Income Tax Articles
Offences & Prosecution Notes under Income Tax Act, 1961
CONTRAVENTION Contravention of order made under section 132(3) Sec.275A. A person contravening the order made u/s. 132(1) (second proviso) or 132(3),in case of search and seizure, shall
Income Tax Amendment for the Assessment Year 2014-15
Highlights of Change in Direct Taxes in the Union Budget 2013 1. Rate of Income Tax for Individual a) Slab Rate Assessment Year 2014-15 (Financial Year 2013-14) Assessment Year 2013-14 (Financial Year 2012-13)
No books, no penalty u/s 271B
I would like to discuss through the article, more on the controversial issue of non imposition of penalty under Section 271A and 271B if no books of accounts are prescribed under section 44AA with a recent case law. Before we go deep into the topic
Extension of Filing Date is not extension date for payment
Yesterday ( 31St July) was last date to file ITR for AY 2013-14 & Pay tax due on this. People including me were so busy to complete this unwanted task (Hated for few Tax Payers). Many were gathering their info in last minute; few people were se
Capital Gains summary-specially for CA Final
CAPITAL GAINS Applicable for A.Y.2013-14 Today very few people might have not known the word Capital Gains Tax. Section 45 of the Income Tax Act, 1961 deals with taxability of capital gains. Section 45 says that any profits & gains arising fro
Clubbing of Income demystified under different sections
Generally an assessee is taxed in respect of his own income. But there are some cases where assessee has to pay tax in respect of income of another person. In the case of individuals, income tax is levied on a slab system on the total income.
Form 15g - if declaration is wrong
In India, We take most of the laws/Rules as granted one & feel we are complying with rules without studying in depth of penalty provisions of law. Indian Income Tax Rules /sections are one of those laws. Most of the people feel or under impre
Re-assessment Provisions under Income tax Act,1961
Re-assessment Provisions under the Income Tax, 1961 Re-assessment is assessing the income of the assessee that is already being assessed once and also any other income which comes to the notice of the AO subsequently during the Re-assessment proceed
Widening of the scope of power of Transfer Pricing Officer in context of Section 92CA of the Income Tax Act, 1961 - An Analogous study
Widening of the scope of power of Transfer Pricing Officer in context of Section 92CA of the Income Tax Act, 1961 An Analogous study In the last few years the Government of India has taken many steps in order to strengthen the Transfer Prici
Landmark ruling on Section 271(1)(c) by Karnataka High court
(2013) TaxCorp(LJ) 1412 (HC-KARNATKATA) S. 271(1)(c) - Merely because the assessee accepted addition or deletion and did not challenge the assessment order by way of appeal, it cannot be concluded that such addition or deletion amounts to concealmen
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