Giving effect to Third Member’s opinion cannot be refused by Bench

Tulip Hotels Pvt. Ltd vs. DCIT (ITAT Mumbai Special Bench) The Tribunal had to consider whether certain amounts could be assessed as cash...

Things to be kept in mind before filing Return of FY 2011-12

Taxpayers scramble to file income tax return only when the due date approaches which leads to incorrect claims, filing return etc. Financ...

Income Tax Department is conducting raid operations

News & FAQs | By ALOK PATNIA | Apr 20, 2012

Income Tax officials of Guwahati started conducting raid operations across the state on 18th April 2012. According to the Times of India ...

Who can use ITR 3 for online return filing?

Income Tax returns filing has to be done in Income Tax Forms which is provided by the IT Department and applicable to assessee according ...

Top 5 Ways to Save Taxes on Salary

Top Five Ways to Save Taxes on Salary Income This infographics would discuss about best ways to save taxes on salary income by doing prop...

Hindu Undivided Family ( HUF ) eligible for deduction u/s 23(2)

CIT vs. Hariprasad Bhojnagarwala (Gujarat High Court – Full Bench) The assessee, a Hindu Undivided Family (HUF), claimed deduction u/s ...

Synopsis of Deduction And Allowances Under the IT Act

      Deduction & Allowances                       Under the IT Act        FOR THE ASSESSMENT YEAR 2012 ...

Go Online to file return of FY 2011-12 ( AY 2012-13 )

Tax Filing is approaching sooner & faster in the same manner as gravity rapidly attracts everything towards its centre. Filing Income...

IT Department has no record of refund claims

News & FAQs | By ALOK PATNIA | Apr 19, 2012

Income-Tax (IT) department of Andhra Pradesh has no record of the total refund claims either cleared or pending with it, over the last 10...

Charging Prepayment Penalty on Home Loans Restricted By RBI

News & FAQs | By ALOK PATNIA | Apr 19, 2012

RBI restricted in relation to charging prepayment penalty on home loans. Therefore, home loan customers will have greater flexibility to ...

Claim Rent Paid Deduction – 80GG

A person is living in a house and paying rent for the same. If he gets House Rent Allowance (HRA) then he gets exemption u/s 10(13A). But...

Understand Rent Free Accommodation and its taxability

Perquisites are the nature of benefit or concession that employees receive from their employer in addition to the Salary.  Some perquisi...

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