Income Tax
The Madras High Court has recently held in the case of the Commissioner of Income Tax vs. Ms. Pride Remedies Private Ltd. 2014 (12) TMI... Read More
Gift Tax Needs Simplification
2 min read
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
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
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
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
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
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
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
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