It was contended by the assessee that their agricultural land is situated in the rural area outside the municipal limit and hence does not fall within the ambit of provisions of s. 2(14) of the Act and not liable to tax in the assessee’s hand. But the AO has not accepted the contention of the assessee and treated the sale consideration of assessee’s share as undisclosed income of the asses see and added to the income of the assessee.
The Direct Tax Code is a bit of a mixed bag for individuals, particularly the salaried class. Prima facie, the tax liability will reduce significantly as the draft code proposes to tax incomes up to Rs 10 lakh at 10%, that between Rs 10 lakh and Rs 25 lakh at 20% and sum in excess […]
Mumbai: Officials from the income-tax (I-T ) department on Wednesday and Thursday carried out searches at various offices of Bombay Rayon Fashion, a textile company promoted by Janardhan Agarwal. The company is into garments , textile and retail.
Two Mumbai policemen and a retired income tax official, who attempted to extort money from a jeweller at Navsari near Surat in Gujarat, were caught in the act by residents on Thursday . The three were handed over to the Navsari police, who arrested them for forgery , cheating and extortion.
If you think the new direct tax code unveiled by finance minister Pranab Mukherjee on Wednesday will save you tax, think again. For taxpayers in the lower brackets, taxes may actually go up, depending on various assumptions. People who make substantial income from buying and selling shares may also lose out.
Set-off & Carry Forward of losses in direct tax code: Carry forward of loss permitted only if return filed within due date Set-off & Carry Forward of losses [Sections 58 to 60] Income from various sources falling within any head of income shall be set-off. Income / Loss from Capital Gains can be set-off against […]
The new Direct Tax Code has proposed some stringent penalty provisions in case of willful attempt to evade tax, but maximum penalty mooted will not be more than two times the amount of tax payable in respect of the amount of tax base underreported. Imprisonment for a term which may extend to seven years and with […]
For Individuals and Hindu Undivided family The code proposes to exempt the general tax payer from paying income tax if his income is Rs 1,60,000 in a year. He would pay just zero tax till an income of Rs 1,60,000 per year. From income above Rs 1,60,000 till Rs 10 lakh (Rs 1 million), he […]
The Direct Taxes Code proposes to substantially raise the threshold limit for levy of wealth tax to Rs 50 crore from Rs 30 lakh, a suggestion, if accepted, would save many people from paying tax on their wealth. Finance Minister Pranab Mukherjee in the budget for 2009-10 had doubled the threshold limit for levy of wealth tax to […]
All banks participating in RTGS / NEFT / NECS / ECS are, therefore, advised that when the destination of funds is to an NRE account, the originating / sponsor bank must ensure that the funds are eligible to be credited to an NRE account in India under the existing FEMA Regulations and Wire Transfer Guidelines. Beneficiary / Destination banks have to make requisite changes to the interface software, if not already done, so that all valid transactions indicating credit to an NRE account are not returned.
