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Notes on income tax and constitutional law, written for the reader’s information. Nothing published here is legal advice, and reading it does not create a lawyer–client relationship.
Blog # 1. Gift Expenses
This article specifically focuses on gift expenses incurred by businesses for its clients on festive occasions and other such occasions, etc., and its treatment with respect to the allowance under the Income Tax Act , 1961 . Businesses…
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Schedule of Appeal Fees & How to file Income Tax Appeal Challan
Schedule of Appeal Fees Particulars Fees for filing appeal before CIT (A) Fees for filing appeal before I.T.A.T Assessed Total Income is Rs. 1 lakh or less Rs. 250 Rs. 500 Assessed Total Income is more than Rs. 1 lakh but not more than Rs.…
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Income Tax Department- Hitting Points (Scrutiny- A.Y 2013-14)
Income tax department has started sending notices to non-filers for the assessment year 2013-14 & onwards & are also using the said information to verify under-reporting of income 1. Annual Information Return(AIR) AIR-001: Cash deposits…
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Union Budget 2016- Key Highlights
The Finance Minister, Mr. Arun Jaitely on February 29, 2016 presented his 3rd #UnionBudget in the Parliament. Various changes have been proposed in the income-tax provisions which would impact the taxable income of an individual. The…
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Cheminvest Ltd. Vs. CIT- (Delhi High Court) [ Discussion on the Judgement]
Recently, the delhi High Court in the case of Cheminvest Ltd. Vs CIT held that in absence of any income claimed as exempt by the assessee, there cannot be any disallowance u/s 14A of the Act. Very said view was taken by The Hon'ble Gujarat…
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Form No. 15CA/CB
1. Why Form 15CA? Form 15CA is a Declaration of Remitter and is used as a tool for collecting information in respect of payments which are chargeable to tax in the hands of recipient non-resident. This is starting of an effective…
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TDS on Non Residents-S.195
Tax Deducted at Source (TDS) is the first way of collection of any taxes. Under Income tax also TDS is the very important tax collection method. TDS under income tax varies based on the nature of transaction and payment by different…
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Discussion on purchases held Bogus
Introduction Bombay High Court in Mahalaxmi Cotton Ginning Pressing and Oil Industries v The State of Maharashtra & Others (2012) 51 VST 1 (Bom.) (HC) (SLP dismissed by the Supreme Court) dealing with set off under section 48(5) and 51(7)…
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Interest us 220(6) of Income Tax Act, 1961
In scrutiny assessments it is sometimes seen that huge demands are created against the assessee by framing high pitched assessments due to difference in opinion on interpretation of law or interpretation of facts or due to the fact that AO…
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