CBDT chief to keep exclusive charge of Income Tax investigations
A major reshuffle has been effected in the CBDT, with the board’s Chairperson Anita Kapur deciding to assume exclusive charge of Income-Tax
Read MoreIncome Tax
Taxpayers can approach Advance ruling on Tax liabilities on deals above Rs 100 cr
The Central Board of Direct Taxes (CBDT) has notified that resident taxpayers who plan transactions valuing Rs 100 crore or above can approach
Read MoreLoss Incurred in Illegal Business is allowed as Deduction- HC Gujrat
By way of this Tax Appeal, the appellant has challenged the judgment and order dated 29.01.2004 passed by the Income
Read MoreDisallowance from Business/Profession income a Practical Approach
Sections 40, 40A and 43B provide the list of expenses which are specifically disallowed while computing income chargeable to tax
Read MorePENALTIES OF INCOME TAX IN TABULAR FORM [AY 2014–15 & AY 2015–16]
Section Nature of default Penalty leviable 1 2 3 140A(3) Failure to pay wholly or partly— (a) self-assessment tax/fringe benefit
Read MoreDeduction of tax at source from payment on transfer of certain immovable property Applicable for the Assessment Year 2014–15 and 2015–16
1 Provisions of Section 194-IA: (1) Any person, being a transferee, responsible for paying (other than the person referred to
Read MoreNo TDS liability of bank on interest accrued on FD made by litigant on directions of Court
In case of UCO Bank v. Union of India Where litigant deposit FD with the bank on directions of Court,
Read MoreFixed deposit (FD) Limit Increased to Rs. 1,50,000 from Rs.1,00,000 for Claiming Exemption u/s 80C
An Individual & an HUF can Claim deduction under Section 80C by investing in FD for more than 5 years
Read MoreVarious Threshold Limits under Income Tax Act For Assessment Year 2015–2016
For Assessment Year 2015–2016 Sl No Particulars Threshold Limit A. BASIC EXEMPTION 1. Maximum amount of income which is not chargeable
Read MoreIncome Tax department to prosecute about 300 account
The Income Tax department is likely to initiate prosecution against close to 300 people whose names have been submitted to
Read More