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 : 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...
Income Tax : ITAT Delhi ruled that the holding period for capital gains purposes began from the date of full payment and transfer of possession...
Income Tax : The Supreme Court held that grants disbursed by a statutory corporation formed part of its core business functions and qualified a...
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...
Madras High Court held that Powder Coating products like yokes, links and tubes amounts to works contract and hence the same is liable to tax under section 15(1) of the Puducherry Value Added Tax Act, 2007.
ITAT Nagpur quashed the penalty on Ravindra Kharche, finding no misreporting of income due to bona fide claims regarding gratuity exemption.
ITAT Mumbai held that adoption of value of land as determined by the Stamp Duty Authority without referring the valuation to Valuation Officer u/s. 50C of the Income Tax Act unjustified. Accordingly, matter restored for de novo adjudication.
Delhi High Court held that rental income earned from factory building it taxable under the head Income from house property and is eligible for deduction under provisions of section 24 of the Income Tax Act.
Rajasthan High Court held that in absence of migration, petitioner unable to login GST common portal due to which returns not uploaded and tax not deposited. Accordingly, authorities directed to immediately allow petitioner to login on GST portal.
ITAT Bangalore held that imposition of penalty under section 270A of the Income Tax Act on account of underreporting of income not justified as failing to furnish income tax return was bona fide.
Appellate authority could not condone delay beyond four months under section 107 and this discretion conferred upon the appellate authority was restricted to condoning the delay only for a maximum period of one month.
Supreme Court held that State Bar Councils (SBCs) cannot charge an enrolment fee or miscellaneous fees above the amount prescribed in Section 24(1)(f) of the Advocates Act, 1961.
Rajasthan High Court held that there is no restriction that application for advance ruling can be made only by the supplier. Even registered person liable to pay tax on reverse charge can file an application for advance ruling.
Explore the detailed analysis of the Active Securities Ltd Vs ITO (ITAT Delhi) case regarding the taxation of rental income from letting out buildings and assets. Understand the implications under ‘Income from other sources’ and ‘Income from house property’.
