Income Tax articles

Why should TDS be deducted from your Income?

As the year end is right around the corner the assessee have already started calculating their yearly income and the advance tax deadline has just passed few days ago, where assessee computes his total income of the year and pays tax in advance. Other than the advance tax the other source of tax payment by […]...

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How to Claim Deduction of Interest Payments on Home Loan of Under-construction House

A home loan must be taken for the purchase/construction of a house and the construction of the house must be completed within 5 years from the end of financial year in which loan was taken. If you are paying EMI for the housing loan, it has two components – interest payment and principal repayment. The […]...

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Income Tax on notional rental income in case of builders U/s. 23(5)

Builders generally as a matter of practice are not interested in leasing of such property (ies) hence even the department in most of the cases, did not invoke provisions of section 23 of Income-tax Act, 1961 (‘the Act’) to tax the notional income deemed to accrue on completed vacant property(ies) held as stock-in-trade by the builders...

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Search and Seizure (Raid) by Income Tax Department Part II- After raid

Following Steps will ease to handle raid : 1. PAN can be migrated to Central Circle thus making common place for all files at same common place where assessment under raid can be done. Order U/S 127 of IT Act is passed by CIT for PAN migration. Assessee are intimated by mail. 2. Assessment under […]...

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New Facts about Business Connection

In order to align the domestic laws with the modifications being done by Organisation for Economic Co-operation and Development (OECD) through Base Erosion and Profit Shifting (BEPS) and the Multilateral Instruments (MLI) some very significant amendments have been done in international taxation. Business connection as defined in section 9...

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Life Cycle of Partnership Firm : From Initiation to Taxation Each Year

Article explains Registration Procedure Taxation of Partnership Firms /LLP which includes Income Tax Rate applicable and Provisions related to -Interest and Remuneration to Partners/Designated Partners, Conditions for assessment as a firm, Partners’ assessments, Losses of the firm. -Due dates for filing return of firm, Allowability of r...

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Last Opportunity to get Eleven Benefits of Filing Income Tax Return for Ay 2018-19

The income tax return (ROI) should be filed by the person even though their gross total income is less than basis exemption limit. The return filing has been made electronically by the income tax department with no requirement of attaching the supporting documents related to the return. From finance Act 2016, Belated return (under section...

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Invest To Decrease Your Tax Burden Before 31st March 2019

As the Financial Year 2018-19 is about to end. With the end of the accounting year/ financial year 31st March is the last date for various compliances, actions and decisions to be taken. One such decision is tax planning and decisions regarding Investment in various taxes saving schemes which results into deduction in Income tax […...

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Bogus Share Premium/Share Capital – Responsibility of Assessee to Prove with Cognet Evidence

Merely because assessee company had filed all primary evidence, it could not be said that onus on assessee to establish credit worthiness of investor companies stood discharged u/s 68 of the Income Tax Act, 1961....

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Considerable Points for Staying of Income Tax Demand

Applications seeking of stay of demand during the pendency of first appeal before CIT (Appeals) are generally rejected in a casual manner causing considerable hardships to the assessee. The assessing officers insist to deposit 20% deposit of tax demand as per July 2017 revised guidelines as precondition to grant a stay. However, the same ...

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