Income tax law has many sections that provide tax relief and tax exemption to the income tax payer.On the other hand, there is Section 64... Read More
Income Tax
Tax implications of unexplained investment
4 min read
There is no bar in making investments from source of funds which can be explained by an assessee. But at some times investment is made... Read More
There is a grievance that often the tax deductors fail to issue TDS certificate in spite of many reminders by the deductee for such issue.... Read More
In the tax-planning season, most people rush to make investments to reduce their tax liability. It is found that individuals pay more taxes than they... Read More
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
The Central Board of Direct Taxes has laid down a procedure for launching prosecution for TDS-TCS default. In connection with the above the CBDT has... Read More
It has been held by the Hon’ ble Delhi High Court in R. Batliboi & Co. vs. The Department Of Income Tax, in W.P.(C) 9479/2007... Read More
Amendment in Section 2(14) Capital Gains
2 min read
In a recent amendment in Income Tax Act 1961, that came into effect on 01.04.2014 with its assessment year 2014-15, item (b) was substituted to... Read More
The Companies Act, 2013 imposes a liability upon some companies having net profit amounting to Rs. 500 crore or more or an annual turnover of... Read More
New section inserted: A new section has been inserted and numbered as section 194-IA of the Income-tax Act. When the consideration amount shall be credited... Read More