This article provides list of relatives covered Section 56(2)(VII) of the Income Tax Act,1961. As per Section 56(2)(VII) if any gift received from relative which are covered under following list will be exempt in the hands of receiver.
The Finance Bill, 2017 proposes to levy fees of Rs.5,000 in case where return is furnished after the due date but on or before 31St December of the relevant assessment year and Rs.10,000, in other cases. However, it is also proposed to restrict the fees to Rs.1,000, where the total income does not exceed five lakh rupees.
In order to encourage more people to file income tax returns, necessary provisions may be introduced, such as: Individuals having taxable income upto Rs. 10 lakhs may not be subjected to scrutiny for 3 Assessment Years unless there is specific information available with the Department regarding his high value transaction.
Paridhi Jain Vs State (Rajasthan High Court) HC held that Having regard to the facts and circumstances of the case and upon a consideration of the arguments advanced and the fact that the petitioner being a practising Chartered Accountant and a lady of 27 years is facing incarceration for last more than one month and […]
It is a well known and understood fact that land is not a depreciable asset. By its very definition, depreciation means decrease in the value of an asset through wear and tear, deterioration or obsolescence. While these implications easily apply to buildings or other structures built upon land, the land itself as an asset has no finite life.
It is a well settled and in substance a legal precedent that what is subject to tax is a real income. The principle of real income has been subject matter of intrinsic litigation in past and the possibility of probable dispute on the scope of what constitutes real income in days to come cannot be completely ruled out despite there have been series of amendments/clarification brought into the existing provisions of the Income Tax Act 1961 (the Act).
Central Government hereby appoints the 20th day of January, 2020, as the date on which the provisions of Part III and sections 183, 184 and 185 of Part IX of Chapter VI of Finance (No. 2) Act, 2019 shall come into force
There are various perquisites which are provided by the employer to employee during the year. Motor car as a perquisite is one of the famous perquisites provided by employer. Generally, this kind of perquisite is provided to senior employees of the organization. The taxability of perquisites is covered under Rule 3 of Income Tax Rules, […]
The Government of Himachal Pradesh has approved the Himachal Pradesh (Legacy Cases Resolution) Scheme under the Department of Excise and Taxation in the Cabinet Meeting held on 16.01.2020. The Scheme will address settlement of legacy cases under General Sales Tax, VAT, CST and other taxation laws subsumed under GST. 2. The scheme will be applicable […]
Result of Chartered Accountants Final (Old & New scheme) Examination Held in November – 2019 and declared on 16th January 2020. RESULT OF CHARTERED ACCOUNTANTS FINAL (NEW SCHEME) EXAMINATION HELD IN NOVEMBER – 2019 The result of the Chartered Accountants Final (New Scheme) Examination was declared recently. The details of percentage of candidates passed in […]
