The assessee is engaged in the business of a travel agency. During the previous year relevant to the assessment year the assessee had entered into certain business transactions with M/s. Holiday Resort (P.) Ltd. and M/s. Ambassador Tours (I) (P.) Ltd. As a result of these business transactions, there were some financial transactions but the [...]
Benami transactions are a major cause for black money circulation in India. In order to tighten its grip over corruption and black money, the cabinet has finally approved the Benami Transactions (Prohibition) Bill 2011. This bill will replace the 1988 law and comes with tighter control over benami transactions, including confiscation of such property. The [...]
For the faster processing and expediting your refund, the taxpayers have been advised by the Income Tax Department to verify their tax credit in 26AS before filing their return of Income. This should be done to avoid TDS mismatch, if any with the tax deducted and deposited by the employer/deducting entity and the tax claim...
The Finance Ministry has now stated that any individual who make Rs twenty five lakh plus transactions and fails to quote their PAN for the same, will receive summons by the Income Tax department and that they could even be penalised for the same. Action against such defaulters will be taken by the Central Information [...]