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Time limit for completion of assessment under section 153A as prescribed in section 153B of the Income-Tax Act, 1961
Time limit for completion of assessment under section 153A as prescribed in section 153B of the Income-Tax Act, 1961Section 153B provides for the time limit within which the assessment or reassessment under section ...
Period of holding for the purposes of computation of capital gains tax
Period of holding for the purposes of computation of capital gains taxAs per the existing provisions, period of holding distinguishes one capital asset from the other. The holding period refers to the time between an ass...
Capital gains in case of “Slump Sale” as per the provisions of Section 50B of the Income Tax Tact, 1961
Capital gains in case of “Slump Sale” as per the provisions of Section 50B of the Income Tax Tact, 1961The concept of ‘Slump sale’ was incorporated in the Income Tax Act, 1961 (herein after referred to as “the ...
AMNESTY & VOLUNTARY DISCLOSURE OF INCOME SCHEME
AMNESTY & VOLUNTARY DISCLOSURE OF INCOME SCHEMEOver time, governments have offered reprieves to the public in the matter of tax evasion based on the rationale that people must be given an opportunity to correct their...
INTEREST PAID IN RESPECT OF CAPITAL BORROWED FOR THE PURPOSE OF BUSINESS OR PROFESSION [SECTION 36(1)(iii)]
INTEREST PAID IN RESPECT OF CAPITAL BORROWED FOR THE PURPOSE OF BUSINESS OR PROFESSION [SECTION 36(1)(iii)]The interest paid on capital borrowed for business/profession is eligible for deduction under Section 36(1)(iii)....
Claim of Bogus Losses through Client Code Modification - Taxability under Income Tax Law
Claim of Bogus Losses through Client Code Modification - Taxability under Income Tax LawClient Code Modification means modification / change of the client codes after execution of trades. Stock E...
Pr. Commissioner of Income Tax-XVIII vs Praveen Saxena (Delhi High Court) – Allowability of Customs Duty Deposit as Deduction under Section 43B of the Income Tax Act, 1961
Facts of the CaseThe assessee, Mr. Praveen Saxena, was engaged in the business
of import and export of commodities through his proprietary concern, M/s Nova
International. A search operation was conducted by Customs Au...
Determining the full value of consideration as per section 50C in cases of transfer of immovable property, being land or building or both
Determining the full value of consideration as per section 50C in cases of transfer of immovable property, being land or building or bothAs per Section 50C of the Income-tax Act, 1961 when a capital asset, being land or ...
Penalty under section 270A for under-reporting and misreporting of income
Penalty under section 270A for under-reporting and misreporting of incomeSection 270A has been inserted by the Finance Act, 2016, with effect from 01.04.2017 i.e. from the assessment year 2017-18. Section 270A conta...
Income from other sources - a residuary head of income under the Income-tax Act, 1961
Income from other sources - a residuary head of income under the Income-tax Act, 1961Income from other sources is a residuary head of income i.e. income not chargeable under any other head, and which is not excluded from...