"04 August 2018" Archive

ICAI represents on Revised Form 3CD – Demands Deferment of Revised 3CD

ICAI vide its representation suggested CBDT to that changes made in Form No. 3CD be implemented from AY 2019-20 for smooth implementation and compliance. It is further suggested that the new clauses may be reconsidered and appropriately modified preferably after due consultation with the stakeholders....

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Posted Under: Income Tax | ,

Capital Gains Accounts Scheme – How to open / Tax Benefits

Capital gains arise when the consideration received on transfer or sale of a property is more than its indexed cost. The amount of capital gains that is not appropriated by an assessee towards the purchase of another property before one year from the date of transfer or within two year from the date of transfer of the original property...

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Posted Under: Income Tax |

School reopens! Unresolved questions of its Fees in Income Tax

Arjuna (Fictional Character): Krishna, July is here, Schools / colleges soon will reopen. Therefore Parents are busy in their children’s school preparation. Today, tell us in detail about education expenses and provisions relating to it under Income Tax Act...

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Posted Under: Income Tax |

Pension to Salaried – Tax provisions

The tax treatment of pension in various cases is discussed below – There are different situations in which pension is received by an employee. Accordingly the tax treatment for the same also differs. In a situation where pension is received by an employee after retirement but during his lifetime, it is chargeable to tax as follows...

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Posted Under: Income Tax |

Assessment/Re-assessment Procedure u/s. 147 of Income Tax Act, 1961

Assessment/Re-assessment is a procedure adopted to determine the correctness of the income disclosed by the assessee and tax payable thereon. Than what is reassessment and why there is need of reassessment? Section 147 and 148 of Income Tax Act is a well designed weapon for the Income Tax Department empowering it to assess, re-assess or...

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Posted Under: Income Tax |

Bonus stripping – Way to Save tax

In bonus stripping, investors buy units within a period of three months  prior to record date, so by virtue of the their holding they receive additional shares unit as bonus without any cost and subsequently, sell the original holding at a loss once the stock becomes ex-bonus. This loss can be adjusted against their capital gains on othe...

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Posted Under: Income Tax |