Budget 2020: Overviewof changes in the Direct Tax provisions
Budget 2020: Overviewof changes in the Direct Tax provisions There are number of changes that is proposed in the…
Interesting Income Tax
HUF – A way to save Income Tax
HUF – A way to save Income Tax (I) Hindu Undivided Family, more popularly known by the abbreviation – HUF, is…
Capital gains calculation can be done after considering Interest paid on housing loan as Cost of acquisition
Capital gains calculation can be done after considering Interest paid on housing loan as Cost of acquisition Subhash Bana v.…
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…
Long Term Gain Tax on shares is back- Time to know the Tax Implications
Long Term Gain Tax on shares is back- Time to know the Tax Implications “Total amount of exempted capital gain…
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…
Surgical strike on cash- accepting cash of Rs. 2 Lakh and more is an offence now- Section 269 ST
Surgical strike on cash- accepting cash of Rs. 2 Lakh and more is an offence now- Section 269ST About Author:…
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…
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…
Bogus LTCG from Penny stocks
Sanjay Bimalchand Jain vs. Pr CIT (Bombay High Court) GIST: Bogus LTCG from Penny stocks: The assessee has not tendered…
CAPITAL GAIN EXEMPTION FOR INVESTMENT IN AGRICULTURAL LAND
CONDITIONS PRECEDENT FOR EXEMPTION U/S 54B The conditions necessary for grant of exemption under section 54B are : (i) capital…
Agricultural Land- Meaning for the purpose of section 2(14)(iii) of the Income Tax Acty-1961
SUB-CLAUSE (iii)-AGRICULTURAL LAND (i) General Section 2(4A)(iii) of the 1922 Act excluded from the ambit of “capital asset”, any land…
Unpaid tax dues of Pvt Ltd Company is no basis to lift corporate veil; No recovery can be initiated against Directors u/s 179(1) in absence of hearing
AHEMDABAD, : THE ISSUE BEFORE THE DIVISION BENCH IS – “Whether notices in form of recovery or reminders of unpaid…
Assessment in case the return in invalidated for non receipt of ITR – V
non receipt of ITR There are lot of return where the return is treated as defective u/s 139(9). For multiple…
Subsidy received is not Taxable !!
CIT vs. Chaphalkar Brothers Pune (Supreme Court) Taxability of subsidies: A subsidy granted by the Govt to achieve the objects…
Hold the breath: Delhi HC admits plea against section 43CA
Admits Builder’s challenge on vires of stamp duty value based taxation u/s. 43CA* Delhi HC admits Ansal Housing & Construction…
Revisionary power of commissioner
Hitech Analytical Services v. Pr. CIT Decision: Case remanded. Revision under section 264–Firm’s expenses claimed in individual return– Filed revised computation for…
MISTAKES TO AVOID INCOME TAX NOTICES
Non reporting of Exempt income: One of the reasons for income tax notices is investment by taxpayers not in accordance…
