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Income Tax : Revised Procedure from 1st September 2011 to get Income Tax , TDS, Self Assessment Tax, Advance Tax, Wealth Tax and Other Direct ...
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Income Tax : Article discusses about Basic provisions, Following entities are not liable to pay wealth-tax, Manner of computation of net wealth...
Income Tax : ITR forms for A.Y. 2016-17 have been rationalised by making the Schedule AL applicable to individuals and Hindu undivided family (...
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...
CA, CS, CMA : 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 31.0...
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 : Held that appellant has transferred the land to the developer through JDA and the developer had power to alienate their portion of...
Income Tax : Shri S. Peter Vs Asst. Commissioner of Wealth Tax (ITAT Chennai) The solitary issue that came up for our consideration from the gi...
Income Tax : Rajkumar B. Agarwal Vs DCIT (ITAT Pune) No addition on account of jewellery items on seized documents did not tally with descripti...
Income Tax : CIT Vs Smt. Meenakshi Devi Avaru (Karnataka High Court) Protective, precautionary or alternate assessment is an assessment which i...
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 : 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...
Income Tax : 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 We...
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
Article discusses about Basic provisions, Following entities are not liable to pay wealth-tax, Manner of computation of net wealth, Wealth-tax and residential status, Assets covered/exempt under wealth-tax, Net wealth to include certain assets, Valuation of asset, Some of the significant provisions of Wealth-tax Law
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.
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 invalid and consequent penalty required to be cancelled.
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. Accordingly, any portion of […]
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.
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.
ZIf two reasonable constructions of taxing statute are possible, that construction which favors the assessee must be adopted. The above proposition cannot be read to mean that under two methods of valuation if the value which is favorable to assessee should be adopted.
Briefly the facts of the case as noted in the assessment order are that in this case assessment for A.Y. 2006-2007 has been reopened after recording satisfaction and obtaining approval of Addl. CIT, Range-25, New Delhi, under section 17 of the Wealth Tax Act.
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.
