Section 40(b) of Income Tax Act, 1961 provides certain limitations on the deductions of expenses allowed to assessees being partnership firms regarding the remuneration and... Read More
Income Tax
When NRIs need to pay income tax in India?
2 min read
The Income Tax Act has not defined NRI directly. Section 6 of the Act deals with the criteria of a Resident in India and states that anybody... Read More
Recently in the case of M/s. Smita Conductors Ltd. vs. the Deputy Commissioner of Income Tax, ITA No. 4004/Mum/2011 by a judgment it has been... Read More
CBDT to make scrutiny guidelines public
4 min read
The CBDT has issued an instruction on 02.09.2014 announcing that the criteria for selection of cases for scrutiny for the financial year 2014 -15 shall... Read More
The Gujarat High Court in a recent judgment held that only receiving a sum of money cannot be chargeable to income tax. The Gujarat High... Read More
The Gujarat High Court in a recent judgment pronounced on 26.4.2014 in the case of Rajmoti Industries vs. ACIT, held that payment through any crossed... Read More
The Income Tax Appellate Tribunal, Hyderabad ‘B’ Bench, Hyderabad has recently held that in an arrangement made between the family members being Directors of the... Read More
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