Income Tax Articles

How to file Revised Income Tax Return?

Sparsh Wadhwa 16 November 2023 at 14:36

Section 139(5) of the Income-tax Act, 1961, allows taxpayers to file revised income tax returns if they have made a mistake while filing their ITR.

Landmark Ruling by Madras High Court: Online Rummy and Poker Recognized as Games of Skill

CA PRASANTH.K 15 November 2023 at 09:32

In a landmark judgment on November 9, 2023, the High Court of Madras delivered a significant ruling in the case of All India Gaming Federation versus the State ..

Charitable Organisations Facing Controversies Regarding Anonymous Donations

CA Aman Rajput 10 November 2023 at 08:46

In this article, let me unravel the complexities surrounding anonymous donations, exploring their definitions, exemptions, and controversies that have arisen over the years.

Tax Savvy: Maximizing Your Refund with Smart Strategies

Usama Ansari 09 November 2023 at 14:38

This article will guide you through essential tax-saving techniques that will help you keep more of your hard-earned money in your pocket.

Income Tax bitter pill for the business of prescription of medicines

Vivek Jalan 07 November 2023 at 10:26

Not every doctor is corrupt and not every pharmaceutical firm resorts to unethical means to sell their products. However, there is no denying that a large number of doctors and medical companies adopt unfair means. Even the Supreme Court frowned at the expenses incurred on sales promotion of certain medicines

Fataka Stall of Taxation Department!

CA Umesh Sharma 07 November 2023 at 10:26

The article enlightens us on how the sparkling provisions of the Companies Act, GST and Income Tax reflect the diverse array of Diwali firecrackers, with each having its distinct influence on taxpayers lives.

Cash Deposits and Taxation: Section 69A vs. Section 44AD: Exploring Key Case Laws and Legal Insights

CA Brijmohan Lavaniya 07 November 2023 at 08:59

There is a substantial number of pending appeals related to cash deposits after demonetization in India. For taxpayers, there are favourable case laws available to support their claims. These cases can be valuable references when dealing with income tax-related issues during demonetization.

Capital Gain Tax On Sale Of Shares

Sparsh Wadhwa 06 November 2023 at 13:58

Capital gains tax is the tax levied on the profit made by an individual or an entity from the sale of an asset such as shares, property, or other capital assets.

Judgments in Favour of Assessee: Legal Victories in Taxation - Part 1

CA Rakesh Ishi 02 November 2023 at 13:00

Here, we present five such cases where the judgments favored the taxpayers (assessee).

Tax Planning vide colourable device u/s 45(3) not allowed?

Vivek Jalan 01 November 2023 at 13:21

Is tax planning an offence or not? From the Apex Court's decision in the case of Union of India vs. Azadi Bachao Andolan [2003] 263 ITR 706 (SC), it is transpired that once the transaction is genuine, merely because it was entered into with a motive to plan tax, it would not become a colourable device, nor does it earn any disqualification.