Latest Happening in Income Tax in India
no addition can be made on other grounds, if the Assessing Officer doesn’t make any addition on the primary ground on the basis of which proceeding u/s 147 were initiated.
where ITR-V for e-return was not received by the CPC, Banglore inspite of the same being posted by ordinary post on various dates, then the return cannot be treated as invalid
Non-Deduction of TDS due to bonafide wrong interpretation of Law is reasonable cause u/s 273B for Non Levy of Penalty u/s 271C
The Honorable Delhi High court in its recent judgement held that ‘Trade Advances’ between a company and it’s shareholder (as covered under the definition of section 2(22)(e)) is not in the nature of “Loans & Advances” and is therefore not liable to be treated as dividend u/s 2(22)(e). The crux of the judgement is that…
The onus of proof that income has been concealed in case of sale of property below market price is on the Income Tax Department. The mere fact that the property has been sold at discount / below market price is in itself not sufficient to prove concealment of income unless supported with evidence that consideration received has not been declared.
The due date for filing income tax return for corporate assessees and other assessees who are required to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30thSeptember and for others it is 31st July every year as have been prescribed u/s 139(1). For a layman sometimes it may create doubt…
The Finance Ministry vide its latest rules have notified an increased limit for Public Provident Fund or PPF Accounts as they are generally known from Rs. 70,000 p.a. to Rs. 1,00,000 p.a. It has also increase the rate of interest on PPF, which is tax exempt, from 8% to 8.6% p.a. This step will increase…
How Much You can get? You can take a loan from the third year of opening your account to the sixth year.Also, the loan amount will be upto a maximum of 25% of the balance in your account at the end of the first financial year (if you opt for the loan in the third year).If you opt for a loan in the fourth year, the second year’s balance will be taken…
Section 115JB, which provides for minimum alteration tax, has been prescribed at a rate of 18.5% and this will be affective from 1st April 2012 The computation mechanism has also undergone change w.r.t book profits Reduction allowed w.r.t profits eligible for deduction u/s 80HHC Reduction allowed w.r.t profits eligible for deduction u/s 80HHE Reduction allowed…
Many of us face the problem of calculation of capital gain on sale of property which was purchased from builder in installments or otherwise and was under construction when the payments were made. This is a contentious issue as the property does not actually come into physical existence unless the possession letter is given to…
