Other Income Tax Article

Capital Gain

CAPITAL GAIN

Capital gains exempt under section 54EC need not be reckoned for purpose of computing book profit u/s 115JB

Income Tax Act, 1961, Sections 115JA & 54EC MAT---Book profit under section 115JA---Capital gains exempted under...
partner

Payment of enhanced value of assets revalued by firm whether constitute capital asset and transfer of such asset whether capital gains chargeable under section...

Income Tax Act, 1961, Section 45(4) Income Tax Act, 1961, Section 2(14) Capital gains---Capital asset---Payment of enhanced...

Capital Gain Computation: Date of allotment should be taken as the date of acquisition for reckoning the assets as Long Term or Short...

Capital Gain Computation: Date of  allotment should be taken as the date of acquisition for...
AGRICULTURAL LAND

Profits realized on sale of agricultural land is exempt if there is no evidence on record to show that it is a business transaction

Income Tax Act, 1961, Section 54B Capital gains---Deduction under section 54B---Profits realized on sale of agricultural...

Interesting Judgment: Whether extinguishing of right to carry out a speciality business is taxable as Capital Gain Income ?

Extinguishing of right to carry out a speciality business Facts of the case: Assessee-company divested its shareholding...

House Property

cost of aquisition

Interesting case: Cost of acquisition to the assessee is not merely the amount paid to the vendors but also the cost of the borrowing...

Interesting case: Cost of acquisition to the assessee is not merely the amount paid to...
housing loan

Interest on Housing Loan: Possibility of double deduction cannot be overruled

Interest on Housing Loan: Possibility of double deduction cannot be overruled CA Naresh Jakhotia There are often...
house property

Sum received from display of advertisement on assessee’s undergoing real estate project is a business income or house property income?

Income Tax Act, 1961, Section 14 Heads of income---Income from house property or Income from other...

Property used by the Assessee for the purpose of its business cannot be considered to be a vacant property as per section 23

Property used by the Assessee for the purpose of its business cannot be considered to...
Income from let out of 'premises only' is taxable under the head 'Income from House Property'

Income from let out of ‘premises only’ is taxable under the head ‘Income from House Property’

Income from let out of 'premises only' is taxable under the head 'Income from House...

Salary

Other Source of Income

Income from Business or Other Source of Fund is generated from...

Income from Business or Other Source of Fund is generated from business & sourced to FDRs Short Overview: Although funds generated from business were sourced to...

Business Profession

Punjab State Development Tax Act, 2018 : 6 things to know

Punjab State Development Tax Act, 2018 : 6 things to know

The date of enactment of The Punjab State Development Act is 16th April, 2018. It...
All about Profession Tax

All about Profession Tax

profession tax INTRODUCTION: Even though GST is implemented, yet Maharashtra Profession Tax is not abolished. It...
refund fraud

Income Tax Department Unearths Tax Refund Fraud by IBM, Infosys Employees

BY PTI ON 26/01/2018 Income Tax Department Unearths Tax Refund Fraud by IBM, Infosys Employees Employees of over 50 prominent...

Promoting Digital Economy vide changes made by Finance Act 2017 to the Income Tax Act

Promoting Digital Economy vide changes made by Finance Act 2017 to the Income Tax Act Some...

Non filers may take the benefit of Income Disclosure Scheme-2016

Income Disclosure Query 1] If a person has not made any investments in LIC or in PPF,...

Assesment

An Online Investment Options to Save Tax before 31st March

Though, the due date for investment in the LIC/PPF/NSC for claiming deduction under section is extended from 31st March 2020 to 30th June 2020, still one...

Tax Planning