CAPITAL GAIN EXEMPTION FOR INVESTMENT IN AGRICULTURAL LAND
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CONDITIONS PRECEDENT FOR EXEMPTION U/S 54B The conditions necessary for grant of exemption under section 54B are : (i) capital…
Tax Planning
Capital gains–Deduction under section 54– Investment in new asset after furnishing of return under section 54
Anita Ajay Shad v. ITO Decision: Against the assessee. Capital gains–Deduction under section 54– Investment in new asset after furnishing…
Taxation of alimony received after Divorce
Prema G. Sanghvi v. ITO Decision: In assessee’s favour. Income from other sources– Receipt of alimony from ex-husband Facts: Assessee received an…
Applicability of time limit u/s 153(2A)
section 153(2A) Nokia India (P) Ltd. v. Dy. CIT Decision: In assessee’s favour. Assessment–Applicability of time-limit under section 153(2A) — Proceedings remanded…
Clarification on reservation rumor by ICAI
ICAI CLARIFICATION ON RESERVATION IN CA ANNOUNCEMENT The Institute has come across certain messages that are being aired in social…
Interest on compensation on acquisition of land: Tax Complexity
Tax Complexity Query 1] My query is taxability of interest received under Land Acquisition Act. I own a land at…
Merger, Demerger & Amalgamation- Tax implications on shareholder
Merger Demerger & Amalgamation Query 1] 1000 equity shares of face value of Rs. 10 in N.F.C Ltd were allotted…
An additional compliance of submitting estimated current Income & Advance tax payment
Advance tax payment Query 1] We have read in the newspaper about filing of estimate of income tax return before…
Even small size firm are to get its accounts audited if income offered for taxation is less than 8%
taxation is less than 8% Query 1] We have 2 small Partnership Firms, one doing trading and other doing profession.…
NRI & taxation of mutual fund investments
taxation of mutual fund investments Query 1] My daughter purchased shares of Persistent Systems Ltd in 2009. She became NRI…
Exchange of property results in capital gain tax liability
Query 1] Exchange of property My father co-owns a plot with his brother. A builder has approached for development of…
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Unsold flats of builders attracts tax on notional basis
Unsold flats of builders attracts tax Query 1] I am a public sector employee; net taxable income from salary is…
Professionals excluded from maintaining accounts if offers 50% of receipt as income
Query 1] I am a salaried employee. I have taken home loan from a recognized financial institution. Until last year…
Curbing cash transactions through Income Tax Law
Query 1] I have a query, the answer to which I haven’t been able to find on the internet in…
Payment for eviction of tenant is eligible for deduction
Query 1] My father age 91 is a landlord in Mumbai. One of his tenants is selling his premises to…
Income tax without actual income: Second house property
Query 1] I am 37 years old, working in a PSU for last 14 years. I had taken a home…
Cost Inflation Index for the FY 2017-18 notified as “272”
Query 1] I & my wife are both senior citizens and I want to take medical insurance for both of…
