Latest Happening in Income Tax in India

Onus of Proof on Income Tax Department of additional compenastion received in case of Sale below Market Price

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.

Avail loan against PPF after the expiry of one year from the end of the year in which the initial subscription was made

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…