The Commissioner (Appeals) considered the fact that there is no bar to purchase agricultural land on which house was to be constructed. The fact is that subject to the provisions of sub-section (4) of section 54F, where, in the case of an assessee being an individual or a HUF, the capital gain arises from the transfer of any long-term capital asset, not being a residential house (hereinafter in this section referred to as the original asset), and the assessee has within a period of one year before or two years after the date on which the transfer took place purchased, or has within a period of three years after that date constructed,
ACIT Vs. Mrs. Rajpal Sethi (ITAT Mumbai) – AO in the case of assessee while making the assessment for the assessment year 2004-05 has accepted the short term capital gain and the long term capital gain on sale of shares vide order dated 22.12.2006 passed u/s 143(3) of the Act, therefore, we are of the view that the assessee’s case is squarely covered in favour of the assessee by the decision of the Tribunal in the case of Shri Satpal Singh Sethi (supra). This being so and in the absence of any distinguishing features or contrary material brought on record by the Revenue, we respectfully following the consistent view of the Tribunal and the ratio of the decision of the Hon’ble Jurisdictional High Court in the aforementioned cases, hold that the ld. CIT(A) was fully justified in directing the AO to accept the appellant’s claim of short term capital gain and long term capital gain on share transactions, where the delivery has been taken or given and Security Transaction Tax has been paid.
Kushal K. Bangia Vs. ITO (ITAT Mumbai)- In principle, though the scope of ‘income’ in s. 2(24) is very wide, a capital receipt is not chargeable to tax as income unless there is a specific provision to that effect. As the residential flat owned by the assessee in the society’s building was a capital asset in his hands, the compensation was a capital receipt. The department’s argument that the cash compensation was a ‘share in profits earned by the developer’ is not acceptable because it proceeds on the fallacy that the nature of payment in the hands of the payer determines the nature in the hands of the recipient. However, as the said receipt reduced the cost of acquisition of the new flat, it had to be taken into when computing the gains from a transfer thereof in the future
We have uploaded new form 16 in Excel Format which is for male and Female below the Age of 60 years. The form cum tax calculator is for Assessment year 2012-13 i.e. Financial year 2011-12. Assessee have to select his sex first and then he have to enter his salary details in form 16. The Form will calculate the tax on salary automatically. Download New Form 16 for AY 12-13 in Excel with formula
The due date for submission of ITR-V for A.Y. 2011-12 has been extended upto 31.03.2012 or 120 days from the date of upload whichever is later.
This calculator calculates TDS amount deductible under section 194C, 194D, 194A, 194H, 194I and 194J. The calculator calculates TDS automatically on the basis of status of the Assessee and if PAN No. is not provided it will show the rate f TDS as 20%. The calculator also calculates interest on TDS amount deducted but not paid. The calculator is useful to compute TDS liability in respect of expenses or payment related to period on or after 01.04.2011.
Download Simple Overtime Calculator in Excel Format. We just have to enter In time , Out Time and Normal Working Hours and calculator will calculate Overtime Automatically.
Maharashtra Sales tax Department on its website hosted the List of Suspicious Dealers who has issued false bills without delivery of goods on its website. Sales Tax Department has first issued a list of 698 Dealers around a month back on 21.11.2011. Now the Sales tax Department has issued Additional List list of dealers who it is suspected List of Suspicious Dealers who has issued false bills without delivery of goods. The List can be downloaded from the Links GIven below and in case of any discrepancy they may contact Sales tax Department.
In exercise of the powers conferred by sub-section (2) of Section 1 of the Chartered Accountants (Amendment) Act, 2011 (No. 3 of 2012) the Central Government hereby appoints the 1st day of February, 2012 as the date on which the provision of the said Act shall come into force.
Download Income tax Calculator for Individuals having Income from Salary and Interest Income for A.Y. 2012-13. The calculator Calculates taxable Income, tax Liability , Amount of HRA Exempt etc. In addition to that calculator automatically fills Form 16, ITR 1 Sahaj (Assuming No change in Format of A.Y. 2011-12) and automatically prepares Computation of Tax.Calculator also generates acknowledgement of Your Income tax Return.
