Income Tax Articles

All About Annual Information System (AIS)

Posted by Neethi V. Kannanth 21 December 2021 14814 Views

Income tax department collects information about income received and material transactions carried out by an individual during the financial year through various sources and compiles the information collected in a summary form and presents it in a form of a statement called Annual Information System.

Gift received from HUF is a capital receipt in the hand of member

Posted by FCS Deepak Pratap Singh 18 December 2021 13972 Views

On appeal the Tribunal held that the property of the 'HUF' neither can be said to belong to a third person nor can be said to be in 'corporate entity', rather, the same is the property of the members of the family.

Whether assessing officer has power to reject valuation report submitted by assessee and change method of valuation?

Posted by FCS Deepak Pratap Singh 18 December 2021 5364 Views

The Tribunal further held that primary onus to prove the correctness of the valuation report is on the assessee as he has special knowledge and he is privy to the facts of the company and only he has opted for this method

Valuation of Perquisite of Motor Car or any other Automotive Conveyance

Posted by Ritik Chopra 15 December 2021 24391 Views

In case employer had provided a car or any other vehicle for the private use of the employee or any other member of his family, it is a perquisite which is taxable in the hands of the employee provided he/she is an employee of a specified category.

Meaning of actual payment u/s 43B of income tax act 1961

Posted by CA, CPA (USA) Shikhar Garg 15 December 2021 13564 Views

This artice covers the meaning of Actual Payment under Section 43B of Income-tax act 1961

Legality of roping in an unconnected third party in the rigors of an Income Tax Search and Seizure action

Posted by CA.Mohit Gupta 10 December 2021 4763 Views

Bank Lockers- Income Tax Search and Seizure

Section 151: Sanction for Issue of Notice - An Important Safeguard

Posted by CA, CPA (USA) Shikhar Garg 10 December 2021 13903 Views

Section 151 of the Income Tax Act 1961(Act), provides that Assessing officer (AO) has to take approval from the higher authority before issuing the notice u/s 148. AO, by the provisions of section 147 of the Act, has the power, to reopen the already completed Assessment.

Consequence of non-filing of appeal in respect of cases where the tax effect is less than the prescribed monetary limit

Posted by FCS Deepak Pratap Singh 09 December 2021 3969 Views

As you are aware that the Commissioner may, of he objects to any order passed by the Commissioner (Appeal) under Section 154 or Section 250, direct the Assessing Officer to appeal to the Tribunal against the said order. However, such direction shall be given only in those cases only in those cases where Tax Effect exceeds the specified amount.

How are winnings from fantasy games taxable in India?

Posted by Taxblock 07 December 2021 5322 Views

As per the Federation of Indian Fantasy Sports, the income of these operators expanded in last few years. Which increased to Rs. 2400 crores in financial year 2020. Also, there was expansion in number or operators there was 10 in 201 and now there is 150 in 2020.