Income Tax cases are often sordid matters involving deceit, dishonesty and general untasteful behavior. Once in a blue moon though, one may stumble upon a heartwarming story in tax, like the case of Shanti Bhushan vs. CIT.The eminent lawyer Shanti Bhushan, in this particular case, claimed that the e..
File Revised Return
When a taxpayer discovers any omission or any wrong statement in the original Income Tax Return (ITR) submitted, the same can be corrected by filing a revised return in the e-Filing portal. A Revised Return can be filed at any time before the end of relevant Assessment Y..
Are we aware that the Income Tax Department cannot deny credit of TDS to the recipient of TDS even though there is a default in payment by the deductor?
No. We were not. The Income Tax Dept cannot deny credit. There was recent judgement passed by High court in favour of asse..
The Concept of Business Trust was introduced in India vide the Finance Act’2014 by the Finance Minister Shri Arun Jaitley. The business trusts operate as Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). REIT is a trust that owns and manages income..
If you own a property which is a building, plot or land attached to such building, then any rental income from such property will be chargeable to tax under the head 'Income from House Property'.
One important point to be kept in mind is that such a property should not have been used for personal..
What is TAN Number?
TAN number is a specific number allotted for Deduction/ Collection of TDS and payment of same into Govt A/c by a person, who is making payment in relation to a business purpose/ transaction. The TAN No provides a unique Identification to Tax Deductor / Collector and ..
Sec 143(1): Summary Assessment:
It provides for the computation of the total income of an assessee after making the following adjustments:
Any arithmetical error in the return.
An incorrect claim, if same is apparent from information provided in the ROI. Eg TDS claim not matching with 26..
Saving money is often thought of as a complex and tedious activity. Every time your parents bring it up, you just want to run away from the room, isn't it? Or sometimes you tell yourself that you'll think about saving money later on in life. So you postpone it... until you can't anymore...
When filing tax, you can use standard deductions to get some money into your pocket. However, if you take a closer look, you will see that you can take advantage of many other tax deductions and credits that are often missed or overlooked. You can revise your filing status, IRA contributions, check ..
With the advance of technology things are moving from paper to paperless. Earlier cheques were being issued for payment, now payment is done through net banking (paperless). Earlier statutory returns were being filed on paper, now it is online (paperless). Earlier letters were being sent by post now..