Income Tax

Distinguish between a NRO and NRE account 2 min read

• Income Tax

Distinguish between a NRO and NRE account

Manager 9 years ago

There are two options available to NRIs who wish to open a bank account in India. He can either open an NRO or NRE account.... Read More

A summary on best judgment assessment 2 min read

• Income Tax

A summary on best judgment assessment

Manager 9 years ago

Assessment refers to evaluation or judgment. As per the income tax law it refers to evaluation of income. It includes various procedures. Though in the... Read More

Finance Minister tables the budget for 2014

• Income Tax

Finance Minister tables the budget for 2014

Manager 9 years ago

All about Representative Assessee 3 min read

• Income Tax

All about Representative Assessee

Manager 9 years ago

Section 160 (1) (i) of the Income Tax Act deals with the term “Representative Assessee” for all purposes of assessment of income tax. It refers... Read More

Things to know before choosing your tax return preparer 2 min read

• Income Tax

Things to know before choosing your tax return preparer

Manager 9 years ago

Tax professionals have different skills and expertise in the subject. There are many kinds of tax return preparers with credentials. The Government of India has... Read More

Which LIC Policy Is Best For Me? 2 min read

• Income Tax

Which LIC Policy Is Best For Me?

Manager 9 years ago

Before you decide to buy any LIC policy you are supposed to ‘check and balance’ the financial stability you can get from different policies. The... Read More

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

• Income Tax

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

9 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

9 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?

9 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)

9 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