Rules for mandatory quoting of Permanent Account Number (PAN)
Every person shall quote his PAN in all his challans, returns and correspondence with income tax authority .
Besides that quoting PAN in all documents pertaining to transactions specified in Rule 114B.
1) ...
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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 (PPF) are the most preferred, talked about & most preferred tax saving instruments. With market doing exceedingly well in the last ...
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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 in specified accounts before due date
Facts:
Assessee sold a plot of land and entered into an agreement to purchase a flat. He paid ...
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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 of the financial year is the time when majority of the taxpayers start exploring tax saving options. This is the ...
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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 applicable if Assessee is opting for presumptive mode of taxation. 44AD
An interesting observation was made in the following case by ...
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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 not applicable if Assessee is opting for presumptive mode of taxation.
An interesting observation was made in the following case by ...
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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. Account Scheme-1988 which reads as under:
Interest.
(1) Interest at such rate as may be specify by the Reserve Bank ...
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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 the closure of account. The same is reproduce here under for the benefit of all.
Request all the reader to ...
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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 : THE issue before the Bench is - Whether no tax liability arises if there is diversion of income at source ...
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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
Many times people file return of income on or before due date is to take benefit of carry forward of losses.
Carry ...
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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 made in the Income Tax Act vide Finance Act, 2017 were towards promoting digital economy, providing a cash less economy, ...
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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 value o consideration vis-a-vis value adopted for stamp duty— As per s. 54F, on perusal of the above provisions, it is ...
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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 to carry on sale and purchase of land: HC
(Same views was upheld if Assessee is frequently trading in agricultural ...
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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 incurred expenditure on education of its director at abroad.
In absence of commitment/bond executed by said Director, To serve assessee company post his ...
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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 the date of execution of the Development. Agreement and irrevocable General Power of Attorney only, if the terms indicate that ...
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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 considered as a case of “Construction” and not “Purchase”. The date of commencement of construction is not relevant for purpose of ...
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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 considered as a case of “Construction” and not “Purchase”. The date of commencement of construction is not relevant for purpose of ...
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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 for agricultural purposes not to be charge in certain cases.-(1) Subject to the provisions of sub-section (2), where the capital ...
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