Budget 2020: Overviewof changes in the Direct Tax provisions
There are number of changes that is proposed in the Union Budget – 2020. Here is an overview of the changes in the budget 2020.
Proposals for amendments are organised under the ...
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The Blogs
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 a term used to denote a family of Hindu with common ancestor of the lineal male offspring together with their ...
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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. ACIT
Decision: In assessee's favour.
Capital gains--Cost of acquisition--Interest paid on housing loan allowed as deduction under section 24(b)
Facts:
Assessee earned capital gain on ...
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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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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 from listed shares and units is around 3,67,000 Cr as per return filed for the AY 2017-18. Major part of ...
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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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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:
Name: CA Naresh Jakhotia
The author is a practicing Chartered Accountant and currently associated as a partner of M/s. SSRPN & Co., ...
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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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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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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 cogent evidence to explain how the shares in an unknown company worth Rs.5 had jumped to Rs.485 in no time. The ...
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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 gain should arise on transfer of agricultural land by the assessee;
(ii) such land should have be use for agricultural purpose by ...
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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 from which income derived is agricultural income. The term "agricultural income" was defined in section 2(1) of the said ...
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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 tax or penalty, issued specifically to pvt ltd company, can be enforced personally against its directors without specific notice of ...
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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 reasons like non receipt of ITR V by CPC, Non payment of challan. Incomplete return details etc. Such cases are ...
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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 of acceleration of industrial. Development and generation of employment is capital in nature and not revenue. The fact that the ...
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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 Ltd.’s (‘assessee’) writ challenging vires of Sec. 43CA (which deems stamp duty valuation as sales consideration for land and building ...
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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 both
Facts:
Assessee claimed expenses incurred on audit fees, car loan interest, depreciation, petrol expenses and travelling expenses in her individual return. AO ...
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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 with the income profile of the taxpayer. There are lot many taxpayers who don’t discloses exempt income on the pretext ...
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