Definition Of Service As Per Service Tax Act Service is described in service tax act as the action that is taken for consideration and is... Read More
Income Tax
Receiving a gift more than rupees 50,000/- is taxable under the current tax regulations. The Indian gift tax Act was constituted on April 01, 1958... Read More
The Hon’ble Gujarat High Court in the case of Commissioner of Service Tax vs. Arvind Mills Ltd., 2014 (4) TMI 132, has held that a... Read More
The ITAT Delhi in the case of Association of State Road Transport vs. CIT – V, Astru Bhawan, Plot No. 4A, PSP Block, Pocket-14, Sector-8,... Read More
Consequences of Evading Income Tax
3 min read
People have the liberty to self assess their income and then pay taxes. But it does not mean that you can evade taxes and expect... Read More
The Bombay High Court in the case of Vinod K. Bhagat vs. Tax Recovery Officer and Others, 2015 (3) TMI 105, held that the grievances... Read More
How a Self-Occupied House is Taxed
3 min read
Any financial benefits derived from one’s own house property are considered as an income and is thus taxable under the Income Tax Act. “Income from... Read More
Rules for NRIs selling property in India
2 min read
A new trend in the NRI property rules has been observed recently. NRIs (non resident Indians) coming to India to sell their purchased or inherited... Read More
Completion and Posession of House not mandatory requirement to Claim benefit u/s 54F Income Tax Act
14 min read
Income Tax – Section 54F. – Whether in the absence of completion and possession by way of registration and transfer of its title of flats... Read More
Reassessment of income as the word suggests is assessing the income of an assessee again even when the assessment has taken place earlier. Such reassessment... Read More