Sec. 54F provides that capital gains on transfer of capital assets shall not be charged in cases of investment in residential house. The section pointedly says that such eligibility would be available if the assessee has, within the period prescribed, constructed, a residential house. For the purpose of that section, the residential house so constructed is referred to as new asset.
The Finance Bill 2013 has proposed to increase the base for taxation for transfer of agricultural land as defined under the provisions of section 2(14)(iii) of the Income Tax Act. So far by virtue of the above provision, tax on transfer of agricultural land had been excluded from the ambit of capital gains tax except […]
The Inccome Tax Department has constituted a special cell to deal with the recovery of arrears where the assessee is not traceable or has gone bankrupt. Stating this in a written reply in the Rajya Sabha, Finance Minister P.Chidambaram said the IT department has made recoveries of over 16 thousand crore rupees in the nine […]
Notification No. 19/2013 – Income Tax In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the Income Tax Act, 1961, the Central Government hereby specifies Director, Financial Intelligence Unit India (FIU-IND), Ministry of Finance for the purpose of the said sub-clause.
COUNTDOWN TO THE BUDGET DAY Preparing the annual Union Budget is a laborious and lengthy exercise that takes over five months, and is accompanied, in the final stages, by an obsessive emphasis on secrecy. 1. END SEPTEMBER Preparations for a detailed estimate of the government’s expenses for the forthcoming financial year begin. Currently, the government […]
NC Notification No. 99/2013 – Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O.713(E) dated the 8th August, 1995, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had specified at serial number 2, for Construction, establishment and running of 30 bed Swami
NC Notification No. 98/2013 – Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 832(E) dated the 18th September, 1998, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had specified at serial number 7, for Running of Founding-cum-adoption center for
NC Notification No. 115/2013 – Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 737(E) dated 13th March, 2009, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central
NC Notification No. 114/2013 – Income Tax Whereas by notification of the Government of India, in the Ministry of finance (Department of Revenue) number S.O. 1052(E) dated 11th May, 2010, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of
NC Notification No. 113/2013 – Income Tax Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue)number S.O. 998(E) dated the 5th July, 2006, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961
