WHAT TO DO WHEN YOU NOT FIND THE ORGANISATION YOU HAVE DONATED FOR CLAIMING DEDUCTION U/S. 80G OF INCOME TAX ACT,1961. The Central Government has mandated registration of Charitable Institutions starting this financial year, with the Income Tax Department, which will in turn assign a unique registration number. The government wants to account for fake […]
PROCEDURE OF FILING DELAYED REFUND CLAIM As you are aware that where an assessee has submitted any return and refund of tax is due , such refund shall be granted by the Assessing Officer of its own. If you have filed your retrun of income in any previous years and paid the taxes accordingly and […]
As you are aware that a private limited company is a legal entity and separate from its directors and members. It contains corporate veil behind which liability of its members and limited to the extent of subscribed share capital. But the operations of a company is managed by natural persons, called directors. They are responsible […]
Uncover the facts about Cover Note or Interim Receipt in insurance. Learn what it is and how it provides coverage during the proposal stage.
Whether Assessing Officer has Power to Reject Valuation Report Submitted by Assessee and Change Method Of Valuation? Innoviti Payments Solutions P. Ltd. v. ITO (2019) 69 ITR 33 (SN.) / 175 ITD 10 / 178 DTR 355 / 199 TTJ 626 (Bang.)(Trib.) ITAT (Banglore) Income from other sources – AO can scrutinise the valuation report […]
A member of the ‘HUF’ has a pre-existing right in the family properties. A Coparcener has a pre-existing right and interest in the property and can demand partition also, however, the other members of the ‘HUF’ have right to be maintained out of the ‘HUF’ property. On division, the share in the estate/capital of the ‘HUF’ cannot be treated as income of the recipient, rather, the same will be a capital receipt in his hands.
Consequence of Non-Filing of Appeal in Respect of Cases Where Tax Effect is Less Than the Prescribed Monetary Limit. As you are aware that the Commissioner may, of he objects to any order passed by the Commissioner (Appeal) under Section 154 or Section 250, direct the Assessing Officer to appeal to the Tribunal against the […]
On the disclosures made by the appellant with regard to his existing disease, namely diabetes mellitus II, the insurance company considered the same and issued the policy in question to the appellant. The respondent insurance company as a prudent insurer considered the details given by the appellant in the proposal form and issued the policy.
We know that provisions of sections 147 to 151 of the Income Tax Act, 1961 deal with Reassessment of and escaped assessment of income of an assessee. Income Tax Officer under these provisions reassess by reopening the cases assessed earlier on the believe that incomes or profits or gains chargeable to income tax has escaped […]
Understanding the tax implications of selling a car after 6 years of personal use. Learn whether the gain is taxable under the Income Tax Act, 1961.
