CA Agarwal Sanjay Voice of CA

Q.1 Who is responsible to deduct tax u/s 194C? A.1. Any person responsible for paying any sum to any resident contractor for carrying out any work (including supply of labour for carrying out any work) under a contract in pursuance of a contract between contractor and person specified, shall deduct in context at the time […]...

SECTION 50C – SPECIAL PROVISION FOR FULL VALUE OF CONSIDERATION IN CERTAIN CASES Applicability of Section 50C As per Sec 50C, where the consideration received or accruing as a result of the transfer of land and/or building is less than the value adopted or assessed or assessable by an authority of the state govt. for […]...

1. What is the test that determines land is agricultural land? The Gujrat HC in CIT v Siddhartha J. Desai 139 ITR 628 (Guj)(1983) has laid down the following tests for determining whether the land is agricultural or not: a) Whether, the land was classified in the revenue records as agricultural and whether it was subjected […]...

Any person, (other than individual or a Hindu undivided family) who is responsible for paying, to a resident, any income by way of commission (not being insurance commission referred to in section 194D) or brokerage, shall, deduct income-tax thereon....

When does income be taxed as Capital gain or Business income? When the transaction involves transfer of capital asset then that will constitute capital gain, whereas transaction which is entered into normal course of business shall constitute business income. Some Practical Issues Issue – 1 Where agreement for construction of hostel...

Section 194I was inserted vide the Finance Act, 1994. The present article covers the important Frequently Asked Questioned regarding section 194-I of the Income Tax Act, 1961, which deals with the provisions of TDS on Rent. Q.1 Who is liable to deduct TDS on Rent under Section 194I of Income tax Act, 1961? A.1. Any […]...

Daughter shall be a Coparcener of Hindu Family Property. If a Hindu dies, the coparcener property shall be allotted to the daughter as is allotted to sons. If a female coparcener dies before partition, then children of such coparcener would eligible for allotment assuming a partition had taken place immediately before her de...

COMPUTATION OF CAPITAL GAIN IN CERTAIN CASES 1. Section 51 – Advance Money Received 2. Section 50D- Fair Market Value deemed to be full value of consideration in certain cases 3. Section 50B – Special provision for computation of capital gains in case of Slump Sale Section 51 – Advance Money Received Many times we […]...

Section 54B of the Income Tax Act provides an exemption from the capital gain arisen on the transfer of agricultural land by acquiring another agricultural land. The present article explains the provisions attached with the exemption available under section 54B of the Income Tax Act. Some conditions to avail exemption under section 54B Th...

SECTION 45(5) – COMPULSORY ACQUISITION Compulsory Acquisition by the Central Government is always be a concern for many people as how it should be tax. Hence today I am writing this article to cover various aspects of this section in question answer form. 1. Do consideration received from Government against compulsory acquisition at...