Income Tax

How to tackle an income tax raid? 2 min read

• Income Tax

How to tackle an income tax raid?

Manager 11 years ago

The term “Raid” in laws relating to Income Tax is an unexpected encounter with the income tax department which people are normally very afraid of.... Read More

Mere cash deposit of more than Rs 10 lakhs in bank doesn’t indicate income has escaped Taxation: ITAT 11 min read

• Income Tax

Mere cash deposit of more than Rs 10 lakhs in bank doesn’t indicate income has escaped Taxation: ITAT

Manager 11 years ago

The assessee had deposited cash in excess of Rs 10 lakhs in his saving bank account but he had not filed return of income. The... 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

11 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

Is there a Waiver in Arrears of Penalty for Deceased Individuals? 2 min read

• Income Tax

Is there a Waiver in Arrears of Penalty for Deceased Individuals?

11 years ago

The proposition There are various corporate laws, which are applicable on any working individual. However, certain issues have been missing in those laws. Recently, a... Read More

Provision Of Reassessment Under Income Tax Act 1961- PART II 2 min read

• Income Tax

Provision Of Reassessment Under Income Tax Act 1961- PART II

11 years ago

Continued from Provision Of Reassessment Under Income Tax Act 1961- PART I Case Situation 3 In case, the assessee has to file u/s 92 E reports against... Read More

Limitations of Audit under Section 44AB, Income Tax Act 2 min read

• Income Tax

Limitations of Audit under Section 44AB, Income Tax Act

11 years ago

Applicability of Section 44AB of the Income Tax Act: The44AB section provides that people having business or profession should get his accounts audited by a... Read More

Filing of revised return after issue of notice under section 143(2) is considered as voluntary disclosure in absence of specific particulars 5 min read

• Income Tax

Filing of revised return after issue of notice under section 143(2) is considered as voluntary disclosure in absence of specific particulars

Aditijh 11 years ago

The ITAT, Mumbai on 07.01.2015 passed a judgment stating that if an assessee files the revised return of income after the receipt of notice under... Read More

One can avail Deductions for both House Rent Allowance and Home Loan 2 min read

• Income Tax

One can avail Deductions for both House Rent Allowance and Home Loan

Aditijh 11 years ago

A very common question that comes in one’s mind is that if someone claims a deduction for House Rent Allowance (HRA) against his taxable income,... Read More

Deemed Dividend under section 2(22) explained 3 min read

• Income Tax

Deemed Dividend under section 2(22) explained

Aditijh 11 years ago

Deemed dividend under section 2(22) from an Indian company or any dividend that is received from a foreign company is taxable in the hands of... Read More

Difference between tax evasion and tax avoidance 2 min read

• Income Tax

Difference between tax evasion and tax avoidance

Aditijh 11 years ago

There are two terms while dealing with online filing of Income tax returns which are often misunderstood or even misused “tax avoidance” and “tax evasion”.... Read More