For the purpose of determination of deemed consideration u/s 50C of the Act, stamp duty value of the property as on the date of execution of agreement to sale should be adopted, instead of value on the date of execution of sale deed.
Applicability of GST on painting, old car, old jewellery, antique jewellery, old watches, antique watches, collectibles
No penalty for non audit if Assessee is prevented by reasonable cause for not getting its accounts audited u/s 44AB within prescribed time
Assessee and her two daughters inherited in their individual capacity one-third share each in the estate of deceased who had died intestate—They were not capable of forming an HUF among themselves or of throwing the interest of any one of them in the inherited property therein
Basic requirement for claiming relief under s. 54(1) that the assessee should invest the sale proceeds in the construction of another residential house. Whether assessee himself constructs the house or gets it constructed by a contractor or a third party is immaterial
Issues in New Income Tax Portal : An Excellent Compilation by Maharashtra Tax Practitioners’ Association
Discussion raised in RajyaSabha on the New Income Tax Portal, aims and objective, technical glitches, comments from stakeholders & the time by which the problem will be fixed?
Assessee not liable to pay Income Tax as property belongs to HUF of Assessee and not individual: ITAT
Reassessment valid as issue of deemed sale consideration as per Sec. 50C wasn’t considered during original assessment
Clarification regardinq extension of limitation under GST Law in terms of Hon’ble Supreme Court’s Order dated 27.04.2021.
An Excellent Representation incorporation 39 issues in GST which need immediate attention of the Government by All India Federation of Tax Practitioner
Capital gain exemption is available if taxpayer secures possession of the property within prescribed time frame even if the registration of sale deed could not be executed
Allowability of Capital gain Exemption under section 54B if agricultural land is purchased in the name of son
Partners’ shares of agricultural income from the firms cannot be included for rate purpose while computing their other income.
