Income Tax

Exemption under Section 54F allowed for multiple flats if located at same address 4 min read

• Income Tax

Exemption under Section 54F allowed for multiple flats if located at same address

Sourav 8 years ago

Assessee allowed to claim exemption u/s 54F for multiple flats if located at same address In the Case of CIT Vs Shri Gumanmal Jain (Madras High Court),... Read More

Assessee not indebted for providing the facility for conducting the survey if not asked for 3 min read

• Income Tax

Assessee not indebted for providing the facility for conducting the survey if not asked for

Sourav 8 years ago

Income Tax Appellate Tribunal Amritsar Bench in a thought-provoking decision of Smt. Kailash Devi ITA 347/ASR/ 2015 manifested on 05-04-2016 on conducting the survey and... Read More

Assessment of income of third person under the Income Tax Act 3 min read

• Income Tax

Assessment of income of third person under the Income Tax Act

Rebecca Ghomes 8 years ago

Section 153C – Under this provision provides for the procedure for assessment of income of any other person. Section 153C (1) provides that notwithstanding anything... Read More

CBDT circular on Taxability of compensation received on compulsory acquisition of Agricultural land 4 min read

• Income Tax

CBDT circular on Taxability of compensation received on compulsory acquisition of Agricultural land

Sourav 8 years ago

With the help of Circular No. 36/2016, The Ministry of Finance has cleared all the doubts and clarified that receipt of compensation in case of compulsory acquisition... Read More

Taxability of Compensation Received for Compulsory Acquisition of Non Agricultural Land 3 min read

• Income Tax

Taxability of Compensation Received for Compulsory Acquisition of Non Agricultural Land

Skumar 8 years ago

The central Board of Direct Taxes (CBDT) has clarified that the compensation received against acquisition (Including compulsory acquisition) of non-agricultural land is exempt from the... Read More

Tribune Trust Chandigarh vs. Commissioner of Income Tax- Whether the Objective of Trust is Charitable to Qualify for Income Tax Exemption 3 min read

• Income Tax

Tribune Trust Chandigarh vs. Commissioner of Income Tax- Whether the Objective of Trust is Charitable to Qualify for Income Tax Exemption

Rebecca Ghomes 8 years ago

The date of pronouncement of this case was December 23, 2016 and it was published on December 29, 2016. The high court had to consider... Read More

Violators to face strict action for Benami transactions warns IT Department 2 min read

• Income Tax

Violators to face strict action for Benami transactions warns IT Department

Sourav 8 years ago

The Income Tax department has given a signal for strong action against those who undertake Benami transactions. Those who undertake Benami Transactions would be chargeable... Read More

Change in the Rates of TDS for FY 2017-18 and the applicable areas 6 min read

• Income Tax

Change in the Rates of TDS for FY 2017-18 and the applicable areas

Rebecca Ghomes 8 years ago

TDS means Tax Deducted at Source and this is one of the modes by which taxes are collected. This chart features the tax deduction rates... Read More

Taxability of House Rent Allowance and deductions available under 88 GG for rent paid 2 min read

• Income Tax

Taxability of House Rent Allowance and deductions available under 88 GG for rent paid

Sourav 8 years ago

House Rent Allowance (HRA) is a general component of salary structure and allowed as allowance. Though House Rent Allowance is a part of the salary,... Read More

Overview of the Various Restrictions and Analysis of Section 269ST of Income Tax Act 4 min read

• Income Tax

Overview of the Various Restrictions and Analysis of Section 269ST of Income Tax Act

Sourav 8 years ago 12

The Finance Bill, 2017 has something new to propose and to insert a new section 269ST in the Indian IT Act, 1961 w.e.f 1st April... Read More