Income Tax Archives – Income Tax News, Judgments, Act, Analysis, Tax Planning, Advisory, E filing of returns, CA Students

notification clarifying ‘genuine’ transactions for nil capital gains

Notification clarifying ‘genuine’ transactions for nil capital gains when no STT is paid

August 27, 2017 Diksha Garg 0 Comments CBDT, Central Board, Direct Taxes, Income Tax

CBDT or Central Board of Direct Taxes recently released a notification that the transactions which under the Section 10(38) of

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Can you become a GST practitioner in India? Eligibility and Process to become GST Practitioner

August 18, 2017August 18, 2017 Rebecca Ghomes 0 Comments educational qualification required for a GST practitioner, eligibility criteria for a GST practitioner, grounds for disqualification of a GST practitioner, GST practitioner, how to become a GST practitioner?, qualifications required for a GST practitioner

GST is the biggest topic of discussion in India right now. This tax overhaul came with applaud and criticism alike,

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Change of Assessing Officer and Jurisdiction for Income Tax

Income Tax – Change of Assessing Officer and its Jurisdiction

August 18, 2017 Diksha Garg 0 Comments Chief Commissioner of Income Tax, Commissioner of Income Tax, Director General (DGIT), Income Tax

Filing of income tax return is the statutory duty of every citizen of the country. In this regard assessee needs

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What is The Reverse Charge Mechanism under Goods and Service Tax (GST)?

August 7, 2017August 7, 2017 Rebecca Ghomes 0 Comments Applicability of Reverse Charge Mechanism, CGST, Goods and Service Tax, GST, IGST, Reverse Charge Mechanism, what is Reverse Charge Mechanism

A revolutionary change has been brought about the entire taxation system of India, with the onset of a new tax

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

August 7, 2017 Rebecca Ghomes 0 Comments capital gains tax, Exemptions under Section 54/54F, Income tax act, realty business, Section 54/54F of the Income Tax Act, types of capital gains tax, What qualifies as the capital asset

Investing in realty property is becoming a lucrative business. With the realty business growing in such vigor that everyone is

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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

August 7, 2017 Rebecca Ghomes 0 Comments COncealment penalty for declaring wrong value of property, section 50 of income tax act, Stamp Duty, Valuation

Section 50C of Income Tax Act states, “The AO is not entitled to make an addition to the sale consideration

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

August 7, 2017 Rebecca Ghomes 0 Comments can I claim my Input Tax Credit, can I get back the Goods & service tax, Goods & service tax, GST, how to claim for Input Tax Credit, input tax credit, ITC, qualifying for Input Tax Credit

What is Input credit tax (ITC)? Recently the Government of India has combined all the taxes and made it into

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Around 300 IT Commissioners Transferred Across the Country

Around 300 IT Commissioners Transferred Across the Country in a Major Reshuffle

August 7, 2017 Diksha Garg 0 Comments CBDT, chairman, Demonetization, Income Tax, IT

To fine tune the working of the Income Tax Dept, this step was taken. The list of all the transfers

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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

August 7, 2017August 7, 2017 Rebecca Ghomes 0 Comments

At any point in your life you may be involved in selling or buying or transferring an immovable property like

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The Procedure for Reassessment Proceedings under the Income Tax Act

August 7, 2017 Rebecca Ghomes 0 Comments assessment, concept of assessment and reassessment, Procedures for re-assessment, re-assessment under Section 147, Reassessment, Section 147, Section 148 of the Act

When you are filing for income tax in India, you should be aware of the jargons that are present in

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