Month: June 2017

Due to lack of knowledge and fear that a mistake in income tax returns (ITR) may entail interest, penalty and even prosecution, people prefer to file their tax returns through professionals. However, with little attention, one can file returns themselves. Here is a list of things to keep in mind to avoid common mistakes that people make while filing returns. Suraj Nangia, Partner contributed an article on common mistakes to…

Suraj Nangia, Partner shares his views on This is how tenants have to collect TDS on the rent they pay to landlords for LiveMINT.

The Income Tax Appellate Tribunal (ITAT) is the highest fact finding authority and the only specialised tribunal to decide on disputes between a taxpayer and the income tax department. Accordingly, ITAT is the most important institution for dispute resolution in income tax matters. Suraj Nangia, Partner and Shailesh Kumar, Director, Nangia & Co LLP contributed an article  on Draft rules for ITAT aim for speedier disposal of tax appeals for…

The Supreme Court has finally put to rest a long-drawn controversy as to whether disallowance under section 14A would be applicable on expenditure incurred in earning tax free dividend income which already suffers taxation in form of Dividend Distribution Tax (‘DDT’). Taxpayers had argued that Section 14A ought not to apply to tax free dividend income since DDT is paid on it under section 115-O of the Act and hence…