Why you should purchase Tax Saving Bond u/s 54EC before 31st March 2018?
Section 54EC is one of the most preferable sections for saving tax arising from transfer of any long term capital…
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What if you forget to verify your Income Tax Return?
What if you forget to verify your Income Tax Return? Have you filed your ITR and forget to verify it?…
Basic terms in Bank audit
This article is specially made for the students who are doing bank audit. Basic terms in Bank audit: While doing…
If income not taxable, expenses not deductible- Section 14A & Rule 8D.
Section 14A & Rule 8D Section 14A provides that no deduction shall be made in respect of expenditure incurred by…
PURCHASING ASSETS BELOW FAIR MARKET VALUE ATTRACTS TAX
FAIR MARKET VALUE Sec 56(2)(X) Finance Act 2017 has inserted a new clause (x) in section 56(2) w.e.f 1st April…
Non-payment of advance tax attracts Interest- Know about Section 234A, 234B & 234C
advance tax Income tax department is getting very serious with the liability of taxpayer for advance payment. There is likelihood…
Error in Giving Appeal Effect- Whether order is again Appelable ?
Whether assessee is entitled to file appeal to CIT(A) against wrong appeal effect order of AO? Normally, where any mistake…
No disallowance u/s 40A(3) for cash payment if the deal got cancelled subsequently
the deal got cancelle Cash paid towards purchase is disallow if it is in the nature of expenses. If the…
TRANSFER OF CAPITAL ASSETS ON DISSOLUTION OF FIRM ATTRACT TAX LIABILITY IN THE HANDS OF THE FIRM
CAPITAL ASSETS The provision of Section 45(4) is applied at the time of dissolution of the firm, further the provision…
INTEREST ON DEFAULT IN PAYMENT OF ADVANCE TAX U/S 234C
ADVANCE TAX Section 234C– Interest payment in case of delay in the payment of advance tax. Interest under section 234C…
PURCHASING ASSETS BELOW FAIR MARKET VALUE ATTRACTS TAX
FAIR MARKET VALUE Sec 56(2)(X) Finance Act 2017 has inserted a new clause (x) in section 56(2) w.e.f 1st April…
STAMP DUTY VALUATION IS IMPORTANT IN INCOME TAX ACT
INCOME TAX ACT Income tax is not always on actual income. There are the instances where tax is leviable without…
SCOPE OF BUSINESS INCOME UNDER SECTION 28
SCOPE OF BUSINESS INCOME Often question is raised whether any particular income is taxable as business income or not. This…
All about Profession Tax
profession tax INTRODUCTION: Even though GST is implemented, yet Maharashtra Profession Tax is not abolished. It is still applicable. Profession…
Income totally exempt from Tax
income tax exemption Income totally exempt from Tax India follows progressive system of taxation- More earning results in more tax…
CBDT issues Circular explaining Provisions of the Finance Act 2017 applicable FY 2017-18 AY 2018-19 onwards
CBDT Circular CBDT Circular –CBDT issues Circular explaining Provisions of the Finance Act 2017 applicable FY 2017-18 AY 2018-19 onwards…
All Apartments received under One Development Agreement would become “One House” for the purpose of s. 54 Exemption
54 Exemption All Apartments received under One Development Agreement would become “One House” for the purpose of s. 54 Exemption…
What If Return Filled in Wrong tax Form?
Return Filled in Wrong tax Form What If Return Filled in Wrong tax Form? Many time people fails to understand…
