Income Tax

Gift Tax Needs Simplification 2 min read

• Income Tax

Gift Tax Needs Simplification

Manager 10 years ago

The Indian Finance Minister has promised to come good on lot of forward looking changes like imposing common goods tax and other reforms to combat... Read More

How to calculate capital gains tax? 3 min read

• Income Tax

How to calculate capital gains tax?

Manager 10 years ago

Lack of knowledge amongst the taxpayers is a major reason for improper compliance of tax laws in India. People transfer their movable and immovable assets.... Read More

Lawful tax planning does not amount to an offence 3 min read

• Income Tax

Lawful tax planning does not amount to an offence

Manager 10 years ago

Tax evasion is an offence and should always be avoided. A tax planning till it is lawful does not only reduce the tax burden of a tax payer but also... Read More

TDS not deductible merely on book entry 2 min read

• Income Tax

TDS not deductible merely on book entry

Manager 10 years ago

The Income Tax appellate Tribunal in ITA NO.2603/Mum/2011 (Income Tax Officer vs. M/s Pipavav Shipyard Ltd.) dismissed the appeal of the revenue. It was an... Read More

How to Face an Income Tax Raid? 2 min read

• Income Tax

How to Face an Income Tax Raid?

Manager 10 years ago

The term “Raid” in the law of Income Tax in India is an interaction with the Income Tax Department which leads to chaos and panic.... Read More

TDS Certificates to be issued According to according to Section 203 of the Income Tax Act read with the Rule 31 of the Income Tax Rules. 2 min read

• Income Tax

TDS Certificates to be issued According to according to Section 203 of the Income Tax Act read with the Rule 31 of the Income Tax Rules.

Manager 10 years ago

The Income Tax department in a circular dated 9.4.13 has declared that it has become mandatory for all deductors to issue the TDS certificates for... Read More

Filing of Income Tax Returns by NRIs 2 min read

• Income Tax

Filing of Income Tax Returns by NRIs

Manager 10 years ago

31st July is the due date for filing income tax returns for any financial year. If you are a Non Resident Indian (NRI) and trying... Read More

PENAL PROVISIONS UNDER INCOME TAX ACT 2 min read

• Income Tax

PENAL PROVISIONS UNDER INCOME TAX ACT

Manager 10 years ago

PENAL PROVISIONS UNDER INCOME TAX ACT Provisions under section 221: Section 221(1) of the Act states that if a person fails to pay tax i.e.... Read More

Scope of section 133(6) of the Income Tax Act 3 min read

• Income Tax

Scope of section 133(6) of the Income Tax Act

10 years ago

The Income Tax Act gives the Department wide powers of investigation including the power to seek information about an assessee even from outsiders. The information... Read More

Highhandedness of the Income Tax and Excise Officers 3 min read

• Income Tax

Highhandedness of the Income Tax and Excise Officers

10 years ago

The curse of the Indian government establishment is that power is in the hands of people with low self-disposition and they run amok with it.... Read More