31st March- Last Chance to file Income Tax Return for FY 2015-16 & 2016-17
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Income Tax Return 31st March- Last Chance to file Income Tax Return for FY 2015-16 & 2016-17 The due date for…
Income Tax
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…
Judgement on Co-op Bank Vs Co-op Society u/s 80P
section 80p IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 10245 OF 2017 (ARISING OUT OF…
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…
Investment in ULIP – An option to save LTCG Tax
Investment in ULIP – An option to save LTCG Tax Taxes don’t die. Union Budget 2018 has proposed to re-introduce…
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…
Flaws on Exporters
Flaws on Exporters After GST implementation, exporters have suffered a lot. Earlier there was no exemption on payment of IGST…
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…
Passport Details must for loans above Rs. 50 Crore
Passport details must for loans above Rs. 50 crore Everyone in the economy is well aware of the Punjab National…
Interest not chargeable if advance tax not paid due to conflicting decisions of the Tribunal or judiciary
conflicting decisions Interest not chargeable if advance tax not paid due to conflicting decisions of the Tribunal or judiciary…
No Interest can be charged u/s 234A for delay in filing income tax return if the tax is paid before the due date of filing ITR.
section 234A No Interest can be charged u/s 234A for delay in filing income tax return if the tax is…
