Income Tax Articles

Income Tax bitter pill for the business of prescription of medicines

Posted by Vivek Jalan 07 November 2023 3370 Views

Not every doctor is corrupt and not every pharmaceutical firm resorts to unethical means to sell their products. However, there is no denying that a large number of doctors and medical companies adopt unfair means. Even the Supreme Court frowned at the expenses incurred on sales promotion of certain medicines

Fataka Stall of Taxation Department!

Posted by CA Umesh Sharma 07 November 2023 3670 Views

The article enlightens us on how the sparkling provisions of the Companies Act, GST and Income Tax reflect the diverse array of Diwali firecrackers, with each having its distinct influence on taxpayers lives.

Cash Deposits and Taxation: Section 69A vs. Section 44AD: Exploring Key Case Laws and Legal Insights

Posted by CA Brijmohan Lavaniya 07 November 2023 16393 Views

There is a substantial number of pending appeals related to cash deposits after demonetization in India. For taxpayers, there are favourable case laws available to support their claims. These cases can be valuable references when dealing with income tax-related issues during demonetization.

Capital Gain Tax On Sale Of Shares

Posted by Sparsh Wadhwa 06 November 2023 5926 Views

Capital gains tax is the tax levied on the profit made by an individual or an entity from the sale of an asset such as shares, property, or other capital assets.

Judgments in Favour of Assessee: Legal Victories in Taxation - Part 1

Posted by CA Rakesh Ishi 02 November 2023 5952 Views

Here, we present five such cases where the judgments favored the taxpayers (assessee).

Tax Planning vide colourable device u/s 45(3) not allowed?

Posted by Vivek Jalan 01 November 2023 2096 Views

Is tax planning an offence or not? From the Apex Court's decision in the case of Union of India vs. Azadi Bachao Andolan [2003] 263 ITR 706 (SC), it is transpired that once the transaction is genuine, merely because it was entered into with a motive to plan tax, it would not become a colourable device, nor does it earn any disqualification.

Safeguarding Secrets: The Vital Role of Privacy and Confidentiality in Tax Professionalism

Posted by Usama Ansari 31 October 2023 2694 Views

In the complex world of taxation, where sensitive financial information is handled on a daily basis, maintaining the privacy and confidentiality of clients is of paramount importance. Tax professionals are entrusted with a wealth of personal and financial data, and ensuring the security of this information is not just a legal requirement but a fundamental ethical obligation.

Cleaning of Books of Accounts and their Worship on the eve of Diwali!

Posted by CA Umesh Sharma 30 October 2023 3910 Views

The article will guide us on how to handle old financial records under the various Acts. This will help businesses declutter.

How To Update Your Details on Aadhaar Card

Posted by Taxblock 28 October 2023 6364 Views

An Aadhaar Card is an essential document for proof of identity, residence, date of birth, etc. for availing various government purposes, admission, the opening of bank Account, etc. However, it is very important to keep your details available in your Aadhaar card accurate and up to date.