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Archive: 16 February 2023

Posts in 16 February 2023

29 Key Highlights of changes in Direct Taxes vide Budget 2023

February 16, 2023 25707 Views 1 comment Print

Ministry of Finance 1. ANTI-AVOIDANCE RELATED TO INTEREST PAID ON BORROWED CAPITAL Budget 2023 proposes that cost of acquisition or improvement of house property shall not include the amount of interest on borrowed capital, which has been claimed earlier as deduction. While interest paid on borrowed capital for acquiring or improving a property can, subject […]

Hon’ble SC’s order on filing of appeals by Revenue through electronic mode

February 16, 2023 1956 Views 0 comment Print

CBDT informed that field formations have been filing appeals/petitions in physical as well as in e-filing mode. In compliance of the directions of the Hon’ble Supreme Court, field formations have been directed to ensure that filings of appeals/petitions before the High Court’s should take place in the e-filing mode only.

Maharera: Real Estate Agent Training and Certification: Guidelines

February 16, 2023 3204 Views 0 comment Print

Real estate agents are essential element of real estate sector, who connect allottees and promoters and facilitate most of the real estate transactions.

Higher rate of tax under Section 115BBE apply to AY 2017 -18

February 16, 2023 21282 Views 0 comment Print

Maruthi Babu Rao Jadav Vs ACIT (Kerala High Court) The writ petition sought for a declaration that the amendments made by the Taxation Laws (Second Amendment) Act, 2016, to Section 115BBE of the Income Tax Act, 1961 enhancing the rate of income tax, for specified incomes which are unexplained, to 60% and the surcharge provided […]

Stressed Assets – A hustle between IBC and SARFAESI

February 16, 2023 4824 Views 0 comment Print

How Insolvency and Bankruptcy Code (IBC) and SARFEASI are impacting in recovery of stressed assets? General idea, we all possess is that the role of ARC, established under SARFEASI to primarily resolve the issue of NPA/Bad Loan.

DGIT (Systems), Delhi, to furnish response to TN Govt in the form of flag based on Taxpayers status

February 16, 2023 1170 Views 0 comment Print

CBDT directs DGIT (Systems), New Delhi, to furnish the response to TN Govt in the form of flag based on Taxpayers status F. No. 225/169/2022-ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ***** New Delhi, the 16th February, 2023 Order under section 138(1)(a) of the Income-tax Act,1961 Central […]

An expert’s guide on which regime to choose for your salary bracket based on budget 2023

February 16, 2023 2202 Views 0 comment Print

Navigating through different income brackets and the best-suited tax regime for them post Union Budget 2023.

Interest paid on loan for acquiring commercial property is fully deductible

February 16, 2023 10416 Views 1 comment Print

ITAT Mumbai held that entire interest paid on loan for acquiring commercial property is allowable as deduction. Restriction as provided in 2nd proviso to section 24(b) is not applicable. Hence, the amount of loss under the head ‘income from house property’, which is not set off against the income under the other head of income be allowed to be carried forward as per provisions of section 71B of the Act.

Absolute confiscation of gold sustainable as appellant failed to prove that it was not smuggled

February 16, 2023 909 Views 0 comment Print

CESTAT Delhi upholds the absolute confiscation of disputed gold as it was reasonably believed to be smuggled and appellant failed to discharge his burden to prove that the golds was not smuggled gold.

Sale of agricultural land after conversion into non-agricultural land is taxable

February 16, 2023 10083 Views 0 comment Print

ITAT Rajkot held that conversion of agricultural land into non-agricultural land and sale thereof, such sale consideration is received from sale of non-agricultural land and hence the same is taxable under income tax.

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February 2023