Daily Archives: December 22, 2015

Fire insurance Common Questions and Answers

What is the meaning of term Fire ? The term ‘fire’ is used in its popular and literal sense and means a fire which has ‘broken bounds’. ‘Fire’ which is used for domestic or manufacturing purposes is not fire as long as it is confined within usual limits. In the fire insurance policy, ‘Fire’ means… Read More »

7 Benefit of Filing Income Tax Return

No 1. Benefit of Filing Income Tax Return : Financial credibility Income Tax Return  creates a strong financial background as filing income tax return shows financial credibility of the assessee thereby assisting him for easy fund procurements in the form of loans for education , housing, vehicle etc from Banks / Financial Institutions No 2. Benefit of Filing… Read More »

Month is Period of 30 days instead of British calendar month

Issue : How to Calculate interest payable by the assessee under S.201(1A) i.e by taking a period of 30 days as a month instead of British calendar month ? IN THE ITAT HYDERABAD BENCH ‘B’ Navayuga Quazigund Expressway (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle 15 (1), Hyderabad P.M. JAGTAP, ACCOUNTANT MEMBER AND SMT. ASHA… Read More »