Income Tax

The disallowance under section 40(a) (ia) of the Income Tax Act proposed to be limited to 30% of the total amount of expenses 6 min read

• Income Tax

The disallowance under section 40(a) (ia) of the Income Tax Act proposed to be limited to 30% of the total amount of expenses

Manager 11 years ago

It has been recently proposed that in case of non-deduction or non-payment of TDS on payments made to residents of the country according to section... Read More

Chartered Accountants blamed for lower levy of taxes 2 min read

• Income Tax

Chartered Accountants blamed for lower levy of taxes

Manager 11 years ago

Recently a CAG report said the failure on behalf of the chartered accountants hired by the income tax department to furnish authentic tax information has... Read More

Know more about new house rent allowance (HRA) rules

• Income Tax

Know more about new house rent allowance (HRA) rules

Manager 11 years ago

Receiving a gift of more than Rupees 50,000 could be a tax trap 2 min read

• Income Tax

Receiving a gift of more than Rupees 50,000 could be a tax trap

Manager 11 years ago

Receiving a gift more than rupees 50,000/- is taxable under the current tax regulations. The Indian gift tax Act was constituted on April 01, 1958... Read More

Penalty under section 271(1) (c) cannot be levied for a claim which was fully disclosed but was subsequently disallowed 6 min read

• Income Tax

Penalty under section 271(1) (c) cannot be levied for a claim which was fully disclosed but was subsequently disallowed

Manager 11 years ago

The Bombay High Court in the case of CIT Vs. S. M. Construction, Income Tax Appeal No. 412 of 2013, by a judgment dated 03.03.2015... Read More

Application for Rectification of Mistake Apparent from Record 2 min read

• Income Tax

Application for Rectification of Mistake Apparent from Record

Manager 11 years ago

Circumstances when an application is made for rectification: After filling an Income Tax return, the Income Tax department processes the same. But the information provided... Read More

Computation of Wealth Tax

• Income Tax

Computation of Wealth Tax

Manager 11 years ago

Deduction under section 80IC allowed to hotels under the category “eco tourism” 2 min read

• Income Tax

Deduction under section 80IC allowed to hotels under the category “eco tourism”

Manager 11 years ago

The Income Tax Tribunal, Chandigarh, in The A.C.I.T., Vs. Sh. Raghunath Singh Thakur, ITA No.152 by a judgment dated 22.06.2012 held that deduction under section... Read More

Know more about new house rent allowance (HRA) rules

• Income Tax

Know more about new house rent allowance (HRA) rules

Manager 11 years ago

Application for Charitable Trust Registration Under Section 12 AA 2 min read

• Income Tax

Application for Charitable Trust Registration Under Section 12 AA

11 years ago

In Society for the Promotion of Education, Adventure Sport and Conservation of Environment versus Chief of Income Tax (2008) 216 CTR (All) 167, the Allahabad... Read More