Mere AIR information that deposits made in bank account not indicative that income has escaped assessment u/s 147
In a recent judgment, ITAT Amritsar has upheld that the mere AIR information that deposits...
Keyman Insurance Policy (KIP) Premium is an allowable business expenditure
In a recent judgment, ITAT Amritsar has endorsed that Premium of Keyman Insurance Policy (KIP) ...
Exemption u/s 10(22A) 10(23C)(iiiac)-Nexus between activities of hospital/institution and the income is essential for claim
In a recent judgment, Calcutta High Court has held that to claim exemption under section 10(22A),&nb...
Expenditure incurred for software development are capital expenditure
Calcutta High Court in a recent judgment has held that expenditure incurred for software develo...
Reminder from tax department to pay tax on interest income, revise returns if required
In last year’s tax returns a disclosure in tax returns was added for bank accounts held by a tax p...
Section 194I: TDS on Rent | Rates |Limit
Section 194I deals with TDS on rent paid. Whenever a person is liable to pay an amount exceeding the...
INTEREST INCOME SHOULD BE SHOWN IN RETURN EVEN FORM 15G/15H FILED
Interest income should be shown in Return even Form 15G/15H filed Central Board of Direct Taxes (CBD...
Understanding presumptive income scheme for Professionals
As government found it hard to bring small businessman and kirana shop owners in to the tax net; it ...
Withholding Tax in India: A Tax Deduction at source
Withholding tax means the tax deducted at source by the payer of income. It is also called retention...
AO cannot sit in the chair of the businessman and direct him to do business in a particular fashion
ITAT Visakhapatnam in a recent judgment has ruled that Assessing Officer cannot sit in the chair of...