Rebecca Ghomes, Author at Income Tax News, Judgments, Act, Analysis, Tax Planning, Advisory, E filing of returns, CA Students

Buying a Flat? The Date of Acquisition must Be the Primary Concern 3 min read

Income Tax

Buying a Flat? The Date of Acquisition must Be the Primary Concern

Rebecca Ghomes 8 years ago

Investing in realty property is becoming a lucrative business. With the realty business growing in such vigor that everyone is trying their hands on it.... Read More

Where assessee had offered actual amount received on sale of property for taxation, revenue authorities were not justified in passing penalty order under section 271(1)(c) by adopting higher sale consideration under section 50C on basis of stamp duty valuation of said property. CIT vs Madan Teatres Ltd. [2014] 42 taxmann.com 26 (Calcutta) Merely applicability of sec 50C will not prove escapement of Income. ITO vs Shri Haresh Chand Agarwal, HUF, Date of Order: ITA No.282/Agra/2013, Date of Order: , ITAT-Agra.

Section 50 C of Income Tax Act – Sale Consideration Vs Stamp Valuation 2 min read

Income Tax

Section 50 C of Income Tax Act – Sale Consideration Vs Stamp Valuation

Rebecca Ghomes 8 years ago

Section 50C of Income Tax Act states, “The AO is not entitled to make an addition to the sale consideration declared by the assessee if... Read More

Do I pay Input Tax Credit in Goods and service tax? How do I and when can I claim it back? 3 min read

Income Tax

Do I pay Input Tax Credit in Goods and service tax? How do I and when can I claim it back?

Rebecca Ghomes 8 years ago

What is Input credit tax (ITC)? Recently the Government of India has combined all the taxes and made it into single Goods & service tax... Read More

Assessee sold a building on and claimed deduction under section 54 in respect of capital gain arising on sale of building as he has invested in a new flat on i.e. with in one year from date of transfer of building. Assessing Officer was of the view that as registration of transfer deed of building was dated hence, claim under section 54 was denied. The Tribunal held that buyer had performed their part of their obligation as on , in such a situation, mere non registration of transfer deed would not change date of transfer of building to Tribunal held that assessee was entitled to deduction under section 54. (A. Y ). - Sureshchandra Agarwal v. ITO (2011) 48 SOT 210 (Mum.)(Trib.)

Analyzing the Advance Received Against the Sale of Land by Section 2(47)(v) and Section 53A 3 min read

Income Tax

Analyzing the Advance Received Against the Sale of Land by Section 2(47)(v) and Section 53A

Rebecca Ghomes 8 years ago

At any point in your life you may be involved in selling or buying or transferring an immovable property like land, or house or such,... Read More

The Procedure for Reassessment Proceedings under the Income Tax Act 3 min read

Income Tax

The Procedure for Reassessment Proceedings under the Income Tax Act

Rebecca Ghomes 8 years ago

When you are filing for income tax in India, you should be aware of the jargons that are present in the Income Tax Act. There... Read More

Tax-ability of Interest on Fixed Deposit in Wife’s Name? 3 min read

Income Tax

Tax-ability of Interest on Fixed Deposit in Wife’s Name?

Rebecca Ghomes 8 years ago

Fixed deposit is a good way to deposit your money in the bank. It is an investment that allows you to invest a good amount... Read More

Do you know the consequences of non-deposit of TDS? 3 min read

Income Tax

Do you know the consequences of non-deposit of TDS?

Rebecca Ghomes 8 years ago

Recently, the Income Tax Department and the CBDT are taking the late payment and non-deposit of TDS very seriously. They have imposed new rules to... Read More

How Tax Evaders are Now Trapped by I-T Dept’s New Rules? A strategically aggressive enhanced action plan to prosecute serial dodgers ! 3 min read

Income Tax

How Tax Evaders are Now Trapped by I-T Dept’s New Rules? A strategically aggressive enhanced action plan to prosecute serial dodgers !

Rebecca Ghomes 8 years ago

You don’t need any expert to tell you that filing income tax return is one of the most important duties as a citizen. If you... Read More

The Amendment of Section 51 of the Income Tax Act through Finance Bill 3 min read

Income Tax

The Amendment of Section 51 of the Income Tax Act through Finance Bill

Rebecca Ghomes 8 years ago

There have been several measures proposed by the government through the Finance (Vol. 2) Bill, 2014. These measures relate to curb tax deference. The most... Read More

The Actual Concept Of Assessment and Reassessment Proceedings Of Income Tax Act 3 min read

Income Tax

The Actual Concept Of Assessment and Reassessment Proceedings Of Income Tax Act

Rebecca Ghomes 8 years ago

It may not be that uncommon for you to be served by an assessment or reassessment notice under Section 148 of the Income Tax Act.... Read More

Rebecca Ghomes

Buying a Flat? The Date of Acquisition must Be the Primary Concern

Section 50 C of Income Tax Act – Sale Consideration Vs Stamp Valuation

Do I pay Input Tax Credit in Goods and service tax? How do I and when can I claim it back?

Analyzing the Advance Received Against the Sale of Land by Section 2(47)(v) and Section 53A

The Procedure for Reassessment Proceedings under the Income Tax Act

Tax-ability of Interest on Fixed Deposit in Wife’s Name?

Do you know the consequences of non-deposit of TDS?

How Tax Evaders are Now Trapped by I-T Dept’s New Rules? A strategically aggressive enhanced action plan to prosecute serial dodgers !

The Amendment of Section 51 of the Income Tax Act through Finance Bill

The Actual Concept Of Assessment and Reassessment Proceedings Of Income Tax Act

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