Income Tax Articles

Declaration of undisclosed income to "buy peace" does not renders an assessee immunity from initiation and levy of penalty

Posted by CA.Mohit Gupta 30 January 2022 2318 Views

Under the Income Tax Act, 1961 penalty is to be levied on the amount of "tax sought to be evaded" in respect of the concealment of particulars of income or furnishing inaccurate particulars of the income. Nevertheless, in case of SEARCH penalty is also levied in respect of "Undisclosed Income" too.

Whether registration of leasehold property on one family member considered as Benami property?

Posted by FCS Deepak Pratap Singh 26 January 2022 3124 Views

SEVERAL MEMBERS OF FAMILY PROVIDING CONSIDERATION TO CONVERT LEASE PROPERTY INTO FREE-OLD BUT REGISTRATION OF PROPERTY HELD ON THE NAME OF ONE PERSON'S NAME-WHETHER CONSIDERED AS BENAMI PROPERTY?

FAQs on Statutory Forms & related Services issued by IT Department

Posted by Aruhi 25 January 2022 6218 Views

IT Department issued FAQs on Statutory Forms & related Services

Section 80EEA of IT Act: Additional deduction of interest payment in respect of housing loan

Posted by CA Piyush Agarwal 25 January 2022 19027 Views

A new Section 80EEA has been inserted by government to allow for an interest deduction from AY 2020-21 (FY 2019-20).

Availability of Audit Reports and Process Flow Steps in E-Filing 2.0

Posted by Suhasini

25 January 2022 6019 Views

Income Tax Department issued process flow for filing Audit Forms in new E-filing 2.0 portal

Whether filing of return is an admission that notice is valid?

Posted by FCS Deepak Pratap Singh 25 January 2022 1505 Views

The assessee was a company incorporated in Switzerland. A notice of reassessment was issued to it. The reasons stated were that the assessee had been identified as a foreign company in the non-filers monitoring system category and that during the financial year 2010-11 relevant to the assessment year 2011-12 it had entered into a share transaction.

Investment of property outside India by resident and taxation under Black Money Act, 2015

Posted by FCS Deepak Pratap Singh 20 January 2022 4513 Views

Some facts on investment in property outside India and computation of tax under "Black money (undisclosed foreign income and assets) and imposition of tax act, 2015"

Voluntary surrender of income does not mean immunity from penalty

Posted by FCS Deepak Pratap Singh 19 January 2022 3612 Views

Can an assessee who has surrendered his income in response to the specific information sought by the Assessing Officer in the course of survey, be absolved from the penal provisions under section 271(1)(c) for concealment of income?

Section 80U - Tax Exemption for Disabled Persons

Posted by Pranab Banerjee

17 January 2022 9418 Views

With Automatic Income Tax Preparation Software in Excel for the Govt and Non-Govt Employees for the F.Y.2021-22

Some facts related to section 54F of IT act, 1961

Posted by FCS Deepak Pratap Singh 17 January 2022 7641 Views

The assessee purchased land from the sale proceeds of property held by him and constructed a nursing home and residential house thereon. On the residential house, he claimed exemption under section 54F of the Income-tax Act, 1961.