Income Tax : The New Tax Regime restricts Section 24(b) benefits, disallowing set-off of home loan interest against salary income. Taxpayers mu...
Income Tax : Summary of key tax rules for rental and house property income under the Income Tax Act, including sub-letting, deemed ownership, c...
Income Tax : Understand Benami property and transactions as per the PBPT Act. Learn what constitutes Benami, who the Benamidar and Beneficial O...
Income Tax : Tax deductions for interest paid on loans play a significant role in personal tax planning, offering relief by reducing taxable in...
Income Tax : Learn how to optimize home loan interest tax benefits for self-occupied and rented properties. Strategies include reducing capital...
Income Tax : While presenting interim Budget 2019-20 FM proposed to exempt the levy of income tax on notional rent on a second self-occupied ho...
Income Tax : The Tribunal held that capital gains must be computed using the final stamp value determined after litigation, not an earlier infl...
Income Tax : ITAT Bangalore held that at the relevant time co-founder of Flipkart stayed in India for 141 days and balance days in other countr...
Income Tax : The Tribunal upheld taxation of rental receipts as income from house property because the companys principal object was not proper...
Income Tax : The issue was whether stamp duty value as on registration could override actual consideration received earlier. The Tribunal held ...
Income Tax : The Tribunal ruled that repeated reopening cannot survive where statutory timelines are breached. A reassessment initiated beyond ...
Fema / RBI : 2. With a view to disseminating information on the SLR status of a Government security, it has been decided that: (i) the SLR stat...
Explore deductions under Sections 24b, 80EE, and 80EEA of the Income Tax Act, 1961, for interest on borrowed capital or housing loans. Understand eligibility, limits, and implications
Analysis of ITAT Ahmedabad’s decision in Mansha Textiles vs ITO case. ITAT allows interest deduction u/s 24(b) when income is receivable and approved.
ITAT Mumbai’s decision in Shyamnarayan Trades Pvt Ltd vs ITO clarifies deductibility of interest on property loans, addressing loan repayment and share purchase.
The petitioner filed an application for stay of an arbitral award passed by the West Bengal State Micro Small Enterprises Facilitation Council.
CESTAT Chennai held that Royal Sundaram General Insurance Company paying Commission to unapproved dealers in the guise of receipt of ‘data processing and policy servicing and related activities’ service. Accordingly, since such service is not received by the company they are ineligible to avail CENVAT Credit of the same.
Calcutta High Court held that charges under section 24 of the Prevention of Money Laundering Act, 2002 towards any knowledge of committing crime of the money used is obtained by fraudulent means cannot be pardoned before a full-fledged trial.
ITAT Raipur held that invocation of section 263 of the Income Tax Act justified as AO passed the order without making any enquiry or verification and hence such order passed is deemed to be erroneous and prejudicial to the interest of revenue.
Delhi High Court held that in respect of Special Audit remuneration under section 142(2D) of the Income Tax Act invocation of provisions of MSMED Act not tenable and completely misplaced. Accordingly, the Income Tax Act would thus prevail over the provisions of the MSMED Act.
Discover the tax advantages of home loans under the Income Tax Act, 1961. Explore Sections 24B, 80C, 80EE, and 80EEA, which offer deductions for interest on loan borrowed, principal repayment, and additional deductions. Gain insights into eligibility criteria and maximize your tax benefits.
ITAT Chandigarh held that receipts of the assessee trust from its activities of sale of plots, flats and commercial booths and also its income earned form non-construction fee, transfer fee, penal interest and compounding fee, etc., are held to be entitled for exemption under Section 11 of the I.T. Act.
