Category: Income Tax

Taxability of Perquisites Under Income Tax

Tax­a­bil­i­ty of Dif­fer­ent Perquisites paid to Employ­ees by Employ­ers in the hand of Employ­ee for the finan­cial year 2018–19 under Income Tax. Sec­tion wise details has been giv­en in tab­u­lar For­mat. 17(2)(i)/(ii) read with Rule 3(1) Rent free unfur­nished accom­mo­da­tion…

Cost Inflation Index for Calculation of Capital Gain

Cost Infla­tion Index For Cal­cu­la­tion Of Cap­i­tal Gain As per Noti­fi­ca­tion no. So 1790(e) [no. 44/2017 (f. No. 370142/11/2017-tpl)], dat­ed 5-6-2017, fol­low­ing table should be used for the Cost Infla­tion Index :- Sl. No. Finan­cial Year Cost Infla­tion Index 1…

Revised return validly filed pursuant to notice u/s. 153A after Search & Seizure, is accepted, defects found in original return cannot be considered for imposing penalty u/s. 271(1) ©

The assessee filed return of income declar­ing a huge loss. Pur­suant to the search and seizure oper­a­tions u/s.132 and issuance of notice u/s.153A, assessee revised the loss return declar­ing as nil income. Assess­ment was com­plet­ed on the NIL income only.…