Section 54- Investment in residential house Several disputes are in existence as to whether an assessee can buy more than one house under provisions of section 54 of the Income-tax Act, 1961. In the recent times High Courts and ITAT have taken a consistent view that in order to avail the exemption u/s 54 of […]
In Its Pre-budget Memorandum on Direct Taxes Apex Accounting Institute ICAI has suggested that deduction in respect of interest on housing loan in case of self occupied property should be increased from Rs. 1.5 Lakhs to Rs. 3 Lakhs. ICAI further suggested that Assessee should be allowed deduction equal to 30% from unrealised rent and ground rent shall be allowed as separate deduction while computing income under the head Income from House property.
The Stock Exchanges and Depositories are advised to bring the contents of this Circular to the notice of the Stock Brokers, Depository Participants, as the case may be, and also disseminate the same on their websites.
In the Result Framework Document, 2014-15, the Board has resolved to augment the number of Aayakar Sewa Kendras from existing 189 already set up in the Income-tax department, by setting up additional 70 Aayakar Seva Kendras (ASK) all over the country in the current financial year i.e. 2014-15.
These records shall also indicate the basis followed for arriving at the rates charged or paid for such goods or services so as to enable determination of the reasonableness of such rates in so far as they are in any way related to goods/services under reference.
CA Gaurav Mittal Yesterday, the government has placed a draft notification for comments on the MCA Website relating to exemptions granted to private companies. Private companies are closely held business entities that are not permitted to invite the public to subscribe to their shares or accept deposits from the public. Private companies are defined under the […]
Delhi, being the trading centre, issuance of credit notes in respect of discounts and incentives by the sellers to the buyers is a common marketing phenomenon. Where the consideration as per the original sale bill is reduced due to offer of discount, incentives, etc., credit note is issued by the seller to the purchaser.
Certification of deductions claimed under section 54, 54F, 54EC etc a) At present deductions u/s 54, 54F, 54EC etc. are not subject to any audit or certification. The possibility that the assessee claims inaccurate amount of deduction under such provisions cannot be ruled out. In order to reduce such possibility of furnishing of inaccurate particulars […]
Section 54EC-Capital gain not to be charged on investment in certain bonds Section 54EC provides that the capital gains arising from the transfer of a long term capital assets will be exempt, if the whole or part of the capital gain, is invested in the long term specified assets at any time within a period […]
There cannot be any dispute to the preposition that the penalty is leviable under Section 271(1) (c) when any person has concealed the particulars of his income or furnished inaccurate particulars of such income. The present is not a case of concealment of particulars of any income of the assessee.
