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Handling the cases of Bogus Capital Gains from Penny Stocks
Handling the cases of Bogus Capital Gains from Penny StocksWhat are penny stocks?Penny stocks is not defined under the Income-tax Act or for that matter in any of the statute books. The term penny stock as defined in Bla...
Evolution of Direct Tax laws in India
Evolution of Direct Tax laws in IndiaIn India, Direct taxes have been levied in India for centuries. The system of direct taxation as it is known today has been in force in one form or another even from ancient time...
Foreign Tax Credit (FTC) on taxes paid in foreign country
Foreign Tax Credit (FTC) on taxes paid in foreign countryThe concept of giving credit for the taxes paid in foreign country against the income earned in that country first seems to have emanated in USA during 1918 after ...
Amendments in Section 14A which has nullified (overruled) the well-settled judgements/judicial pronouncements of the hon’ble Supreme Court
Amendments in Section 14A which has nullified (overruled) the well-settled judgements/judicial pronouncements of the hon’ble Supreme CourtSection 14A was introduced by the Finance Act, 2001, with retrosp...
Decoding of Section 270AA of the Income Tax Act, 1961 - Immunity from imposition of penalty, etc.
Decoding of Section 270AA of the Income Tax Act, 1961 - Immunity from imposition of penalty, etc.In order to provide immunity from penalty and prosecution in certain cases, a section 270AA has been inserted by the Financ...
Guide on filing of Income Tax Returns
Guide on filing of Income Tax Returns
It is noticed that many persons faced very difficulties as to how they
can file income tax return (ITR) in which form. What are the consequences for
non filing of ITR....
Processing of an Income Tax Return – Scope of adjustments under section 143(1)
Processing of an Income Tax Return – Scope of adjustments under section 143(1)Under Section 143(1) of the Act, as the same originally stood, an Assessing Officer was required to make a summary assessment by passing an ...
Taxation on Conversion of a Private Limited Company or an Unlisted Public Company into Limited Liability Partnership (LLP)
Taxation on Conversion of a Private Limited Company or an Unlisted Public Company into Limited Liability Partnership (LLP)The Limited Liability Partnership (LLP) is one the popular mode of doing the business in India. Th...
Background of introduction of Capital Gains-tax in India
Background of introduction of Capital Gains-tax in IndiaA tax on capital gain was levied in 1947. The justification for a capital gain tax at that time was that the war had led to a large increase in prices and gains mad...
Assessment of Private Hospitals, Nursing Homes/Medical Clinics, Medical Colleges
Assessment of Private Hospitals, Nursing Homes/Medical Clinics, Medical CollegesIndian healthcare sector is one of the fastest growing service areas and has witnessed significant growth in terms of reve...