Income Tax : Understand TDS on immovable property transactions. Section 194-IA mandates TDS deduction at 1% for sale consideration exceeding Rs...
Corporate Law : 1. Movable Property – Movable property means property; the location of which can be changed, including things growing on, affix...
Goods and Services Tax : Analysis of Supreme Court Decision in Mother Superior Adoration Convent relating to interpretation of Exemption provisions Introdu...
Corporate Law : Transfer of Property Act is a general law related to transfer of property. It generally deals with immovable property only. Object...
Corporate Law : The word ‘property’ has been derived from a Latin word ‘properietate‘ which means a thing that is owned. T...
Service Tax : The Supreme Court has stayed an order of the Delhi High Court, which stopped the Centre from recovering service tax on renting of ...
Service Tax : The government may lose over Rs 500 crore in service tax this year, as its decision to impose tax on eight new services and amend ...
Finance : A staggering 96.3 million square feet of residential space — or about 80,000 homes — is lying unsold in the Mumbai Metropolita...
Service Tax : In this Budget a retrospective amendment has been introduced in respect of the service of renting out of property for commercial p...
Service Tax : The Delhi High Court in the Home Solution Retail India case had held that renting of immovable property is not a taxable service. ...
Income Tax : Understand the ITAT Chennai ruling on valid claims for Long-Term Capital Gains. Learn the tax implications of property sale, liabi...
Service Tax : CESTAT Kolkata rules that service tax is not applicable to rent received for immovable property services prior to June 2007. Detai...
Goods and Services Tax : whether the petition filed for disposal of notice for demanding property tax without waiting for disposal of same case by Municipa...
Income Tax : whether section 50C can be invoked in respect of the right to receive compensation on compulsory acquisition of land & the TDR rig...
Corporate Law : Laying of underground cable by the mobile service provider is exigible to property tax being a levy for use of land for laying of ...
Corporate Law : Municipal Corporation of Delhi (MCD) order on the new rates of the property tax 1. New property tax rates and conditions will be a...
Corporate Law : From the 1st January 2022, the Mumbai Municipal Corporation shall not levy any tax component of property tax specified in sub-sect...
Corporate Law : Date of payment of property tax for Financial Year 2021-22 on lump sum payment 0f Property Tax with 15% rebate along with 3% (thre...
Fema / RBI : Attention of Authorised Dealer Category-I banks is invited to clause (c) of Regulation 2 of Notification No. FEMA 21/2000-RB dated...
Service Tax : Kind attention is invited to the recent judgement of the Honourable High Court of Delhi in the matter of Home Solutions Retail Ind...
The Delhi High Court held that the renting of immovable property is not a service, and accordingly, the levy of service tax on the activity of renting is “ultra vires.” The decision may have significant accounting implications on the entities. The judgment delivered by the Division Bench of the Delhi High Court
The Central Information Commission feels that details of property belonging to government servants and even judges of the high courts and the Supreme Court are subject to the purview of the Right To Information (RTI) Act but some government departments, including the Income-Tax department, seem to think otherwise.
In the course of business and profession many times advance money is received from customers and clients. The advance money or deposits are received for the purpose of execution of agreed work to be done which may involves supply of goods, rendering of services, execution of contracts, payments to other concerned parties, incurring expenses on behalf of customers and clients etc. Therefore, such advances
The tax authorities are taking a hard look at how the disgraced promoter of Satyam Computer Services, B Ramalinga Raju, used money raised through pledging of shares. The move will enable the income-tax department to trace some of the undisclosed income of Mr Raju, his family members and their investment firms—an exercise that is distinctly […]
Under the general permission available, the following categories can freely purchase immovable property in India: i) Non-Resident Indian (NRI)- that is a citizen of India resident outside India ii) Person of Indian Origin (PIO)- that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who
The petitioners, is a private limited company, engaged in the business of development and sale of immovable property, i.e., real estate, have impugned a notice, dated March 6, 2006 issued by respondent Superintendent of Central Excise, whereby the petitioner-company has been asked to get itself registered under section 69 of the Finance Act, 1994 inasmuch as the petitioner-company has been providing commercial or industrial construction service/construction of complex service.
11. Keeping in view the nature of the transaction between the Assessee and the so called Developer, coupled with the transfer and the possession of the immovable properties, we find that the transaction amounts to conveyance in favour of the purchaser of the properties and the transfer was completed on the date when the purchases were executed and possession was handed over.
The Supreme Court will decide whether recovery of government dues, including income tax and excise, should get priority over liabilities of banks and other creditors while dividing the assets of a sick company. Tax authorities have moved the apex court challenging the Punjab and Haryana High Court which held that excise dues cannot get priority over liabilities of secured or unsecured creditors, banks and financial institutions.
The issue before the Tribunal is the gifts amounting to Rs. 12 lakhs in cash and Rs. 62 Lakhs in immovable property received by Mayavati. The donors had even borrowed money and made the gifts to her. The AO was not convinced but the CIT(A) was and Revenue is in appeal before the Tribunal. Assessee Mayavati is also before the Tribunal pleading Standard deduction of Rs. 30,000/-.
Wealth tax in India targets non-productive assets, levied at 1% on wealth over ₹15,00,000. Learn about exemptions and valuation for tax assessments
