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 [...]
Can Loss in Commodities F & O Trade be Adjusted With Capital Gains ?
July 28, 2012 by
The derivative segments trades (Futures & Options ) in India are done in shares and commodities. While the trade in F & O segments of shares through NSE or BSE is considered business trade now . A confusion arises in mind of tax payers who indulge in F & O trades in commodities segment. For...
Cabinet approves new bill for Benami Transactions
July 22, 2011 by 1 Comment
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 [...]
Have you checked your tax credit in 26AS before filing your return – here is how you can do it….
July 8, 2011 by
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...
Rs 25 lakhs plus transactions without quoting pan to get CIB’s summons
June 8, 2011 by Leave a Comment
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 [...]
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