Income Tax : The provisions of Sections 55A and 142A empower Assessing Officers to refer assets, properties, or investments to a Valuation Offi...
Income Tax : The document explains the framework of the Wealth-tax Act, 1957, including taxable persons, chargeable assets, exemptions, valuati...
Income Tax : To file your Rectification request online for Wealth Tax Return files online on Income Tax Online Portal , you should be a registe...
Income Tax : Although it’s quite common to receive notices from IT department, people do get scared when they get one. What one needs to ...
Income Tax : Recently we received an email from A CA from Delhi in which he said that Income Tax officers are not accepting ITR 3 and 4 despite...
CA, CS, CMA : The Finance Bill, 2015, introduced in the Parliament on 28th February, 2015, has proposed to abolish the levy of wealth-tax under ...
Income Tax : CA Sandeep Kanoi A company and an assessee being individual or HUF who is liable to audit u/s 44AB are required to furnish Form BB...
Income Tax : Filing of tax returns o I-T returns should also include wealth tax return so that the taxpayer need not separately file weal...
Income Tax : The proposed Direct Taxes Code (DTC), which will replace the archaic Income Tax Act, is bulkier than the existing law, as the new ...
Income Tax : Read the detailed analysis of Shekhar Agarwal Vs ACIT case where ITAT Delhi deletes addition of diamond jewellery found during sea...
Income Tax : Supreme Court held that the valuation of shares for the purpose of gift tax needs to take into consideration the limitations and r...
Income Tax : Wipro GE Healthcare Pvt. Ltd. Vs DCIT (ITAT Bangalore) We notice that there was difference of opinion between the assessee and the...
Income Tax : mere legal ownership will not be enough to fasten liability on the assessee in respect of the market value of the seized assets ev...
Income Tax : Smt. Yannaben Anilbhai Jethani Vs ITO (ITAT Rajkot) We find that the issue for our consideration is, whether penalty initiated and...
Income Tax : Order u/s 34AD of the Wealth Tax Act. 1957 In exercise of the powers conferred on the Chief Commissioner or Director General of In...
Income Tax : Monetary limits for filing/withdrawal of Wealth Tax appeals by the Department before ITAT, HCs and SLPs/appeals before SC through ...
Income Tax : F.No. 285/90/2013 IT(Inv.V) Guidelines for Compounding of Offences under Income Tax Act, 1961/Wealth tax Act, 1957 in cases of pe...
Income Tax : In view of CBDT order F.No.225/154/2015/ITA-II dated 2.9.2015 issued under section 119 of the Income-tax Act, extending the due da...
Income Tax : Central Board of Direct Taxes vide order under section 119 of the Income-tax Act F.No.225/154/ 2015/ETA-II dated 10.6.2015 has ext...
An inheritance tax or Estate tax or Death duty is a tax paid by a person who inherits the assets of the deceased. It is a tax on the assets which a person receives after the demise of the transferor. In international tax law, there is disparateness between an estate tax and an inheritance tax: an estate tax is levied on the assets of the deceased, while an inheritance tax is levied on the assets received by the heirs. Estate tax was there in India from 1953-1985.
Vide Notification No. 32/2014 dated 23-06-2014, CBDT has made mandatory filing of Wealth Tax Return only by electronic means for certain persons including Company and an assessee being individual or HUF who is liable to audit u/s 44AB. From Assessment Year 2014-2015 onwards, Company and an assessee being individual or HUF who is liable to […]
CBDT wide its notification No. 32/2014 dated 23.06.2014 has amended the Wealth–Tax Rules, 1957. As per notification electronic filing of wealth tax return under the digital signatures has been made mandatory except in cases of individual or HUF assessees
CA Sandeep Kanoi A company and an assessee being individual or HUF who is liable to audit u/s 44AB are required to furnish Form BB (Return of Net Wealth) electronically under digital signature for assessment year 2014‐15 and onwards. [Refer Notification No:32/2014 dated 23/06/2014]. Some of the Important Feature related to Filing of Form BB […]
Under the scheme of Wealth Tax in India, Wealth tax is levied on the net wealth of the every individual, Hindu undivided family and company as on the valuation date. Net Wealth means the amount by which the aggregate value computed in accordance with the provisions of Wealth Tax Act of all the assets
Notification No. 32/2014-Income Tax Form of return of net wealth. — (1) The return of net wealth referred to in section 14 shall— (a) in respect of assessment year 2013‐14 and earlier assessment years in the case of individuals, Hindu undivided families and companies, be in Form BA and shall be verified in the manner specified therein.
Filing of tax returns o I-T returns should also include wealth tax return so that the taxpayer need not separately file wealth tax returns. These returns should also be processed together in the CPC at Bengaluru. o The disclosures in the return should include a brief mention of the issues on which there has been […]
CA Sandeep Kanoi It its pre-budget memorandum ICAI has submitted following recommendations related to wealth tax :- Taxable Wealth – to exempt motor cars – The amendment in the definition of “assets” was made by the Finance Act, 1992 with a view to promote investment in productive assets. In line with intention of the lawmakers, […]
Sections 139C and 139D of the Income-tax Act contain provisions for facilitating filing of annexure-less return of income in electronic form by certain class of income-tax assesses. In order to facilitate electronic filing of annexure-less return of net wealth, new sections 14A and 14B have been inserted vide Finance Act,2013 in the Wealth-tax Act on similar lines.
Wealth tax is not leviable on urban land which is, (i) classified as agricultural land in the records of the Government; and (ii) used for agricultural purposes.
