In order to reduce dealings of cash in immovable property transactions it is proposed to amend section 269SS and section 269T of the Act in Budget 2015. Section 269SS of the Act is proposed to be amended to provided that no person shall…
Category: Income Tax
TRANSPORT ALLOWANCE DOUBLED FROM Rs.800 to Rs.1600
Transport Allowance for individual salaried employees has been doubled to Rs 1,600 per month from the existing Rs 800 per month. The total yearly benefit will amount to Rs 19,200 as opposed to Rs 9,600 at present. Share on: whatsapp
CBDT asked to follow Vodafone ruling in similar cases
The Central Board of Direct Taxes (CBDT) asked its field formations on Thursday to not treat income arising out of a share transfer by Indian subsidiaries of multinational companies (MNCs) to its parent and other related entities as taxable. It,…
Cost Inflation Index for Capital Gain Computation
Explanation (iii) to section 48 defines the term “indexed cost of acquisition” as the amount which bears to the cost of acquisition, the same proportion as the cost inflation index for the year in which the asset is transferred bears…
Excessive Stock Statement Given to Bankers, Difference will be added to Income of the assessee
This appeal has been preferred by the assessee under Section 260A of the Income Tax Act, 1961. The High Court of Ounjab & Haryana in case of Smt.Shakuntla Thukral vs Commissioner Of Income Tax on 6 February, 2014 confirmed that…
Interest on Housing loan can be claimed as Deduction from House property & also can be included in cost of Acquisition for Capital Gain simultaneously
Assessee claim deduction of Interest on Housing Loan upto Rs. 2 Lakh (from AY 2015–16) to acquire house property u/s 24(b) and simultaneously upon sale of said property, interest already claimed as deduction u/s 24(b) can be added to cost…
Cost of Furniture & Fittings are personal effects & not includible in cost of acquisition of house
In the case of Shri Sachinder Mohan Mehta v. ACIT (Delhi High Court), Appeal No. ITA 655/2014, Judgment delivered on December 03, 2014 Delhi high court held that Cost of Furniture & Fittings are personal effects & not includible in…
Income Tax e‑Filing Statistics
ITR Wise receipt of e‑Returns- December, 2014 S.No. Form FY 2012–13 (From 01/04/2012 to 31/03/2013) FY 2013–14 (From 01/04/2013 to 31/03/2014) FY 2014–15 (From 01/04/2014 to 31/12/2014) 1 ITR‑1 6409881 10676604 10936176 2 ITR‑2 2240995 3213262 2667339 3 ITR‑3 625890 721831…
Rent received from mobile Tower which has been erected on the top at the building would be taxable under the head house property
ITAT Delhi held in the case of Manpreet Singh Vs. ITO, I.T.A. No.: 3976/Del/13 that Rent received from mobile Tower which has been erected on the top at the building would be taxable under the head house property In brief,…
Delay in Tax Audit/ tax audit not done & Penalties Leviable
Tax audit is made compulsory u/s.44AB of the Income tax Act, 1961 for those a) carrying on business having sales, turnover or gross receipts, as the case may be, exceed or exceeds Rs. 100.00 lacs in the previous year from the…