"29 April 2014" Archive

Section 45(5) – Compulsory Acquisition – Capital Gain

SECTION 45(5) – COMPULSORY ACQUISITION Q. Do consideration received from Government against compulsory acquisition attracts capital gain? As per section 45(5), consideration received against Compulsory acquisition by the Central Government shall also attract Capital Gain. [Jehangir P. Vazifdar V ITO (1992) 42 ITD 67 (Bom-Trib) – R...

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Posted Under: Income Tax |

Capital Gain on Sale Of Agricultural Land – Case Studies

Q. What is the test that determines land is agricultural land? The Gujrat HC in CIT v Siddhartha J. Desai 139 ITR 628 (Guj)(1983) has laid down the following tests for determining whether the land is agricultural or not: a)    Whether, the land was classified in the revenue records as agricultural and whether it was […]...

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Posted Under: Income Tax |

Punjab VAT – Input Tax Credit w.e.f 01.04.2014

Input tax credit is a concession granted by the State Government against the output tax liability on the sale or purchase of goods within the State jurisdiction. To avail such concession one has to fulfill the conditions imposed by the statue subject to which such concession is available. Amendment w.e.f. 01.04.2014: One of the most [&hel...

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Posted Under: Income Tax |

Fast Track Quick Revision of Agricultural Income

Kaushal Agrawal Learn, understand and memorise 1. Why agricultural Income has been made exempted. 2. What is rider? 3. Definition of agricultural Income. 4. Computation of agricultural income 5. Part agricultural income and part non agricultural income of tea, coffee and rubber. 6. Partial Integration of agricultural Income with non agric...

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Posted Under: Income Tax |

Implementation of National Judicial Reference System Project of Income Tax Department

D. O. No.. DGIT (L&R)/NJRS/2014-M (29/04/2014)

As you may be aware, the department has been working on a project to create an electronic database of all income tax appeals and judgments of the ITAT, HCs and the Supreme Court. The project is titled the National Judicial reference System (NJRS), and is being taken up under the Directorate General of Income Tax (Legal & Research). The pr...

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NABARD approved for the purpose of section 36(1)(xii) of Income Tax Act, 1961

Notification No. 25/2014-Income Tax (29/04/2014)

Notification No. 25/2014-Income Tax In exercise of the powers conferred by clause (xii) of sub-section (1) of section 36 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the National Bank for Agriculture and Rural Development (PAN: AAACT4020G) established under section 3...

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