Local Authority

Deduction under section 80-IB(10) available on a year to year basis for an undertaking engaged in developing and building housing projects showing profit on partial completion method Full Article

Permanent Account Number (PAN) is a ten-digit alphanumeric identifier, issued by Income Tax Department. Each assessee (e.g. individual, firm, company etc.) is issued a unique PAN. Full Article

From now on, when you get a gift in kind, valued at more than Rs. 50,000, from your parents or other relatives, make sure you have a sworn affidavit declaring the donor your kin.The Central Board of Direct Taxes has ruled that any such gift will be taxable for the donee unless it is from relatives or given during occasions such as marriage or by way of inheritance. Full Article

SUMMARY OF CASE LAW Just because the members of the assessee-Mandi Parishad not elected, the status of the “Local Authority” cannot be denied  to it when all other tests laid down by the Supreme Court regarding a local authority in Ajay Hasia v. Khalid Mujib [AIR 1981 SC 487] & Union of India v. R. C. [...] Full Article