eFiling of Income Tax Return for Asst Yr 2015-16 Compulsory for Individuals Earning Even a Penny From Abroad !

The process of efiling of income tax returns have been enlarged from the assessment year 2015-16 . CBDT has notified the new Rules  and  tax return forms for filing of tax return . One of the major changes brought in is going against lakhs of freelancers who are earning income online or any one who has any type of income …

IRS Officer Calls For Examination of President of India !

These days , income tax officers are in news for wrong reasons . And now , the media reports suggest that the defence counsel for an IRS officer based in Banglore who is charged by the CBI of corruption has invoked section 19 0f the Prevention of Corruption Act and the rulings given by Supreme Court in case of CBI vs …

penalty u/s 271(1)(c)

No Penalty u/s 271(1)(c) Possible in These 9 Types of Additions or Disallowances

Penalty initiation by assessing officer is routine when any addition or allowance is made while assessing the total income of an assessee.However initiation of penalty u/s 271(1)(c) can be done only when the assessee has either concealed or furnished inaccurate particulars of income. Here we have selected a list of addition or dis-allowances in case of which , it has …