Rules for mandatory quoting of Permanent Account Number (PAN)
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Rules for mandatory quoting of Permanent Account Number (PAN) Every person shall quote his PAN in all his challans, returns…
Tax Planning
The Dilemma of tax Saving : ELSS Vs. PPF
tax Saving The Dilemma of tax Saving : ELSS Vs. PPF Equity Linked Saving Scheme (ELSS) & Public Provident Fund…
No capital gain exemption on amount not deposited in Capital Gain account scheme prior to due date
CGDAS Humayun Suleman Merchant v. Chief CIT Decision: Against the assessee Capital gains–Deduction under section 54F — Failure to deposit unutilized consideration…
Saving tax – Looking beyond section 80C
National Pension Scheme offers additional deduction of Rs. 50,000/- over & above Rs. 1.50 Lakh under section 80C The last quarter…
No restrictions on cash payment of Rs. 20,000/- per day if Taxpayer is offering income @ 8% u/s 44AD
Though section 40A(3) bars payment of Rs. 20,000/- in cash, it may interestingly be note that section 40A(3) is not…
40A(3) is not applicable if taxpayer is opting for presumptive taxation scheme u/s 44AD
Though section 40A(3) bars payment of Rs. 20,000/- in cash, it may interestingly be noted that section 40A(3) is…
Tax Treatment of Interest received from Capital Gain Deposit Account Scheme !!
The tax treatment of interest of capital gain account scheme is cover by Rule 8 of the Capital Gain Deposit.…
How to close the Capital Gain Deposit Account under CGDAS?
There is a set procedure for closing the account opened under Capital Gain Deposit account scheme-1988. Rule 13 deals with…
No tax liability arises if there is diversion of income at source by overriding title: Jammu HC
No tax liability arises if there is diversion of income at source itself, by overriding title: HC ( 2017-TIOL-1971-HC-J&K-) JAMMU…
LOSSES CAN BE CARRIED FORWARD EVEN IF RETURN IS FILLED AFTER DUE DATE OF FILLING OF RETURN OF INCOME
SOME LOSSES CAN BE CARRY FORWARD EVEN IF RETURN IS FILE AFTER DUE DATE OF FILLING OF RETURN OF INCOME …
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 of the major changes…
Actual sale consideration, not stamp duty valuation, is important for claiming capital gain exemption u/s 54F
INCOME TAX OFFICER vs. SHRI RAJ KUMAR PARASHAR : ITAT- JAIPUR BENCH Exemption under s.54F: Capital gains— Exemption under s.54F: Full…
Caution – Income on sale of Rural Agricultural Land can also be Taxed !!
Income from sale of agriculturl land is to be taxed as business income. If assessee’s business as per MoA is…
Whether education expenses paid for education of its Director is an allowable expenses ?
education expenses Whether education expenses paid for education of its Director is an allowable expenses education expenses: Where assessee company…
Date of signing the joint Development agreement is not fully relevant for determining the Capital Gain Tax liability !!
CIT vs. Dr. Arvind S. Phake (Bombay High Court) Section 2(47)(v): Immovable property is regard to have been transferr on…
3 Years period permissible for under construction Flat for exemption u/s 54 & 54F
Mustansir I Tehsildar vs. ITO (ITAT Mumbai) CONCLUSIONS: Section 54:Acquisition of new flat in an apartment under construction should be…
Acquisition of new flat in an apartment under construction should be considered as a case of “Construction” and not “Purchase”
Mustansir I Tehsildar vs. ITO (ITAT Mumbai) CONCLUSIONS: Section 54:Acquisition of new flat in an apartment under construction should be…
Capital gain exemption u/s 54B for investment in another agricultural Land
Capital gain exemption u/s 54B for investment in another agricultural Land 54B . Capital gain on transfer of land use…
