Clause (ix) is inserted in section 56(2) by Finance (No. 2) Act, 2014 to provide for taxability of any sum received as an advance or otherwise in the course of negotiations for transfer of capital asset.
Under the existing provisions of section 56(2)(vii), any sum or property received by an individual or HUF for inadequate consideration or without consideration is deemed as income and is taxed under the head Income from other sources.
This section empowers the assessing officer to refer the matter to the valuation officer for the purposes of ascertaining the fair market value of the capital asset.
The Finance Act, 2012 had inserted a new section 54GB to exemptlong-term capital gains on transfer of a residential property, being a house or a plot of land, owned by an individual or HUF, if the net consideration on sale of property
With difficulties being faced by the Real Estate Sector business (due to delay in clearances, nonavailability of finance and a sluggish demand) numerous projects are delayed in execution. As a result, an assessee who has sold a house and invested in another flat which is under construction by a builder /developer
Facility to claim ITC on stock by filing FORM ITC 01 has been provided on the GST Portal to the following: Newly Registered taxpayers, Taxpayers who have taken registration on Voluntarily Basis Taxpayers who have opted out of Composition Scheme to pay tax as normal taxpayer Registered persons who were providing exempt supply of goods and/or services which now have become taxable
Amendments have been made in Ayat Niryat Forms (ANF) 4A, 4E, 4F, 4G, 4H & 41 of Handbook of Procedures 2015-2020 in light of implementation of GST and non-issuance of EP copies of Shipp g Bills by Customs Authorities.
It is important to issues the tax invoice correctly. The following items must be clearly mentioned on a tax invoice: (a) name, address and Goods and Services Tax Identification Number of the supplier;
Domestic savings and not foreign investment can take Indian economy on a 10 per cent growth path, for which Income Tax must be abolished and interest rates on Fixed Deposits be raised to nine per cent along with the reduction in the banks’ Prime Lending Rates (PLR), senior BJP leader and Member of Parliament (MP)
Q.1 Under which circumstances can a registered Taxpayer file for cancellation of GST registration? Ans: A registered Taxpayer can file for cancellation of GST registration on the occurrence of any of the following events:
