Rajendra Bastimal Chordiya Vs ITO (ITAT Pune) The issue in the present ground is with respect to the denial of claim of deduction u/s 54B of the Act for the reason that the land was not cultivable. We find that the reason for denying the claim of deduction u/s 54B of the Act was for […]
ITR-6 & ITR-7 utilities are modified to fix bugs identified while filling Schedule FSI and TDS. These issue fixes has no impact on XML schema which remains same and for those taxpayers where these schedules are not relevant. For those taxpayers who are entering data in these schedules, it is requested that they may download […]
Sh. Vijay Chaudhary Vs ITO (ITAT Delhi) Whether the assessee invests the entire sales consideration in construction of a residential house within three years from the date of transfer can he be denied exemption under Section 54F on the ground that he did not deposit the said amount in capital gains account scheme before the […]
As per Section 9(1) of CGST ACT 2017 ‘There shall be levied a tax called the central goods and services tax on all intra –state supplies of goods or services both ,except on supply of alcoholic liquor for human consumption, on the value determined under section 15 and at such rates, not exceeding twenty per cent., […]
Interest provisions in GST law are covered under section 50(1) and section 50(3) of Central Goods and Services Tax Act, 2017. Section 50(3) specifies that interest rate should not exceed 24% p.a. and intends to exclusively cover cases of contravention as per section 42 (10) and section 43 (10). Whereas section 50 (1) is a […]
The Hon’ble Supreme Court (SC) in the case of Kolkata West International City Pvt. Ltd. v. Devasis Rudra passed a judgment stating that the homebuyers are allowed to claim refund from the defaulting builders/developers in case there is a prolonged delay in delivery of possession of homes. In the said case, the builder had failed to […]
CA Result out yesterday. I know those who have cleared, there were tremendous happiness and it should be. It’s a life time achievement. However, those who have not cleared yet like mine have number of feelings like sorrow, guilt and many more. Not getting cleared means not a failure at all. Failure happens when you […]
1. Meaning of different terms under Income Tax Act, 1961:- i. Trust : A trust is an obligation in relation to ownership of property & which is arising out of confidence reposed in and accepted by owner or declared and accepted by him, for the benefit of another, or of another and the owner. ii. […]
What is the need of Correction? The following are the some of the reasons behind for TDS corrections. > Wrong PAN Number for Employee or Dedcutee update in TDS Statement > Short Deduction or Excess deduction of TDS amount > Excess or Short utilization of Challan amount > Mentioning Wrong details for LDC Number or […]
After independence struggle when the industrialists were pressurized to show their dedication towards the benefit of the society. Mahatma Gandhi urged to the powerful industrialists to share their wealth for the benefit of underprivileged section of the society.
