Income Tax

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Income Tax Taxation

Interpretation of the word ‘Deductible or Collectible...

Interpretation of the word ‘Deductible or Collectible’ to Determine Advance Tax Liability

In a recent case of Director of Income Tax, New Delhi Vs. M/s. Mitsubishi Corporation, the Supreme Court (SC) ruled that for years prior to the fiscal year...

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Income Tax

ITAT directed Lease Income to be considered as Business...

ITAT directed Lease Income to be considered as Business Income

The Income Tax Appellate Tribunal has held in a case that lease income from sub-lease shall be deemed to be business Income because it was generated by the...

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Income Tax

Implications of Income Tax on Your Stock Markets Invest...

Implications of Income Tax on Your Stock Market Investments

For those who are new to stock markets investing or have been doing so for a while but are only now facing the burden of taxes, it is critical to...

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Income Tax

Taxability of Dividend in Income Tax Returns

Taxability of dividend

As a taxpayer, one may be unclear about the taxability of dividend income and also how to report dividend income on the income tax return for a financial y...

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Income Tax

Steps to Verify an Income Tax Notice

Steps to Verify an Income Tax Notice

The new income tax portal allows the taxpayers to check if the income tax notice received by them is true or false.  In the month of October 2019, the...

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Income Tax

How to track the status of Income Tax refund?

Income Tax refund

If you ended up paying more tax than your actual tax burden in a particular fiscal year, you may be entitled to an income tax refund after completing your...

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Income Tax

New Form 26AS expanded to include more information

New Form 26AS expanded

Recently the income tax department expanded the scope of information which needs to be reported in the new form 26AS. The CBDT issued an order on 26th Octo...

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Income Tax

All about Income Tax Intimation Notice after ITR Filing...

Income Tax Intimation Notice

Once an individual has verified their tax return, the income tax department starts processing ITR. Once the ITR is processed, the income tax department sen...

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