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...
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.
Even though land or building as above may be a taxable asset, but an exemption from wealth tax has been provided to an individual or an HUF in respect of one house (or part of house) or a plot of land upto 500 square metres in area. The house may be self-occupied or let out or used for residential or commercial purposes. A company is not eligible for this exemption.
In the present case the ITAT has recorded that it is undisputed that the two aircrafts were used by the Assessee for its business. Since this is the undisputed factual position, the same would be exempt from wealth tax.
The Income Tax Department is ready to take a jibe on your cash transactions. These dealings were in the IT radar in the past as well but after the drive to make the system more transparent a cash limit has been set. The IT department will now check the details of any cash transaction of more […]
Real estate transactions in recent past have attracted the attention of Central & State Governments. New provisions under Income tax, Wealth tax, Service tax, Value added tax & revised guidelines for registration are examples of attempts on the part of the Government to raise more & more revenue from real estate transactions.
Land classified as agricultural land in the records of the Government and used for agricultural purposes not an asset chargeable to wealth-tax Section 2(ea) of the Wealth-tax Act, 1957 is proposed to be amended to clarify the real intent of the law, i.e., the agricultural land in the records of the Government and used for […]
