act 1961, there are a few categories of earnings made by Non Resident Indians on which they have to file returns.... Read More

The grievances of the petitioner expressed in a letter is nothing but an appeal under Rule 86 of Second Schedule to the Income Tax Act 3 min read

• Income Tax

The grievances of the petitioner expressed in a letter is nothing but an appeal under Rule 86 of Second Schedule to the Income Tax Act

Manager 10 years ago

The Bombay High Court in the case of Vinod K. Bhagat vs. Tax Recovery Officer and Others, 2015 (3) TMI 105, held that the grievances... Read More

CBDT issues instruction to help the conduct of scrutiny assessments 3 min read

• Income Tax

CBDT issues instruction to help the conduct of scrutiny assessments

10 years ago

The CBDT has issued an Instruction being No. 20/2015 on 29.12.2015 wherein it has clarified many issues to help the conduct of scrutiny assessments in... Read More