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INCOME TAX

Purchase made from hawala parties not treated as bogus

Today we are going to discuss an important & most popular matter in relation to purchase made from hawala parties not treated as bogus in income tax. The ACIT in its recent judgement announced that the purchase made from hawala parties can’t be treated merely as a bogus purchase. The Parties to case are Ramesh Kumar & Co vs. ACIT ... Read More »

Sukanya Samriddhi Yojana – An tax saving option

New deduction under section 80C is added in budget 2015 Sukanya Samriddhi Yojana.  It is one of the most beneficial initiative scheme launched by the Central Government  by notification for the welfare of a Girl child. Honorable Prime Minister Shri Narendra Modhi has launched this scheme as a Small Saving Scheme as a part of Beti Bachao-Beti Padhao Initiative. At the time ... Read More »

Due Date And Interest Payment of Advance Tax

Today we are discuss on the due date and interest payment of Advance tax  by the assessee. meaning of advance tax, due date of advance tax,Interest and penalty of non payment of Advance tax. Meaning of Advance tax? There are various form of Income Tax  like TDS, Self assessment tax and Advance tax. Advance tax is a form of Income ... Read More »

SECTION 54B OF INCOME TAX ACT, 1961

Today we are discussing on SECTION 54B OF INCOME TAX ACT, 1961. section 54B is realated to exemption available on capital gain in case of transfer of land use for agriculture purpose. MEANING OF SECTION 54B OF INCOME TAX ACT, 1961 According to Section 54B of I. T. Act, 1961: any capital gain arising on the transfer of land used for ... Read More »

INCOME TAX SLAB RATE FOR ASSESSMENT YEAR 2013-2014

Today we are discussing on INCOME TAX SLAB RATE FOR ASSESSMENT YEAR 2013-2014  of all form of business, reason behind discussion is that because the last date of filling belated return for F.Y. 2012-13 & A.Y. 2013-14 is 31st March, 2015. Income tax slab rate for Assessment year 2013-14  of all the assessee are as Follow – (I)Resident Individual having age ... Read More »

Section 54F of Income Tax Act, 1961

Today we are discussing on Section 54F of Income Tax Act, 1961  – This section relates to the exemption provision of capital gains. In case  sale of Long term Assets assessee will  get the  exemption on purchase of Residential house property. Who can claim exemption under Section 54F of Income Tax Act, 1961 This Exemption is available only to an Individual ... Read More »

INCOME TAX SCRUTINY OF HAWALA PARTY TRANSACTION

Today we are discussing on how to handle income tax scrutiny of hawala party transaction.Income tax is issuing notice to the person who made a purchase from parties which are declared as Hawala Parties by Sales Tax Department and levied a penalty U/s 271(1)(c). If an assessee had made a purchase from party which is declared as hawala party by ... Read More »

Due Date of Filling Income Tax Return

According to Section 139(1) Due Date of filling income tax return are as Follows (I) 30th September of the Assessment Year: For Company. For A Person Who is covered under Tax Audit. For A Partner of a Partnership Firm which is covered under Tax Audit. For E.g.: A Company Maintaining accounts from 01.04.2014 to 31.03.2015 then due date of filling ... Read More »

HOW TO HANDLE INCOME TAX SCRUTINY

Today we are discussing on the Income tax scrutiny, we are trying to solve the doubts on the matter of income tax scrutiny like Income tax scrutiny meaning, how it come and what are the documentation required, how to handled scrutiny etc. What is meaning of income tax Scrutiny? Scrutiny is a notice issued by the income tax departments under various ... Read More »

Tax treatment of Capital Asset Converted into Stock in Trade

Today we are discussinng on the Tax treatment of Capital Asset Converted into Stock in Trade of business and later on sale. under which head of income tax it will be taxable on capital gain or business or profession and how to calucate the tax amount and at what time it will be payable. When a Capital assets is converted ... Read More »