Why Some Assessees May Not Be Under Transfer Pricing Provisions Despite Having Related Party Transactions of More Than Specified Limit ,

The transfer pricing provisions under Income Tax Act cover within its fold even domestic transactions [...]

How to find the period of holding in case stock –in-trade is converted as capital asset?

Section 45(2) of the Income Tax Act cover a case of conversion of investments to [...]

CIT Can Grant Stay of Demand on Basis of Financial Hardship

CBDT has issued a benevolent circular dated 29/02/2016 under which a new guideline has been [...]

Charitable Trust or Society : When is Filing of Return or Getting Accounts Audited Not Mandatory ?

I am often asked by readers or tax professionals about registering an NGO or trust or [...]

Meaning of “Amount of tax … Such demand”

Case Name : A. Prayag udyog (p.) Ltd. Vs. Union of india  Citation  : [2012] [...]

Section 271B : 12 Reasonable Cause for Non Imposition of Penalty

Section 271B of the Income Tax Act provides penalty in case a tax payer required [...]

Scrutiny Selection Criteria for Fy 2016-17 Out ! All Kinds of Cases Now Under Digital Scrutiny in 7 Cities

CBDT publishes scrutiny selection criteria every year. The criteria is important and if your case [...]

Carry Forward & Setoff of Losses U/S 79 : Change in Voting Power, Not Just Change in Shareholding is Deciding Factor !

Section 79 of the Income Tax Act is applicable to closely held companies ( read [...]

Scrutiny : You Can Legally Approach Higher Authority for Intervening the Proceeding !

In case of scrutiny case under section 143(2) , many times , the tax payer [...]

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