Infraction of Law- Confiscation by Customs Department
There is a distinction between an infraction of the law committed in the course of carrying on of a lawful…
......Read More
Today's
Unwarranted additions- Need for Provision to Annex Computation of Income and Supporting Notes with ITR and Tax Audit Report ......Read More
Yesterday's 54F exemption is protected even in multiple ownership of residential properties ......Read More
Yesterday's 54F exemption is protected even in multiple ownership of residential properties ......Read More
Credit Card and Club Subscriptions – Case of Real Anomaly
In the explanatory Circular No. 15/2001 dated 12.12.2001issued by the Central Board of Direct Taxes it is explained that credit…
......Read MoreFundamental Rule for Grant of Exemption
Clause (vi) of section 10(23) provide for an exemption to an educational institution existing solely for educational purposes. The Madras…
......Read MoreInterest on Refund- Not Automatic
Under the Income tax Act every entity is required to deduct tax on specified payments. Often it is found that…
......Read MoreInterest on Borrowed Capital- Unoccupied House
After 01.04.1995 even deduction for interest is available in respect of unoccupied (vacant) house. In other words such deduction is…
......Read MoreAdvantage to Supporting Manufacturer
Often a manufacturer for want of quota ties up with a third party for shipping goods. The export incentives are…
......Read MoreTransfer of Assets to Spouse- II
The Madras High Court in CIT v. M S S Rajan (120TAX680) held that interest on fixed deposit made out…
......Read MoreDeduction of Tax at Source Failure to Deduct Tax- Burden of Interest
The liability for payment of interest stipulated in section 201(1A) accrues automatically on failure to pay the amount of tax…
......Read MoreRent- Unused Building
The Calcutta Bench of the Tribunal in the case of Vijay International v. ACIT (253ITR26) held that the expression “…
......Read MoreAO Must Exercise Caution
Levy of a penalty is a part of the assessment proceedings and hence it signifies importance. U/s 44AA of the…
......Read More