Disallowance u/s 40(a)(ia) can be invoked only in event of non–deduction of tax and not for lesser deduction of tax
Conditions laid down under Section 40(a) (ia ) requires addition to the income if
- tax is deductible at source and
- such tax ...
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No additon towards higher share premium sustainable – valuation certificate prescribes only minimum sum to be collected : Mumbai ITAT
No additon towards higher share premium sustainable - valuation certificate prescribes only minimum sum to be collected : Mumbai ITAT
IT: Where AO made addition to assessee's income under section 68 in respect of share premium collected over and above ...
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Capital gain liability on Leasehold rights in a plot granted as compensation in pursuance of compulsory acquisition of agricultural land belonging to assessee’s deceased father
Capital gain liability on Leasehold rights in a plot granted as compensation in pursuance of compulsory acquisition of agricultural land belonging to assessee’s deceased father
Overview :
Leasehold right in a plot allotted to assessee against right of agricultural land having ...
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No religion like “Hinduism” & worship of Hindu Gods is not “religious purpose” – Trust is eligible for 80G: Nagpur ITAT
Shiv Mandir Devsttan Panch Committee Sanstan vs. CIT (ITAT Nagpur)
No religion like “Hinduism” & worship of Hindu Gods is not “religious purpose”
The assessee trust was set up with the object of “worship of Lord Shiva, Hanumanji, Goddess Durga and ...
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Income Tax Law as applicable for the first installment of advance Tax.
First installment of the advance tax is due on 15th June. Taxpayers have to ensure payment of 15% of anticipated annual tax liability by 15th June. Notably, in the current scenario, rate of Interest on bank FDR & on loan availed ...
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Taxation of investments in Bonds, Debentures & Mutual Funds -CA Naresh Jakhotia
Taxation of investments in Bonds, Debentures & Mutual Funds -CA Naresh Jakhotia
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Taxation of investments in Bonds, Debentures & Mutual Funds -CA Naresh Jakhotia
Taxation of investments in Bonds, Debentures & Mutual Funds
With the drastic fall in the interest rate ...
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TAXABILITY OF ALLOWANCES- OVERVIEW
TAXABILITY OF ALLOWANCES-OVERVIEW
An allowance is a fixed amount of money paid regularly in addition to salary for meeting specific requirements of the employees. As a general rule, any fixed allowance received by an employee forms part of his taxable ...
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Business loss or speculative loss – Commodity trading in un-recognised stock exchange
Business loss or speculative loss - Commodity trading in un-recognised stock exchange
Short summary:
Amendment in section 43(5)(d) was only to provide benefit to assessees to treat their losses as non speculative only when such losses were incurred while trading on ...
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Have you done Retirement Planning?
Have you done Retirement Planning?
In day to day life, everyone wants to save for the purpose future so that at the time retirement, he may enjoy life with peace and calm without compromising standard of living.
Can you imagine if ...
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Let Us ensure, “Mutual Fund Sahi Hai…”
Let Usensure, “Mutual FundSahi Hai...”
Many times we heard on Radio, T.V. and read in the news paper regarding Mutual Fund & its famous sentence” Mutual Fund Investments are subject to market risk please read the information document carefully before ...
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Private Trust- Rules for tax planning
Private Trust- Rules for tax planning
Optimum use of basic exemption limit is one of the most powerful tax planning tools. More taxable person or entities in the family results in optimum tax benefit. Certain Trust offers the benefit of ...
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4 Golden Rules to Tax Planning
4 Golden Rules to Tax Planning
“Right to tax planning is a legitimate right of the taxpayers provided it is within the framework of law”
If tax is considered as cost then it variable as well as controllable to some extent ...
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Article, Assessment, Income Tax, Latest Update, Notification, Other Source Of Income, other topic, Tax Planning
What if you forget to verify your Income Tax Return?
What if you forget to verify your Income Tax Return?
Have you filed your ITR and forget to verify it? Not a big issue, “it’s never too late”. You still have a time to get it verified and complete your ...
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Interest on Bank Deposits & eligibility for deduction u/s 80TTA Vs. 80TTB
Presently, section 80TTA provides Rs 10,000/- deduction to all individual/HUF taxpayers.
Section 80TTA of the Income Tax Act-1961 reads as under:
Deduction in respect of interest on deposits in savings account.
80TTA. (1) Where the gross total income of an assessee, being an ...
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Differential Tax Treatment of Interest on Bank FDR – Senior vs. Non senior Citizens
Deduction in respect of interest on deposits in savings account.
Section 80TTA: (1)Where the gross total income of an assessee, being an individual or a HUF, includes any income by way of interest on deposits (not being time deposits) in a ...
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LTCG exemption is admissible even if the amount is deposited within time permissible u/s 139(4)
LTCG exemption
LTCG exemption is admissible even if the amount is deposite within time permissible u/s 139(4)
Capital Gain exemption is admissible even if the amount of capital gain is deposite within time permissible under section 139(4):
Where assessee an individual deposited ...
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Capital Gain exemption available even if investment is done in the name of wife: HC
Benefit of exemption u/s 54F is not limited to investments made on claimants' name only: HC
JAIPUR,: THE issue is - Whether Section 54F places a restriction that the investment should be in the name of assessee only, for purpose ...
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