Finance : Almost three years ago, I finished engineering and got a well-paying job. I was really proud to have become a taxpayer. But choosi...
Income Tax : The statutory provisions for the income in the nature of ‘Interest received on compensation or on enhanced compensation’ were ...
Income Tax : Download Interest Calculator U/s 234A, 234B, 234C of the Income Tax Act, 1961 - Date for Advance tax is nearing and all the Assess...
Income Tax : In general the perception is that income of Co–operative Societies is not chargeable to tax and therefore many societies do not ...
Income Tax : In this discussion, we would take up Section 36(1)(iii) of the Income Tax Act, 1961 and analyse the provision therein from all fa...
Finance : At present, premature closure of a Public Provident Fund (PPF) account is permitted on specified grounds on completion of five fin...
Income Tax : Government has decided to effect a reduction of 0.1 percentage points in interest rates across the board in all Small Savings Sch...
Finance : Central Government has notified revised Interest Rate for the perios from 01.04.2016 to 30.03.2016 on Small Savings Schemes like P...
Finance : Interest Rates of Small Saving Schemes to be recalibrated w.e.f. 1.4.2016 on a Quarterly Basis to align the small saving interest ...
Fema / RBI : To provide greater flexibility to banks in mobilizing non-resident deposits and in view of prevailing market conditions, the Reser...
Income Tax : Kerala High Court rules on denial of tax exemption to Kerala State Co-Operative Employee Pension Board due to delayed filing, dire...
Income Tax : The issue under consideration is whether the Interest paid on security deposit obtained from the members of society is allowed as ...
Income Tax : The issue under consideration is whether the delayed payment of interest on delayed refund becomes part of the principal amount wi...
Income Tax : The issue under consideration is whether the interest expense can be disallowed u/s 57(iii) on the ground that rate of interest pa...
Income Tax : Shri Kailash Chand Soni Vs ACIT (ITAT Jaipur) The issue under consideration is whether the addition on account of disallowance of ...
Finance : Rate of interest on various National (Small) Savings Schemes for the second quarter of financial year 2021-22 starting from 1st Ju...
Finance : The rate of interest on various Small Savings Schemes for the second quarter of financial year 2021-22 starting from 1st July, 202...
Finance : Rate of interest on various Small Savings Schemes (National Savings Schemes) for the fourth quarter of financial year 2020-21 (sta...
Finance : Rate of interest w.e.f 1st January, 2021 and ending on 31st March, 2021 on Small Savings Scheme i.e. Post Office Savings Account, ...
Finance : The rates of interest on various Small Savings Schemes for the third quarter of financial year 2020-21 starting from 1st October, ...
Rate of interest w.e.f 01.07.2020 to 30.09.2020 on Small Savings Scheme i.e. Post Office Savings Account, 1,2,3,5 Year Time Deposit, 5 Year Recurring Deposit Scheme, Senior Citizen Savings Scheme, Monthly Income Account, National Savings Certificate (VIII Issue), Public Provident Fund Scheme, Kisan Vikas Patra and Sukanya Samriddhi Account scheme. SB Order 24/2020 e.F.No 113-03/2017-SB(Pt.1) Govt. […]
In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic. the rates of Tax Deduction at Source (TDS) for the following non-salaried specified payments made to residents has been reduced by 25% for the period from 14th May, 2020 to 31st March, 2021.
Download Interest Calculator U/s 234A, 234B, 234C of the Income Tax Act, 1961 – Date for Advance tax is nearing and all the Assessees and their Tax Consultant must be busy in calculating advance tax payable for the Month of March. In this article we are discussing Interest payable Under Section 234A, 234B, 234C of the I.T. Act for default in furnishing return of Income , default in payment of Advance tax and for deferment of Advance tax .
Rate of interest on various National Small Savings Schemes for the fourth quarter of financial year 2019-20 ( starting from 1st January ,2020 and ending on 31st March, 2020) shall remain unchanged from those notified for the third quarter of Financial Year 2019-20 (01st October 2019 to 31st December,2019).
The issue under consideration is whether the interest expense can be disallowed u/s 57(iii) on the ground that rate of interest paid was higher that rate of interest received in own case?
Shri Kailash Chand Soni Vs ACIT (ITAT Jaipur) The issue under consideration is whether the addition on account of disallowance of interest expenses which are in accordance the provisions of section 57(iii) of the Income Tax Act, 1961 is justified in law? In the present case, the assessee has taken unsecured loans from various parties […]
Interest rates for small savings schemes are notified on quarterly basis since 1st April, 2016. Accordingly, the rates of interest on various small savings schemes for the third quarter of financial year 2019-20 starting from to October, 2019 and ending on 31st December, 2019 shall remain unchanged from those notified for the second quarter (1st July, 2019 to 3oth, September, 2019) of financial year 2019-2o.
Pr. CIT Vs State Bank of India (Bombay High Court) The Assessing Officer has been given no discretion in the matter of granting interest. The amount of interest has to be paid to an assessee in terms of Section 244A of the Act. The only limitation provided therein under Section 244A of the Act is […]
In general the perception is that income of Co–operative Societies is not chargeable to tax and therefore many societies do not bother to take PAN No. & file Income Tax returns. This is a wrong perception since though certain types of income of CHS are exempt there are other incomes which are chargeable to Tax.
In this discussion, we would take up Section 36(1)(iii) of the Income Tax Act, 1961 and analyse the provision therein from all facets, which will make us understand the deduction in a comprehensive way. In the vortex of legal pronouncements, we will analyse few case laws as well, which throw light on the grey areas that are not captured or construed in the tax legislation.
