Income Tax

The dilemma of purchasing immovable property from a non-resident

• Income Tax

The dilemma of purchasing immovable property from a non-resident

10 years ago

It is not necessary that books of account should compulsorily be rejected when a survey is conducted 3 min read

• Income Tax

It is not necessary that books of account should compulsorily be rejected when a survey is conducted

Aditijh 10 years ago

The ITAT, Chandigarh in the case of M/s Venus Woolen Mills vs. The CIT-III, [2014] 36 ITR (Trib.) 388 Ludhiana, has held that it is... Read More

A summary on some uncommon tax saving tips 2 min read

• Income Tax

A summary on some uncommon tax saving tips

10 years ago

For many people ‘tax savings’ mean sand include life insurance policies, National Savings Certificates , etc. which qualify for tax deduction as provided in  Section 80 C... Read More

Tax benefit under section 54 of the Income Tax Act 5 min read

• Income Tax

Tax benefit under section 54 of the Income Tax Act

Akanksha 10 years ago

An assessee can claim exemption from capital gains on sale of house property according to the sections 54, 54B, 54D, 54EC, 54F and 54G of... Read More

Concealing foreign assets will attract penalty 4 min read

• Income Tax

Concealing foreign assets will attract penalty

10 years ago

Declaring foreign assets in the income tax return has been made mandatory in the Assessment Year 2012-13. Only Indian residents having the status of ‘resident... Read More

Consequences of Non-filing of IT Return in Time 2 min read

• Income Tax

Consequences of Non-filing of IT Return in Time

Aditijh 10 years ago

Consequences of Non-filing of IT Return in Time If a man escapes a taxable income his income is considered as black money and he is... Read More

Notice under section 143(2) is mandatory even if re-assessment proceeding is initiated under section 148 2 min read

• Income Tax

Notice under section 143(2) is mandatory even if re-assessment proceeding is initiated under section 148

10 years ago

The ITAT Bangalore in the case of Shri GN. Mohan Raju vs. the Income tax Officer, 2014 (11) TMI 283, on 10Th November, 2014 dealt... Read More

When can the IT Department reopen an assessment? 3 min read

• Income Tax

When can the IT Department reopen an assessment?

10 years ago

Section 147 of the Income Tax Act lays down the guidelines regarding the procedure for reopening of assessments. In many cases relating to assessments, it... Read More

Debate as to whether CIT has power to assume jurisdiction u/s 263 of the Act in respect of assessments made u/s 153A after obtaining mandatory approval u/s 153D. 10 min read

• Income Tax

Debate as to whether CIT has power to assume jurisdiction u/s 263 of the Act in respect of assessments made u/s 153A after obtaining mandatory approval u/s 153D.

10 years ago

By CA Sarbjit Garg, (M) 9814331650 email: gargsarbjit@yahoo.com   (The author strongly feels that powers of CIT u/s 263 do not extend to assessments made... Read More

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