Income Tax

Ashish M. Shaji

23 Sep, 2021

Tax Planning, Tax Avoidance and Tax Evasion are separated by minuscule margin. Tax Planning is legal but not tax evasion, and as far as tax avoidance is co...

Ashish M. Shaji

25 Aug, 2021

Depreciation under Income Tax Act refers to a deduction permitted for a reduction in the real value of a tangible/intangible asset used by the taxpayer. Th...

Ashish M. Shaji

05 Jun, 2024

One should disclose capital gains or losses while filing Income Tax Return regardless of the amount gained or lost. So what is capital gain, and how can on...

Ashish M. Shaji

15 Aug, 2021

Recently the Taxation Laws (Amendment) Bill 2021 was passed in the parliament, which intends to do away with retrospective tax provision and end retrospect...

Shreya Patel

20 Jul, 2023

Taxpayers must be cognizant of the repercussions of underreporting income or overstating deductions and exemptions when completing an income tax return. Ac...

Ashish M. Shaji

13 Aug, 2021

In a recent case, an assessee was issued show cause notice on 19th April 2021, giving him the opportunity to file a response by 21st April. The assessee re...

Ashish M. Shaji

10 May, 2022

Under Section 147 of Income Tax Act, the Income Tax Department has the power to reassess previously filed income tax return of an individual. The Assessing...

Ashish M. Shaji

22 May, 2024

Advance ruling was conceived with a view to provide certainty to business as opposed to litigation in reference to a proposed transaction. Earlier advance...