The Income Tax Act provides deduction under section 80C against Principal Repayment and exemption under Section 24(b) on Interest payment of Housing Loan. Article explains tax benefit on Housing Loan taken and possession received in the same year and also when possession received in next year.
To encourage enhanced investment in house properties, the Government has increased the tax benefits on home loan. It helps you to reduce your taxable income, thereby paying fewer taxes. Section 80C provides for deduction of the amount paid as part payment or any installment in respect of home loan. Home loan should be for purchasing […]
Krishna the due date to file income tax returns for some taxpayers for the year 2017-18 is 31st July. It is said that in the Income tax Returns, GST details are also required to be given. Who needs to give these details and how these details are to be given?
ITAT held that since the notice u/s 143(2) of the Act was issued prior to the furnishing of return by the assessee in response to the notice u/s 148 of the Act. Therefore, the notice issued u/s 143(2) of the Act was not valid and the reassessment framed on the basis of said notice deserves to be quashed. We, therefore, quash the reassessment framed by the AO.
Denial of assessee’s claim under section 10(38) on the basis of suspicion without any cogent material to show that the assessee had brought back its own unaccounted income in the shape of long-term capital gain was not justified.
AO has remained sited with folded hands and has not made any independent enquiry from concerned AO of share holder company which itself is sufficient to knock off the addition made. On basis of this I have no hesitation to delete the additions of Rs 25,00,000 and Rs 45,000 made u/s 68
Very often, readers keep enquiring about the submission of forms No. 15G/15H to the banks or others payer so that interest could be received without deduction of tax at source (TDS). In this column, I am covering all about Form No. 15G & 15H and hopefully the detailed elaboration hereunder would provide a comprehensive picture about the submission of Form No. 15G & 15H.
What is the meaning of notice issued under Section 143(1)(a) of Income tax act 1961. As per latest amendments and provisions of income tax act with the Assessment Year 2018-19, there are various new provisions related to income tax proceedings and assessment procedure being included. In order to this there is a new Section which […]
Residential Status of an Individual (Sec 6(1) -An individual is resident in India if he satisfies any one of the following two conditions: i. He is in India for 182 days or more in the relevant previous year or ii. He is in India for 60 days or more during the relevant previous year and for 365 days or more during 4 years immediately preceding the previous year.
In re M.U.N. Agro Industry Pvt. Ltd. (GST AAR Maharastra) Frozen meat of sheep / goat in HDPE gunny bag which do not indicate any information related to weight / number of carcass packed in such bags would tantamount to being as a product not put up in unit container and thus falls under chapter […]
