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FAQs on TDS on Contracts | Section 194C | Income Tax Act 1961

Income Tax : 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 carry...

June 28, 2020 587941 Views 54 comments Print

Case Studies on Full Value of Consideration- Sec. 50C & Reference to Valuation Officer Sec. 55A

Income Tax : SECTION 50C – SPECIAL PROVISION FOR FULL VALUE OF CONSIDERATION IN CERTAIN CASES Applicability of Section 50C As per Sec 50C, wh...

May 10, 2020 69791 Views 12 comments Print

Capital Gain on Sale of Agricultural Land – Case Studies

Income Tax : 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) ...

May 9, 2020 35886 Views 4 comments Print

Section 194H: TDS on Commission and Brokerage – FAQs

Income Tax : Any person, (other than individual or a Hindu undivided family) who is responsible for paying, to a resident, any income by way of...

May 8, 2020 274775 Views 31 comments Print

Capital Gain or Business Income – Practical Issues with case laws

Income Tax : When does income be taxed as Capital gain or Business income? When the transaction involves transfer of capital asset then that wi...

May 8, 2020 41767 Views 0 comment Print


Latest Posts in CA Agarwal Sanjay Voice of CA

FAQs on TDS on Contracts | Section 194C | Income Tax Act 1961

June 28, 2020 587941 Views 54 comments Print

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 […]

Case Studies on Full Value of Consideration- Sec. 50C & Reference to Valuation Officer Sec. 55A

May 10, 2020 69791 Views 12 comments Print

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 […]

Capital Gain on Sale of Agricultural Land – Case Studies

May 9, 2020 35886 Views 4 comments Print

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 […]

Section 194H: TDS on Commission and Brokerage – FAQs

May 8, 2020 274775 Views 31 comments Print

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.

Capital Gain or Business Income – Practical Issues with case laws

May 8, 2020 41767 Views 0 comment Print

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 building, agreement for lease […]

FAQs on TDS on Rent U/s. 194-I of Income tax Act, 1961

May 8, 2020 343254 Views 45 comments Print

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 […]

Hindu Succession (Amendment) Act, 2005- Rights & Liabilities of a daughter member

May 7, 2020 77437 Views 8 comments Print

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 demise. No recovery is made for ancestors dues from son, grandson, or great grandson by applying doctrine of pious obligation.

Capital Gain Computation- Advance Money Received, Slump Sale & FMV Computation

May 7, 2020 35223 Views 4 comments Print

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 […]

Exemption under Section 54B – Detailed Analysis

May 7, 2020 38807 Views 0 comment Print

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 The assessee […]

Section 45(5) – Compulsory Acquisition – Capital Gain

May 6, 2020 134939 Views 14 comments Print

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 attracts capital gain? […]

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