Income Tax : Article discusses about Basic provisions, Circumstances in which reference under section 55A of Income Tax Act, 1961 can be made t...
Income Tax : How to Upload Form BB (Wealth Tax Returns)- FAQs Q.1 What is Form BB used for? Ans. Form BB is used for filing Wealth Tax Returns ...
Income Tax : Revised Procedure from 1st September 2011 to get Income Tax , TDS, Self Assessment Tax, Advance Tax, Wealth Tax and Other Direct ...
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 commercia...
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...
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.
The Hon’ble Bombay High Court in the case of Jaya Hind Sciaky Limited held that the words belonging to as used in sec 40(2) of the Act would include assets in possession of the Company without full Ownership
ITAT Bangalore held In the case of M.R Pattabhiram (HUF) vs. The Asst. Commissioner of Wealth tax that mere conversion of land from agriculture to non-agriculture could not be taken as the sole criteria to hold it as a capital asset under section 2(14) of the Income tax act.
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 […]
Supreme Court held In the case of SRI S.N. Wadiyar (Dead) through LR V. Commissioner of Wealth Tax that a property which is going to be taken over by the Government at a compensation of Rs. 2 Lakhs and is awaiting notification under Section 10 of the Act for this purpose
In case of ACIT vs. M/s. Prasad Machinery Pvt. Ltd. (ITAT Ahmedabad) assessee was owner of factory building. It allotted certain space therein to its sister concern for enabling it to carry on their business in lieu of charging rent.
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 no refund and income being less than 5 Lakh. The CA has further mailed that department is not accepting even Manual Wealth tax Return and asking them to file the same online.
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
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 August, 2015, the ‘due date’ for filing return of wealth by such assessees for assessment year 2015-16 also stands extended from 31st August 2015 to 7th September 2015.
Madras High Court held in CIT Vs M/s MIL Industries Ltd that the vacant land left on constructed property as per the construction plan of that property would not be treated as a vacant urban land because the vacant land left was the requirement of the construction plan
