Income Tax

An income tax is a tax imposed on individuals, entities (taxpayers). That varies with their respective income, profits (taxable income). Many jurisdictions refer to income tax on business entities as companies ,corporate tax. Partnerships generally are not taxed rather, the partners are taxed on their share of partnership items. Tax may be imposed by both a country and subdivisions. Most jurisdictions exempt locally organized charitable organizations from tax.

Income Tax Article

Delhi Tribunal on transactions emanating from purchase of shares of NDTV by Dr.Prannoy Roy

Delhi Tribunal on transactions emanating from purchase of shares of NDTV by Dr.Prannoy Roy
Decisions of Ethical Standards Board of ICAI

Decisions of Ethical Standards Board of ICAI 1. A CA Firm may register itself on Udyog...

Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Ordinance, 2019′ will be extended by one month.

Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Ordinance, 2019' will be...

15 more Tax Officers relieved from their duty!!

15 more Tax Officers relieved from their duty!! Clean India !! Free India !! 15 more Tax...

Bogus LTCG: Jump in the share price of a company of unknown credentials cannot be an accident or windfall but is possible because of...

Bogus LTCG: Jump in the share price of a company of unknown credentials cannot be...

Guidelines for compouding of offences under Direct Tax Law 2019

Guidelines for compouding of offences under Direct Tax Law 2019

Failure to abide by notices u/s 142(1) also constitute offence, distinct from the offence that had been earlier committed by virtue of breach of...

Failure to abide by notices u/s 142(1) also constitute offence, distinct from the offence that...

No penalty if addition done to the returned income due to non availability of address of creditors: Ahnmedabad ITAT

No penalty if addition done to the returned income due to non availability of address...

Investment in the name of family members: Tax Angel

Investment in the name of family members: Tax Angel A person often invests in the name...

Tinkering with the method is unjustified when the exercise does not materially alter the profits.

Tinkering with the method is unjustified when the exercise does not materially alter the profits. An...

Key points in Annual Return – Form GSTR 9

Key points in Annual Return - Form GSTR 9 Figures in GSTR-2A are auto populated based...

If department wants to tax an assessee in a particular year then it should first ascertain the method of accounting followed by the assessee...

If department wants to tax an assessee in a particular year then it should first...

Service tax though debited to the profit and loss account but not credited to the Central Government cannot be disallowed under Section 43B of...

Service tax though debited to the profit and loss account but not credited to the...

New Accounting Rules may hurt companies with ling term lease !!

New Accounting Rules may hurt companies with ling term lease !!

AO could not apply Rule 8D mechanically – ITAT Mumbai … Case well pleased by Adv. Tanmay Phadke !!

AO could not apply Rule 8D mechanically - ITAT Mumbai ... Case well pleased by...