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Quoting of PAN is mandatory if transaction value exceeds Rs. Rs. 2 Lakh
TAX TALK-24.07.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant           There...

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Income tax law incorporates numerous provisions to curb cash transactions. It will not only help in controlling black money generation but would also widen the tax base: Tax Talk
TAX TALK-17.07.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant     New section 269ST is introd...

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Invest in Gold through Gold Sovereign Bond
TAX TALK-10.07.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant         Investment in...

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Income tax without actual income: Second house property
TAX TALK-03.07.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant     Tax treatment of the second...

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Cost Inflation Index for the FY 2017-18 notified as “272”
TAX TALK-26.06.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant     Any taxpayer selling the ol...

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ELSS income is totally tax free
TAX TALK-19.06.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Equity Linked Savings Scheme (ELSS)...

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Proper documentations & planning could lower tax incidence
TAX TALK-12.06.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   U/s 56(2)(x), if anyone purchases a...

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Issues in taxation of capital gain
TAX TALK-05.06.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   For exemption u/s 54, investment of...

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No SFT to be filed if there is no reportable transaction
TAX TALK-29.05.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant         To curb circu...

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File Statement of Financial Transactions (SFT) by 31st May 2017
TAX TALK-22.05.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   File Statement of Financial Transacti...

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I-T department is very efficiently capturing & analyzing the data
TAX TALK-15.05.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   I-T department is very efficiently ca...

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LTCG exemption will be withdrawn if the new house is transferred within 3 years
  TAX TALK-08.05.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   LTCG exemption will be withdr...

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Even cash deposited in new currency is required to be reported in new ITR
  TAX TALK-01.05.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Even cash deposited in new cu...

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Ownership of House property & Deduction on Housing Loan
TAX TALK-24.04.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Ownership of House property & Ded...

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Surgical strike on cash- accepting cash of Rs. 2 Lakh and more is an offence now- Section 269ST
Surgical strike on cash- accepting cash of Rs. 2 Lakh and more is an offence now- Section 269ST   CA. Naresh Jakhotia- Chartered Accountant ...

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Tax issues in Joint Development agreement signed before 01/04/2017
FINAL   TAX TALK-17.04.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Tax issues in Joint De...

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All about tax benefit on Education Loan
TAX TALK-10.04.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   All about tax benefit on Education Lo...

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Without actual income also, Income tax can be levied:Tax Talk
TAX TALK-03.04.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   No Income- No Tax is not the law &nb...

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Promoting affordable housing scheme by tax sops to builders & developers
TAX TALK-27.03.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Promoting affordable housing scheme b...

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Tax Relief to the property owners signing Joint Development Agreement
TAX TALK-20.03.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Tax Relief to the property owners sig...

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Revision in the base year would result in tax saving
TAX TALK-13.03.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Revision in the base year would...

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How to comply with the Non-filers Monitoring System (NMS) notices
TAX TALK-06.03.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   How to comply with the Non-filers Mon...

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Tax deduction on education loan taken for higher studies
TAX TALK-27.02.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Tax deduction on education loan taken...

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Second house property: Income tax without actual income
TAX TALK-20.02.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Second house property: Income tax wit...

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Income tax is not always on real Income
TAX TALK-13.02.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Income tax is not always on real Inco...

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Keep proper records & documents of expenses for claiming deduction
TAX TALK-06.02.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Keep proper records & documents o...

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New retail investors are eligible for tax benefit u/s 80CCG
TAX TALK-30.01.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant     New retail investors are elig...

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TDS ON PAYMENT TO CONTRACTORS AND SUB-CONTRACTORS UNDER SECTION 194C AN OVERVEIW
TDS ON PAYMENT TO CONTRACTORS AND SUB-CONTRACTORS UNDER SECTION 194C AN OVERVEIW   By Reema Agrawal – Article Assistant - SSRPN &a...

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Tax implications on relinquishment deed amongst family members
TAX TALK-23.01.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Tax implications on relinquishment de...

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Medical expense on cancer & tax deduction
TAX TALK-16.01.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant         Medical exp...

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Claim Tax Credit on Foreign Income of a Resident
TAX TALK-09.01.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Claim Tax Credit on Foreign Income of...

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Senior citizens are exempt from payment of advance tax
TAX TALK-02.01.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Senior citizens are exempt from pay...

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Senior citizens are exempt from payment of advance tax
TAX TALK-02.02.2017-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Senior citizens are exempt from payme...

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Investment in 5 years fixed deposits also offers tax benefit
TAX TALK-26.12.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Investment in 5 y...

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Service tax on under construction property
Service tax on under construction property Ku. Neelam Kabra -  Article Assistant -SSRPN & CO     Law & its interpr...

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No tax on receipt of accidental death claim
TAX TALK-19.12.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   No tax on receipt of accidental death...

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Purchase of rural agricultural land below stamp duty value is not liable for notional taxation
TAX TALK-12.12.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant     Purchase of rural agricultura...

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Pradhan Mantri Garib Kalyan Yojna- 2016: Last call to come clean
TAX TALK-05.12.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Pradhan Mantri Garib Kalyan Yojna- 20...

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Even self employed person can claim deduction towards rent of house property
X TALK-28.11.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Even self employed person can c...

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Write up on the controversial issue- whether penalty @ 200% leviable for unaccounted cash deposit: Tax Talk Dated 21.11.2016
TAX TALK-21.11.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Whether 200% penalty levi...

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Demonetization of money & income tax
TAX TALK-14.11.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant         &nb...

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Keep proper records & documents of expenditure incurred on property for claiming deduction
TAX TALK-07.11.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant  Keep proper records & documents of ...

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Whether two adjacent flats can be regarded as “One ” house property
TAX TALK-24.10.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Whether two adjacent flats can be reg...

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Categorization of shares income decides its taxability
TAX TALK-17.10.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant     Categorization of shares inco...

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Exchange of property results in capital gain tax liability
TAX TALK-10.10.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Exchange of property results in capit...

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CBDT amends format of 3CD Report wef 01.04.2017
  CBDT amends format of 3CD Report wef 01.04.2017 In the Income-tax Rules, 1962, in Appendix II , in Form No. 3CD, in Part-B, in claus...

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NRI can continue making deposit in the existing PPF account
TAX TALK-03.10.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   NRI can continue making deposit in th...

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Issues in Capital gain taxation
TAX TALK-26.09.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Issues in Capital gain taxation &nbs...

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How to invest in National Pension Scheme (NPS)
TAX TALK-19.09.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   How to invest in National Pen...

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Seller should obtain PAN if bill amount exceeds Rs. 2 Lakh
TAX TALK-12.09.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Seller should obtain PAN if bill amou...

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Claim income tax refund for the last 6 years or carry forward the loss even if return is not filed
TAX TALK-05.09.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Claim income tax refund for the last 6 ...

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Taxpayers are entitled to get interest on income tax refund
TAX TALK-29.08.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Taxpayers are entitled to get interest ...

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Sukanya Samriddhi Account: New scheme for a Girl Child In India
TAX TALK-22.08.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Sukanya Samriddhi Account: New scheme...

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Pay as you earn - Advance Tax
TAX TALK-01.08.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Pay as you earn - Advance Tax ...

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Capital gain on transaction by Power of Attorney (POA)
TAX TALK-25.07.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Capital gain on transaction by Power ...

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Medical expenses offers tax benefit
    TAX TALK-18.07.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   M...

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Save additional tax by investing in NPS
TAX TALK-11.07.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Save additional tax by investing in N...

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Disclose exempt income while filing ITR
eTAX TALK-04.07.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant Disclose exempt income while filing ...

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Residential status vs. Taxability of Income
TAX TALK-27.06.06.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant Residential status vs. Taxability of Inc...

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Residential status vs. Taxability of Income
TAX TALK-27.06.06.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant Residential status vs. Taxability of Inc...

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Joint development agreement & capital gain tax
TAX TALK-20.06.06.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant Joint development agreement & capita...

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Know clubbing provision before gifting to wife
Know clubbing provision before gifting to wife TAX TALK-13.06.06.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Charte...

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Not all proceeds from Life Insurance policies are tax free
TAX TALK-06.06..2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant Not all proceeds from Life Insurance polic...

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Court recongnised the concept of accountability- A judgement by Bombay High Court
~~Larsen & Toubro Limited vs. UOI (Bombay High Court) Reluctance of AOs to comply with binding Court judgements leads to negative reactions amo...

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No excuse, Purchasing property below stamp duty valuation is taxable
~~TAX TALK-30.05.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant No excuse, Purchasing property ...

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Tax treatment of gratuity received by LIC agent
TAX TALK-23.05.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant Tax treatment of gratuity received by LIC a...

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CBDT has revised the due date for filing TDS Return (TCS returns filing date unchanged)
  The CBDT vide Notification No. 30/2016 [F.NO.142/29/2015-TPL], Dated 29-4-2016 has revised the du...

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Intricacies in Columns of revised Form No. 15G & 15H
TAX TALK-16.05.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant Intricacies in Columns of revised Form No. ...

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Capital gain exemption if Construction is done on the plot owned by spouse
~~TAX TALK-09.05.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant Capital gain exemption if Const...

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Eligible Start-up - 100% Tax Holiday for 3 years
TAX TALK-02.05.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant     Query 1] Start up India ...

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The difference between tax avoidance and tax evasion is the thickness of a prison wall. Tax Talk - My weekly column
...

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Non filers may take the benefit of Income Disclosure Scheme-2016
TAX TALK-25.04.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant Non filers may take the benefit of Income D...

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Scholarship received to meet the cost of education is tax free
TAX TALK-18.04.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant Scholarship received to meet the cost of ed...

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New option for saving Long Term Capital Gain Tax
TAX TALK-04.04.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant New option for saving Long Term Capital Gai...

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Tax deduction towards medical treatment & maintenance of a dependant with disability
TAX TALK-28.03.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant Tax deduction towards medical treatment &am...

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Profit arising from sale of property & Tax saving options
TAX TALK-21.03.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant Profit arising from sale of property & ...

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Medical reimbursement for treatment in approved private hospital is tax free
TAX TALK-14.03.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant Medical reimbursement for treatment in appr...

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Minor’s income is not subject to clubbing provision in the hands of the Grandfather or Grandmother
TAX TALK-07.03.2016-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant Minor’s income is not subject to club...

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Reduce the tax liability on arrears of salary by claiming relief u/s 89
TAX TALK-29.02.2016-THE HITAVADA   TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Reduce the tax liability on arrears of salary by ...

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Avail additional tax bonanza by investing Rs. 50,000/- in National Pension Scheme (NPS)
  Avail the Tax Bonanza by investing Rs. 50,000/- in NPS CA Naresh Jakhotia     One of the biggest tax saving bonanza by th...

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Not actual rent, House property is taxable on the basis of its Annual Value
TAX TALK-22.02.2016-THE HITAVADA   TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Not actual rent,  House property is taxable ...

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File the return in time to enjoy the benefit of carry forward of loss
TAX TALK-15.02.2016-THE HITAVADA   TAX TALK CA. NARESH JAKHOTIA Chartered Accountant File the return in time to enjoy the benefit of c...

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Beware, there is a penalty for property transactions in cash
TAX TALK-08.02.2016-THE HITAVADA   TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Beware, there is a penalty for property transacti...

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Ownership of land is not a pre-requisite for having agricultural income
TAX TALK-01.02.2016-THE HITAVADA   TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Ownership of land is not a pre-requisite for havi...

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Issues in taxation of Bonus & splitting of Shares
TAX TALK-25.01.2016-THE HITAVADA   TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Issues in taxation of Bonus & splitting of Sh...

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Taxability in case of Joint Bank FDR
TAX TALK-18.01.2016-THE HITAVADA   TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Taxability in case of Joint Bank FDR   Que...

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Income tax department acting tough against the Non filers
TAX TALK-11.01.2016-THE HITAVADA   TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Income tax department acting tough against the No...

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New PAN Quoting requirement
...

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Avoid casualness in submission of Form No.15G/15H
TAX TALK-04.01.2016-THE HITAVADA   TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Avoid casualness in submission of Form No.15G/15H...

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Avail tax benefit if living in a rented premises
TAX TALK-28.12.2015-THE HITAVADA   TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Avail tax benefit if living in a rented premises &...

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Age has special privileges in the Income Tax Law
TAX TALK-21.12.2015-THE HITAVADA   TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Age has special privileges in the Income Tax Law ...

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Income Tax may be payable even if there is no actual income
    TAX TALK-14.12.2015-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Income Tax may be payable even if there...

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Housing loan & tax treatment of pre-construction period interest
TAX TALK-07.12.2015-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Housing loan & tax treatment of pre-construction pe...

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How to get Income tax refund speedily?
TAX TALK-30.11.2015-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant How to get Income tax refund speedily? Query 1] Kin...

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How to deal with the notice received for non filing of income tax return ?
...

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How to deal with the notice received for non filing of income tax return
See the word file attached along with the mail for viewing the Images incorporated in the Column.     TAX TALK-23.11.2015-THE HITAVADA ...

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Whether gift from relatives are really tax exempt?
  See the file attached for the Charts incorporated in the Presentation   TAX TALK-16.11.2015-THE HITAVADA TAX TALK   CA. NARES...

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Death doesn’t absolve the person from tax liability
  TAX TALK-09.11.2015-THE HITAVADA TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Death doesn’t absolve the per...

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How long should I keep my income tax records?
  TAX TALK-02.11.2015-THE HITAVADA TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   How long should I keep my income ta...

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Taxation of income from delivery based / intra-day share trading and F & O Transactions
TAX TALK-26.10.2015-THE HITAVADA TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Taxation of income from delivery based / in...

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Senior Citizen Saving Scheme- An investment cum tax saving option for senior citizen
TAX TALK-26.10.2015-THE HITAVADA TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Senior Citizen Saving Scheme- An invest...

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Holding more than one PAN card
TAX TALK-12.10.2015-THE HITAVADA TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Holding more than one PAN card   ...

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Income tax return can be filed for 6 assessment years to claim TDS Refund
TAX TALK-05.10.2015-THE HITAVADA TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Income tax return can be filed for 6 as...

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TDS credit can be claimed even if it is not deposited by the Deductor
TAX TALK-28.09.2015-THE HITAVADA TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   TDS credit can be claimed even if it is...

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CBDT told to extend the date of filing return !! Strictures passed against CBDT !!
​ All Gujarat Federation Of Tax Consultants vs. CBDT (Gujarat High Court) Strictures passed against CBDT for being lax and delaying issuing of t...

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Do understand Clubbing provision before making Gift - A family route to save tax
TAX TALK-21.09.2015-THE HITAVADA TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Do understand Clubbing provision before...

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Scratch cards & Lottery schemes are subject to Tax Deduction at Source
TAX TALK-14.09.2015-THE HITAVADA TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Scratch cards & Lottery schemes are...

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Assessee with Multiple businesses & Applicability of Tax Audit limit of Rs. 1 Crore
TAX TALK-07.09.2015-THE HITAVADA TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Assessee with Multiple businesses &...

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Compulsory manual selection of cases for scrutiny during the Financial Year 2015-2016
Compulsory manual selection of cases for scrutiny during the Financial Year 205-2016   To Government of India Ministry of Finance ...

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REGISTRATION IN GST (Proposed):
Registration in GST  REGISTRATION IN GST (Proposed)  Registration No can be PAN based followed by alphabets, numerals etc. (Eg. 10...

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Interest on Housing loan shall be restricted to Rs. 30,000/- if construction not completed within 3 years
TAX TALK-31.08.2015-THE HITAVADA TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant     Interest on Housing loan shall be...

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CM's wife case : Penalty for violation of section 269SS - Reasonable cause u/s 273B
I-T - Relief for UP Chief Minister's wife - Whether genuinity of loan transaction can be doubted merely on ground of its acceptance in cash, when ...

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NON PAYMENT OF TDS ATTRACTS PROSECUTION
TAX TALK  NON PAYMENT OF TDS ATTRACTS PROSECUTION   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   ...

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Interest on NPAs and Stick Loans, even if accrued as per the mercantile system of accounting, is not taxable as per prudential norms
Interest on NPAs and Stick Loans, even if accrued as per the mercantile system of accounting, is not taxable as per prudential norms CIT vs. Deogir...

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S. 115JB: Amount towards waiver of loan under OTSS, credited to "General Reserves" and not to the P&L Account cannot be added to "book profits"
S. 115JB: Amount towards waiver of loan under OTSS, credited to "General Reserves" and not to the P&L Account cannot be added to "b...

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S. 115JB: Dept’s grievance that if amount is not credited to P&L A/c, accounts are not correctly prepared as per Schedule VI to the Companies Act, 1956 and adjustment to book profits can be made is not acceptable if auditors and ROC have not found fault
CIT vs. Forever Diamonds Pvt. Ltd (Bombay High Court)   COURT: Bombay High Court CORAM: M. S. Sanklecha J...

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Failure to deduct taxes or wrong deduction of TDS
Failure to deduct taxes or wrong deduction of TDS (non deposit, short deposit or late deposit): Default/ Failure Section &nb...

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S. 234B interest is automatic if conditions are met. Form I.T.N.S. 150 is a part of the assessment order and it is sufficient if the levy of interest is stated there
CIT vs. Bhagat Construction Co. Pvt. Ltd (Supreme Court)   COURT: Supreme Court CORAM: A.K. Sikri J.,&nbs...

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Scope of Section 2(15)- In Favor of Assessee
IT : Where motive of assessee is not generation of profit but to provide training to needy women in order to equip or train them and make them self-co...

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INVESTMENT IN PLOT IS ELIGIBLE FOR CAPITAL GAIN EXEMPTION
TAX TALK-17.08.2015-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   INVESTMENT IN PLOT IS ELIGIBLE FOR CA...

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Section 271(1)(c) provides that penalty can be only imposed if the authority was satisfied that any person had concealed particulars of his income or furnished inaccurate particulars of such income
COMMISSIONER OF INCOME TAX vs.DALIMA DYECHEM INDUSTRIES LTD.  HIGH COURT OF BOMBAY -  Penalty u/s 271(1)(c)—Levy of&mdash...

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Bogus sales and purchases: Reliance on statement of supplier who confesses to providing accommodation entries without giving assessee right of cross-examination violates principles of natural justice and the addition has to be deleted in toto
ACIT vs. Tristar Jewellery Exports Pvt. Ltd (ITAT Mumbai) COURT: ITAT Mumbai CORAM: A. D. Jain (JM), Rajen...

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IT : Deduction of TDS under wrong provision of law will not save assessee from disallowance u/s 40(a)(ia)
The ratio may be a case specific and may not sustain longer.  Further, if deduction rate is same in two sections, wrong mentioning of sectio...

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I-T - Whether Sec 54F benefit is available to assessee when construction work though has started but is not yet complete in all respects within stipulated period
 2015-TIOL-1841-HC-KAR-IT   CIT Vs B S Shanthakumari I-T - Whether Sec 54F benefit is available to assessee when constructi...

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Filing of appeal with complete knowledge of its fate by the Revenue only reflects the mischievous adamancy to attempt to mislead the Tribunal and waste the time of the Court and the officers concerned.
IT : Filing of appeal with complete knowledge of its fate by the Revenue only reflects the mischievous adamancy to attempt to mislead the Tribunal and...

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Addition on account of cash credit- In favor of Assessee
DEPUTY COMMISSIONER OF INCOME TAX vs.VKA FINANCE & INVESTMENT CO.  AHMEDABAD TRIBUNAL IIncome—Cash credits— AO noticed a...

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Penalty under section 271D not leviable where cash accepted to meet exigencies of business
Property transactions also added in section 269SS & 269T. Obviously, 271D importance would be rising day by day: Commissioner of Income Tax v. ...

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ITR FORMS: THE WAIT IS FINALLY OVER
TAX TALK-10.08.2015-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   ITR FORMS: THE WAIT IS FINALLY OVER ...

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NRI: Basic exemption limit cannot be reduced from LTCG
TAX TALK-03.08.2015-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   NRI: Basic exemption limit cannot be ...

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Deductor liable for penalty @ Rs. 100/- per day if TDS certificates are not downloaded
TAX TALK-27.07.2015-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Deductor liable for penalty @ Rs. 100...

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No tax audit required even if receipts by truck owner exceeds Rs. 1 Cr
TAX TALK-20.07.2015-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   No tax audit required even if receipt...

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Income from funds transferred to Wife attracts clubbing provision
TAX TALK-13.07.2015-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Income from funds transferred to Wife...

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Classification of income is important from tax planning perspective
TAX TALK-06.07.2015-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   Classification of income is important...

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A step-by-step guide to file income tax return
TAX TALK-29.06.2015-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   A step-by-step guide to file income t...

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TDS has to be done while purchasing Urban Agricultural Land also
TAX TALK-30.03.2015-THE HITAVADA   TAX TALK CA. NARESH JAKHOTIA Chartered Accountant   TDS has to be done while purchasing Urban Agric...

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Life Insurance Policies: No blanket escape from tax
TAX TALK-16.03.2015-THE HITAVADA   TAX TALK CA. NARESH JAKHOTIA Chartered Accountant   Life Insurance Policies: No blanket...

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USING THE CONCEPT OF DIVERSION OF INCOME BY OVERRIDING TITLE
TAX TALK-09.03.2015-THE HITAVADA   TAX TALK CA. NARESH JAKHOTIA Chartered Accountant   USING THE CONCEPT OF DIVERSION OF INCOME BY OVE...

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ALL ABOUT EDUCATION LOAN
ALL ABOUT EDUCATION LOAN: Query ] Is there any limitation of amount of deduction that is available against educational loan? I have availed the ed...

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CO-OWNER MAY NOT BE TREATED AS OWNER: INTERESTING INCOME TAX
TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   CO-OWNER MAY NOT BE TREATED AS OWNER: INTERESTING INCOME TAX   Query 1] ...

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TAX ISSUES ON ANCESTRAL AGRICULTURAL LAND
TAX TALK-23.02.2015-THE HITAVADA   TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant   TAX ISSUES ON SALE OF ANCESTRAL AGRICUL...

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TWO PERSON WITH SAME INCOME MAY HAVE DIFFERENT TAX LIABILITIES !!
INTERESTING INCOME TAX -CA NARESH JAKHOTIA     “EVEN IF TWO PEOPLE HAVE SAME INCOME, THE TAX AMOUNT COULD DIFFER”   &...

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CAPITAL GAIN EXEMPTION ON SALE OF DEPRECIABLE ASSETS
INTERESTING INCOME TAX -CA NARESH JAKHOTIA   DEPERECIABLE ASSETS U/S 50 AND EXEMPTION BENEFIT U/S 54EC/54F   A principal asked one of ...

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