Income Tax - The various items of income referred to in the different clauses of section 10 are excluded from the total income of an assessee. These incomes are known as exempted incomes. Consequently, such income shall not enter into the computation of taxable income. 1. AGRICULTURAL INCOME Agricultural income [Section 10(1)] Section 10(1) provide...
Read MoreIncome Tax - As per the existing provisions an Individual tax payer who is resident under the tax laws is entitled to a rebate of upto Rs. 12,500/- provided his total taxable income does not exceed Rs. 5 lakhs for the year after all the available deductions and exemptions....
Read MoreIncome Tax - New Regime of Taxation of Long Term Capital Gains on sale of equity share, unit of equity oriented funds and unit of the business trust u/s 112A of the Income Tax Act, 1961 with effect from 01.04.2018 The Finance Act, 2018 has withdrawn the exemption under section 10(38) of the Income-tax Act, 1961 and has […]...
Read MoreIncome Tax - SLUMP SALE Slump sale is a sale of an undertaking as a going concern. As per section 2(42C) of Income-tax Act 1961, ‘slump sale’ means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such […]...
Read MoreIncome Tax - How many house you can own and what are the tax implications of owning more than one house? People frequently ask me as to how many house one can buy and own at a time in own name. The answer is as many as you want and can afford. So there are no restrictions under […]...
Read MoreIncome Tax - Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introduced a new section 112A in the Act, to provide that long term capital gains arising from transfer of a long-term capital asset being an equity share in a company or a unit of an equity oriented fund or a unit o...
Read MoreIncome Tax - The Finance Act, 2015 has amended provisions dealing with indirect transfer of capital asset situated in India. The amendment provides clarity on certain contentious aspects with regards to taxation of income arising or accruing from such indirect transfers....
Read MoreIncome Tax - CBDT has released the draft rules prescribing ‘unquoted shares’ valuation for purposes of Sec. 56(2)(x)/50CA (an important development impacting corporate restructuring) inviting comments from public....
Read MoreIncome Tax - Third Protocol amends DTAA with effect from 1st April, 2017 to provide for source based taxation of capital gains arising on transfer of shares in a company....
Read MoreIncome Tax - CBDT, vide order dated 2nd May, 2016 has given direction to field formation, with a view to avoid disputes/Litigation and to maintain uniform approach that the income arising from transfer of unlisted shares, irrespective of period of holding, would be taxable under the head ‘Capital Gain’ except in certain circumstances where the Ass...
Read MoreSavitri Kadur Vs DCIT (ITAT Bangalore) - Savitri Kadur Vs DCIT (ITAT Bangalore) Conclusion: When the partnership firm paid lump-sum amount to retiring partner, it was paid in consideration of her retirement in the partnership and assignment of her interest to other partners, the transaction would amount to transfer u/s 2(47) and liable to ...
Read MoreM/s. AJB Developers Pvt. Vs DCIT (ITAT Delhi) - Where land was stock in trade in the books of account, but, there was a complete bar on assessee as per the Notification of the Ministry of Defence to raise any construction or to do any business activity therein, the land in question could not not be treated as stock in trade but as a capital asset...
Read MoreShri. Damodar Reddy Vs ITO (ITAT Bangalore) - Since assessee along with his mother and siblings entered into a JDA with M/s. S, which was a registered document, therefore, on entering into JDA, there was a 'transfer' as per section 2(47) and consequently capital gain was attracted....
Read MoreACIT Vs Ashwin S. Bhalekar (ITAT Mumbai) - ACIT Vs Ashwin S. Bhalekar Beamon Chambers (ITAT Mumbai) Claim of the assessee that extinguishment of rights in the capital asset is a transfer of capital asset and capital gains and consequent allowance of claim of deduction under section 54 of the Act. The facts clearly show that the extinguishm...
Read MoreRajendra Pal Verma Vs ACIT (ITAT Mumbai) - In the case before us was entitled to claim exemption u/s. 54 to the extent he had invested towards the purchase of the new residential property under consideration upto the date of filing of his revised return of income under Sec. 139(5) i. e. on 15. 11. 2014....
Read MoreClause (via) in section 28 is inserted by Finance Act, 2018, w.e.f. Financial year 2018-19 and it provides taxation of Inventory in the year in which it is converted in capital Assets. CBDT issued Draft of notification to be issued for amending Income-tax Rules, 1962 for prescribing the manner of d...
Read MoreF.No. 370149/20/2018-TPL - (04/02/2018) - Since the introduction of the Finance Bill, 2018 on 1st February, 2018, several queries have been raised in different fora on various issues relating to the proposed new tax regime for taxation of long-term capital gains. The responses to these queries are provided below....
Read MoreNotification No. 08/2017- Income Tax - (13/09/2017) - It has been brought to the notice of CBDT that in cases of deceased depositor who has made deposits under the Capital Gains Accounts Scheme, 1988; the banks are deducting TDS on the interest earned on such deposits in the hand of the deceased depositor and issuing TDS certificates in the name of th...
Read MoreNotification No. 44/2017-Income Tax [S.O. 1790(E)] - (05/06/2017) - CBDT has vice Notification No. 44/2017 notified Cost Inflation indexes with Base Year as 2001-02 for the Financial Year 2001-02 to 2017-18 and same are applicable from Financial Year 2017-18....
Read MoreLetter F.No.225/12/2016/ITA.II - (02/05/2016) - For determining the tax-treatment of income arising from transfer of unlisted shares for which no formal market exists for trading, a need has been felt to have a consistent view in assessments pertaining to such income. It has, accordingly, been decided that the income arising from transfer of unli...
Read MoreSavitri Kadur Vs DCIT (ITAT Bangalore) -
M/s. AJB Developers Pvt. Vs DCIT (ITAT Delhi) -
Shri. Damodar Reddy Vs ITO (ITAT Bangalore) -
ACIT Vs Ashwin S. Bhalekar (ITAT Mumbai) -
Rajendra Pal Verma Vs ACIT (ITAT Mumbai) -
Income Tax Officer Vs Smt. Jaya Deepak Bhavnani (ITAT Mumbai) -