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Taxation for redemption of SIPs and their tax benefits
SIP (Systematic Investment Plan) has become a new mode of investment and creation of wealth...
Section 50C not applicable to builder assessee in Property Redevelopment case
Redevelopment projects are the real estate projects where old construction is destroyed on the grounds...
No capital gain tax on transfer of shares by way of Gifts : Bombay HC
Transfer of shares by way of GiftsCapital gain taxes are levied upon transfer of capital...
Income of Charitable Trusts
A charitable trust is a non-profit organization which is established for the purpose of betterment...
What is transfer in Capital Gains
In income tax act, capital gains are taxed upon transfer of capital assets. Capital assets...
No deduction for expenditure on Freebies given to doctors by Pharmaceutical Companies
Many pharmaceutical companies have a strategy to distribute their promotional materials to various medical practitioners...
Deduction of expenses for businesses on payment basis only
While computing income for the source of income from business and profession, certain expenses are...
Income tax on PPF(Public Provident Fund)
Public Provident Fund (PPF) is a long terms saving cum investment plan, generally implemented by...
Taxation of Gifts
Everyone loves to receive gifts from their near and dear ones. However, income tax act...
How to upload Form 3CD on income tax portal
A tax audit involves an expression of the tax auditor’s opinion on the truth and...
What is ICDS(Income Computation Disclosure Standards)
Accounting is the most critical aspect of the financial activities. A proper accounting system ensures...
Not every cash deposit during demonetization is unaccounted cash: ITAT
A significant financial event that has occurred in our country during November 2016 to January...
Section 115TD Tax at MMR for trusts in certain cases
It is often observed in the case of certain trusts that incomes or gains accrue...
Section 54F Deduction allowed on LTCG from sale of inherited jewellery : ITAT
Sale of capital assets is one of the important areas where taxation plays an important...
Everything you need to know about advance tax
Advance tax, also known as “pay-as-you-earn” tax, is the income tax payable in advance by...
ITR filing within due date is mandatory for claiming deductions under section 80IB(10) : ITAT
Real estate developers and people involved in housing projects sector often face a dilemma regarding...
Section 133(6) Notice of Income Tax Act
Income Tax return filing season has just started, and taxpayers are gearing up with all...
What is Form 10E for Relief under Section 89(1)
Tax planning is one of the main financial compliance every person earning income must undertake...