Income Tax : Learn how rental income is taxed, who is treated as the owner, and how deductions under Section 24 are computed. The guidance also...
Income Tax : The Income Tax Department has issued comprehensive FAQs explaining what constitutes a benami property and benami transaction under...
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 : 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 : Interest income earned by a foreign bank from foreign currency loans extended to Indian corporates was taxable on a gross basis. S...
Income Tax : ITAT Bangalore deleted the penalty under Section 270A after holding that the assessee's incorrect claim arose from a bona fide mis...
Income Tax : Tribunal could not recall and restore an appeal dismissed ex parte under Rule 24 of the ITAT Rules, 1963, when assessee filed mi...
Income Tax : The Tribunal held that a land sale completed before 01.07.2012 could not be subjected to a DVO reference under the amended Section...
Income Tax : Mumbai ITAT held that income from house property can be assessed only in the hands of an owner or deemed owner under the Income-ta...
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...
The question whether the charge was voluntary or involuntary will have to be decided with reference to the facts relating to the creation of such charge. If the charge is created voluntarily, it remains so, whether it is created before the amendment or after the amendment.
Under Income-tax Act the annual value of the property is to be taken as a sum which the property might reasonably be expected to fetch. The annual value is no doubt a hypothetical sum. But what is to be taken into consideration is the whole of the consideration which the landlord receives from the tenant for his right to use and occupy the property.
