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Category: Assessment

Article, Assessment, Business/Profession, Income Tax, Latest Update

Income Tax Department Unearths Tax Refund Fraud by IBM, Infosys Employees

refund fraud
January 27, 2018 0 Comments
BY PTI ON 26/01/2018 Income Tax Department Unearths Tax Refund Fraud by IBM, Infosys Employees Employees of over 50 prominent and medium-sized companies in Bengaluru are under the scanner of the department. New Delhi: The Income Tax Department on Thursday (January 25) claimed to have busted. A ...
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Article, Assessment, Income Tax, Tax Planning

Rules for mandatory quoting of Permanent Account Number (PAN)

January 27, 2018 0 Comments
Rules for mandatory quoting of Permanent Account Number (PAN) Every person shall quote his PAN in all his challans, returns and correspondence with income tax authority . Besides that quoting PAN in all documents pertaining to transactions specified in Rule 114B. 1) ...
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Article, Assessment, Income Tax, IT Judgement, Latest Update

Profit club not taxable on the concept of Mutuality !!

December 31, 2017 0 Comments
 Club can avail of doctrine of mutuality w.r.t. surplus amount received. As contributions or price for some of facilities availed by its members: ITAT - 2017-TIOL-1652-ITAT-CHD.  CHANDIGARH : THE issue before the Bench is - Whether a club can avail ...
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Article, Assessment, Capital Gain, Tax Planning

Date of signing the joint Development agreement is not fully relevant for determining the Capital Gain Tax liability !!

December 26, 2017 0 Comments
CIT vs. Dr. Arvind S. Phake (Bombay High Court) Section 2(47)(v): Immovable property is regard to have been transferr on the date of execution of the Development. Agreement and irrevocable General Power of Attorney only, if the terms indicate that ...
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Article, Assessment, Business/Profession, Other Source Of Income, Tax Planning

Non filers may take the benefit of Income Disclosure Scheme-2016

April 25, 2016 0 Comments
Income Disclosure Query 1] If a person has not made any investments in LIC or in PPF, so can he claim bogus deduction under sec 80C?  If a person has not filled ITR in previous years though he was liable ...
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Article, Assessment, Capital Gain, House propery, salary, Tax Planning

Claim deduction @ Rs. 5,000/- pm if living in a rented premises- Section 80GG

April 18, 2016 0 Comments
Claim deduction @ Rs. 5,000/- pm if living in a rented premises- Section 80GG   Query 1] I am not owning any house as of now and living in a rented premises. Neither me nor may parents have any house property. My ...
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Assessment, Income Tax, Other Source Of Income, Tax Planning

Scholarship received to meet the cost of education is tax free

April 18, 2016 0 Comments
 section 80E  Query 1] In my college, we are recruiting persons to work as junior research fellow and senior research fellows under various research and development projects sponsored by DRDO, DST-SERB, MOIL etc. which is approximately Rs. 25,000+20% HRA. Whether ...
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Article, Assessment, House propery, Other Source Of Income, Tax Planning

Profit arising from sale of property & Tax saving options

March 21, 2016 0 Comments
Tax saving Query 1]  I request you to kindly suggest me on the following issue. I have sold residential cum commercial plot at Bhopal for Rs. 1 Crore, which I had purchased for Rs. 28,000/- in the year 1994. Deal was ...
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Article, Assessment, Income Tax, salary, Tax Planning

Reduce the tax liability on arrears of salary by claiming relief u/s 89

Reduce the tax liability on arrears of salary by claiming relief u/s 89 -
February 29, 2016 0 Comments
Reduce the tax liability on arrears of salary by claiming relief u/s 89 tax liability Query 1] I am working in a PSU & our wage revision has been done on December-2015. I have received arrears for the last 3 years. Now my questions ...
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Assessment, Income Tax, Tax Planning

File the return in time to enjoy the benefit of carry forward of loss

February 15, 2016 0 Comments
income tax return benefit Query 1] I know a Farmer in my Neighborhood who was having agriculture land & has been acquired by MIHAN in FY 09-10. The peoples who put illegal Layouts moved to court claiming that the farmer has ...
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Assessment, Income Tax, Tax Planning

Issues in taxation of Bonus & splitting of Shares

Issues in taxation of Bonus & splitting of Shares
January 25, 2016 0 Comments
Issues in taxation Query 1] I am holding a BSE listed shares since last 28 months. In current month, company has given Bonus share in the ratio of 5:1 & also splited share of face value Rs. 10 each to face ...
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