Wealth Tax

Taxability of Income from Real Estate

Income Tax - Real Estate is an ever green investment option in India and it has always given good returns. It can be a residential or commercial property. Real Estate gives recurring income in form of rent and appreciation in value in case of re-sale. As it gives good return, so taxability of income earned from real estate too arise. Taxability of inc...

Read More

Section 55A- Reference to Valuation officer

Income Tax - At times in the process of completion of the assessment of a taxpayer or for any other purpose, the tax authorities need to ascertain the value of any capital asset. In such a case, the tax authorities can make a reference to the valuation officer (*) for ascertaining the value of the capital asset. Section 55A containsthe provision relat...

Read More

All about Wealth Tax Act,1957

Income Tax - Income-tax is levied on the income of the taxpayer, whereas wealth tax is levied on the wealth of the taxpayer. Wealth tax is governed by Wealth Tax Act, 1957. In this part you can gain knowledge on various provisions of Wealth Tax Act, 1957. Here, it is to be noted that Wealth-tax Act, 1957 is abolished w.e.f. 1-4-2016....

Read More

How to file online Rectification Request for Wealth Tax Return

Income Tax - To file your Rectification request online for Wealth Tax Return files online on Income Tax Online Portal , you should be a registered user in e-Filing application. Below listed e the steps to file Rectification....

Read More

5 Major Reasons Behind Income Tax Notices

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 know is it’s not as big deal as one believes it to be, and if handled tactfully, one can get rid of any further complications. Following are some common reasons why people recieve […]...

Read More

Declaration of Assets & Liabilities in new ITR forms

Income Tax - ITR forms for A.Y. 2016-17 have been rationalised by making the Schedule AL applicable to individuals and Hindu undivided family (HUFs) whose total income for the previous year 2015-16 exceeds Rs.50 lakh. The objective of AL schedule is to capture details of assets and liabilities and not the net worth. ...

Read More

Non-applicability of Wealth-tax for November, 2015 CA Final Examination

Income Tax - The Finance Bill, 2015, introduced in the Parliament on 28th February, 2015, has proposed to abolish the levy of wealth-tax under the Wealth-tax Act, 1957 with effect from assessment year 2016-17. The Finance Bill, 2015 would be enacted in May 2015, after it is passed by both the Houses of the Parliament and receives the assent of the Pre...

Read More

CBDT releases Form BB (Return of Net Wealth) for AY 2014-15

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 (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 For...

Read More

I-T returns should also include wealth tax returns – TARC

Income Tax - 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 […]...

Read More

Rates of Gold and Silver as on 31.03.2013

Income Tax - We needs rates of Gold and Silver for Wealth Tax Valuation Purposes as on 31.03.2013 to correctly value gold and silver as on 31.03.2013 but since  no trading was taken place in Gold and Silver on 31.03.2013 so we will take the rate of last trading  day (30.03.2013) of Financial Year 2012-2013 as the rate […]...

Read More

Wealth Tax Payable on Land Situated within Corporation Limit of City by Mysuru’s Erstwhile Royal Family

CIT Vs Smt. meenakshi devi avaru (Karnataka High Court) - CIT Vs Smt. Meenakshi Devi Avaru (Karnataka High Court) Protective, precautionary or alternate assessment is an assessment which is made ex- abundanti cautela by the Assessing Authority and is therefore called protective or Precautionary Assessment or alternative assessment. When the Department has ...

Read More

Wealth Tax leviable on land on which Construction is under process

The Commissioner Of Wealth Tax Vs Shri. K. C. Rajan (Kerala High Court) - Only a land in which the building is completely constructed stands excluded under the exclusionary provision under Explanation (1 )(b)(ii) of Section 2(ea) of Wealth Tax Act, 1957...

Read More

Wealth Tax not payable on Assets already sold & considered in capital gain Tax

Smt. Boda Sarada Reddy Vs Asst. Commissioner of Wealth Tax (ITAT Hyderabad) - It was the contention of the AO in Income Tax proceedings that assessee had indeed handed over the possession of the property as on 01-04-2006, which led to assessing the capital gains arising on the transfer of that property in AY. 2007-08. Therefore, as on 31-03-2007, the property was no longer in...

Read More

Wealth Tax: Non striking irrelevant column in notice issued u/s 18(1)(c) renders notice invalid

T.S.Kalyana Chakravarthy Vs Dy.Director of Wealth Tax (ITAT Visakhapatnam) - The Ld.CWT(A) should have struck off the irrelevant column and made known the assessee by mentioning for which reason the penalty was initiated. Penalty u/s 18(1)(c) of WT Act are parimateria to Income Tax Act 271(1)(c). As per settled case laws non striking the irrelevant column in the notice issue...

Read More

Wealth Tax on Land, Ownership of which was in Dispute

G. Girish Kumar Vs. Asst. Commissioner of Wealth Tax (ITAT Hyderabad) - Hyderabad bench of Income Tax Appellate Tribunal (ITAT) recently held that wealth tax proceedings cannot be proceed against the assessee when the ownership of the land is in dispute. ...

Read More

Compounding of Offences under Income Tax Act, 1961 & Wealth tax Act, 1957

F.No. 285/90/2013 IT(Inv.V) - (04/09/2015) - 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 persons holding undisclosed foreign bank accounts/assets...

Read More

Extension of due date of filing return of wealth for A.Y. 2015-16 to 07.09.2015

F.No.328/08/2015-WT - (03/09/2015) - 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 date for e-filing returns of income from 31st August, 2015 to 7th September, 2015 in respect of all taxpayers who were required to e-file their returns of income by 31st Au...

Read More

Extension of due date of filing Return of wealth for A.Y, 2015-16

328/08/2015-WT - (27/07/2015) - 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 extended the 'due date' for filing Return of Income for assessment year 2015-16 in respect of assessees falling under clause (c) of explanation 2 to sub-section (1) of secti...

Read More

Reg. Refund of Wealth Tax Paid on Urban Agricultural Land Used for Agriculture

Circular No. 11/2015-Income Tax - (11/06/2015) - CIRCULAR NO. 11/2015 Prior to amendment by Finance Act 2013, sub clause (b) of Explanation 1 to clause (ea) of section 2 of the Wealth-tax Act 1957 (Act) provided that an urban land shall be chargeable to wealth-tax. This inter alia included land situated in any area which is comprised within the ju...

Read More

Wealth Tax : Chargeability of Interest on self-assessment tax paid

Circular No. 5/2015-Income Tax - (09/04/2015) - CIRCULAR NO. 5/2015, Dated: April 9, 2015 Chargeability of Interest under section 17B of the Wealth-tax Act, 1957 on self-assessment tax paid before the due date of filing of return of net wealth...

Read More

Recent Posts in "Wealth Tax"

Wealth Tax Payable on Land Situated within Corporation Limit of City by Mysuru’s Erstwhile Royal Family

CIT Vs Smt. meenakshi devi avaru (Karnataka High Court)

CIT Vs Smt. Meenakshi Devi Avaru (Karnataka High Court) Protective, precautionary or alternate assessment is an assessment which is made ex- abundanti cautela by the Assessing Authority and is therefore called protective or Precautionary Assessment or alternative assessment. When the Department has any doubt as to the person who is or wil...

Read More

Wealth Tax leviable on land on which Construction is under process

The Commissioner Of Wealth Tax Vs Shri. K. C. Rajan (Kerala High Court)

Only a land in which the building is completely constructed stands excluded under the exclusionary provision under Explanation (1 )(b)(ii) of Section 2(ea) of Wealth Tax Act, 1957...

Read More

Taxability of Income from Real Estate

Real Estate is an ever green investment option in India and it has always given good returns. It can be a residential or commercial property. Real Estate gives recurring income in form of rent and appreciation in value in case of re-sale. As it gives good return, so taxability of income earned from real estate too arise. Taxability of inc...

Read More
Posted Under: Income Tax | ,

Section 55A- Reference to Valuation officer

At times in the process of completion of the assessment of a taxpayer or for any other purpose, the tax authorities need to ascertain the value of any capital asset. In such a case, the tax authorities can make a reference to the valuation officer (*) for ascertaining the value of the capital asset. Section 55A containsthe provision relat...

Read More
Posted Under: Income Tax |

Wealth Tax not payable on Assets already sold & considered in capital gain Tax

Smt. Boda Sarada Reddy Vs Asst. Commissioner of Wealth Tax (ITAT Hyderabad)

It was the contention of the AO in Income Tax proceedings that assessee had indeed handed over the possession of the property as on 01-04-2006, which led to assessing the capital gains arising on the transfer of that property in AY. 2007-08. Therefore, as on 31-03-2007, the property was no longer in the possession or ownership of assessee...

Read More

Wealth Tax: Non striking irrelevant column in notice issued u/s 18(1)(c) renders notice invalid

T.S.Kalyana Chakravarthy Vs Dy.Director of Wealth Tax (ITAT Visakhapatnam)

The Ld.CWT(A) should have struck off the irrelevant column and made known the assessee by mentioning for which reason the penalty was initiated. Penalty u/s 18(1)(c) of WT Act are parimateria to Income Tax Act 271(1)(c). As per settled case laws non striking the irrelevant column in the notice issued u/s 18(1)(c) renders the notice invali...

Read More

Wealth Tax on Land, Ownership of which was in Dispute

G. Girish Kumar Vs. Asst. Commissioner of Wealth Tax (ITAT Hyderabad)

Hyderabad bench of Income Tax Appellate Tribunal (ITAT) recently held that wealth tax proceedings cannot be proceed against the assessee when the ownership of the land is in dispute. ...

Read More

No seizure of Jewellery If gross weight disclosed in regular return exceeds jewellery found during search

Mrs. Nawaz Singhania Vs. DCIT (ITAT Mumbai)

Mrs. Nawaz Singhania Vs. DCIT (ITAT Mumbai) Instruction 1916 issued by the Board with regard to seizure of jewellery has inherent foundation of undisclosed portion of jewellery that may be identified in the search. The Instruction No. 1916, therefore is describing the criteria for decision making for jewellery to be undisclosed. According...

Read More

All about Wealth Tax Act,1957

Income-tax is levied on the income of the taxpayer, whereas wealth tax is levied on the wealth of the taxpayer. Wealth tax is governed by Wealth Tax Act, 1957. In this part you can gain knowledge on various provisions of Wealth Tax Act, 1957. Here, it is to be noted that Wealth-tax Act, 1957 is abolished w.e.f. 1-4-2016....

Read More
Posted Under: Income Tax |

Value declared in Wealth Tax Return cannot be taken as Cost of Acquisition

Commissioner of Income Tax Vs Vasavi Pratap Chand (Delhi High Court)

Court is satisfied that no error was committed by the ITAT in holding that the value declared in the tax return filed by the Assessees under WTA cannot be taken to be the cost of acquisition in the hands of the Assessees....

Read More

Browse All Categories

CA, CS, CMA (3,937)
Company Law (4,148)
Custom Duty (7,119)
DGFT (3,792)
Excise Duty (4,171)
Fema / RBI (3,549)
Finance (3,750)
Income Tax (28,360)
SEBI (2,989)
Service Tax (3,413)

Search Posts by Date

December 2018
M T W T F S S
« Nov    
 12
3456789
10111213141516
17181920212223
24252627282930
31