Income Tax

Section 36(1)(iii) – Averting Interest Expenditure on Loans to Sister Concerns 2 min read

• Income Tax

Section 36(1)(iii) – Averting Interest Expenditure on Loans to Sister Concerns

Aditijh 9 years ago

The present petition desired by the assessee Hero cycle (p) Ltd is relevant to the Assessment Year 1988-1989. Income tax return filed by the assessee... Read More

Summons issued to persons for personal attendance under section 131 of the Income Tax Act 2 min read

• Income Tax

Summons issued to persons for personal attendance under section 131 of the Income Tax Act

9 years ago

Section 131 of the Income Tax Act provides power to the income tax authorities to summon witnesses,  to force production of books of account and other documents as well as... Read More

How to file the income tax return of a deceased assessee? 4 min read

• Income Tax

How to file the income tax return of a deceased assessee?

9 years ago

If an assessee dies intestate, that is without making a will, his return of income tax can still be filed by his legal heirs and... Read More

All about reopening of assessment 3 min read

• Income Tax

All about reopening of assessment

9 years ago

Reassessment is one of the vital weapons in the hands of the Income Tax Department which empowers the Assessing Officer to reassess the income, turnover... Read More

The distance of an “agricultural land” should be calculated from the approach road 5 min read

• Income Tax

The distance of an “agricultural land” should be calculated from the approach road

9 years ago

The Hon’ble High Court at Delhi on 14.09.2015 in the case of Commissioner of Income Tax (Appellant) vs. Sri Vijay Singh Kadan (Respondent) being ITA... Read More

Revision of Tax Audit Report 2 min read

• Income Tax

Revision of Tax Audit Report

9 years ago

Generally, there is no provision regarding revision of a tax audit report. But if an assessee changes the financial statement, a new tax audit report... Read More

Longer time taken by Income Tax Department does not deny Assessee right to Interest on Tax Refund 3 min read

• Income Tax

Longer time taken by Income Tax Department does not deny Assessee right to Interest on Tax Refund

Aditijh 9 years ago

An assessee claiming refund is fully eligible for the payment of Interest when the department has taken longer time by calling the additional documents for... Read More

HRA allowance to be scanned by the Income Tax Department 2 min read

• Income Tax

HRA allowance to be scanned by the Income Tax Department

9 years ago 2

Here is some bad news for tax evaders. A circular issued by the Central Board of  Direct taxes   states that salaried taxpayers claiming exemption for HRA  allowance now... Read More

Penalty Under Various Section of Income Tax As Per Union Budget 2015-16 5 min read

• Income Tax

Penalty Under Various Section of Income Tax As Per Union Budget 2015-16

9 years ago

Section of the ITA Kind of default Penalty that can be levied 140A (3) If one fails to pay in part or whole ofHis self... Read More

What is the Time Limit for re-opening Assessment Proceedings? 2 min read

• Income Tax

What is the Time Limit for re-opening Assessment Proceedings?

9 years ago

Reopening of assessment proceedings: Section 147 of the Income Tax Act deals with re-opening of concluded assessment proceedings. The Assessing Officer is entitled to make... Read More