1. What is Withholding tax? According to the new provision, 1% TDS has to be deducted on the purchasing price by the buyer of the... Read More
Income Tax
All about Representative Assessee
3 min read
Section 160 (1) (i) of the Income Tax Act deals with the term “Representative Assessee” for all purposes of assessment of income tax. It refers... Read More
It has been held recently in Maruti Suzuki India Ltd. vs. Dy. CIT 356 ITR (Delhi) 209 that mere change of opinion of the Assessing... Read More
A common question often which arises in the mind of the tax payers is that if someone takes a housing loan and pays interest towards... Read More
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
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
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
High Court allows filing the revised return after service of intimation under section 143(1)
3 min read
The Kolkata High Court in the case of Tata Metaliks Ltd. vs. C.I.T. III, Kolkata, being ITA No. 301 of 2005, has held that an... Read More
The ITAT Delhi in the case of Ms. Images Credit and Portfolio (P) Ltd. vs. ACIT (ITAT Delhi), I.T.A. No. 5301 to 5305/Del/13 has recently... Read More
Income Tax: Powers of the Assessing Officer
3 min read
It becomes necessary to examine the provisions of Section 131 of the Income Tax Act, 1961 that provides powers as vested in a court under... Read More