"09 March 2019" Archive

Leased Rent for Open Land Taxable under Income from Other Sources

Sh. Naresh Kumar Anand HUF Vs Pr. CIT (ITAT Jalandhar)

Sh. Naresh Kumar Anand HUF Vs Pr. CIT (ITAT Jalandhar) Facts: Notice u/s 148 was issued on 09.02.2009 on the point that M/s. L&T paid an amount of INR 14 Lakhs to the assessee as lease rent for land which was declared by the assessee in its return under the head ‘Income from House Property’ […]...

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Posted Under: Income Tax | |

Retrospective application of CBDT Circular clarifying no TDS to be deducted for Bank Guarantee Commission

Onkareshwar Properties (P) Ltd. Vs ACIT (ITAT Delhi)

No disallowance u/s 40(a)(ia) could be made for non deduction of TDS on bank commission / guarantee fee as CBDT vide Circular No. 56/2012 had clarified that no TDS was required to be deducted on bank guarantee commission, etc. and the same was retrospective applicable....

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Highlights of MVAT and other disputed taxes settlement Ordinance

Krishna, the Maharashtra Government has introduced various schemes in the Budget to settle old disputes. Considering the same, the government has introduced an ordinance to solve disputes between Maharashtra government and taxpayers. What is this ordinance?...

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Posted Under: Income Tax |

Exemption limit for Registration Under GST

1. Prior to Notification No. 10/2019-Central Tax ,dt. 07-03-2019 – Person exclusively making local of within state supplies from States other than Specified Category State (Sub-section (1) of section 22 of CGST Act, 2017):  Every supplier making taxable supply of goods or services or both exclusively in State or Union Territory oth...

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Posted Under: Income Tax |

मेडिकल टेस्ट के खर्च पर भी बचा सकते हैं टैक्स, जानिए कैसे

हर वित्त वर्ष के अंत में वित्तीय सेवाएं देने वाली कंपनियां बहुत सक्रिय हो जाती हैं. इनमें बैंक, बीमा कंपनी और फंड हाउस शामिल हैं. ये...

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Posted Under: Income Tax |

Credit Card – a Convenient mode of payment

Article explains What is a Credit Card?, How Credit Card is Different from Debit Card, Benefit of using Credit Card, Major drawback of Credit Card and How to use Credit Card wisely. What is a Credit Card? A credit card is also known as plastic money, It is a card or mechanism which enables to […]...

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Posted Under: Income Tax |

Cut your taxes not your dreams

Tax Planning is an integral part of your financial planning. Sec 80C of the Income Tax Act allows you to claim deductions from your taxable income by investing in certain investments. One of the most popular Sec 80C investments is in Tax saving mutual funds or Equity Linked Savings Scheme (ELSS). This is an equity […]...

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Posted Under: Income Tax |

Availment of Input tax credit paid under RCM

Input tax credit on the tax paid under RCM will be available in the same month for which the liability has been disclosed and paid in subsequent month? or will it be available in the month in which RCM has been paid and filed the valid return as per Sec.16 of CGST Act, 2017? Availment […]...

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Posted Under: Income Tax |

Sanctity of Approval of Higher Authority u/s. 151 of Income Tax Act, 1961

The sanctity of the approval of the higher authority cannot be countenanced under the Income Tax Act 1961. The legislature has provided for many kind of safeguards against the action taken by the field officers one of them being  in the form of approval from higher authority.  One such approval is provided under section 151 […]...

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Posted Under: Income Tax |

विरासत में मिली संपत्ति को बेचने पर कितना लगता है टैक्स?

घर की बिक्री से मिली रकम पर कैपिटल गेंस टैक्स चुकाना पड़ता है. किशन और उनके तीन भाइयों ने हाल ही में अपना पैतृक घर बेचा है. वे इसके का...

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Posted Under: Income Tax |