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Introduction ITAT Ruling relief to taxpayers who wish to claim capital gains deductions, though they may have not filed returns. ITAT has given landmark ruling which is much in need to all taxpayers, who might have missed the filing of their income tax returns but still intend to claim capital gains deductions. ITAT Ruling The […]
Introduction With an aim to enhance tax compliance and eradicate black money circulation, the CBDT has implemented a new facility called “ITR Filing Compliance Check” functionality. This was announced on 31st August 2020 to assist Scheduled Commercial Banks (SCBs) monitor the status of tax returns filed by its customers involved in massive cash withdrawal operations. […]
Introduction Income tax returns are official papers submitted to the government in order to declare or prove the person’s or company’s revenue or earnings and expenditure. These presented in tax returns by the person filing it is used to compute the amount of tax paid to the government or refunds due for the specified financial […]
A legal foundation for investments in new plants and machinery in notified areas of specific states is provided by Section 32AD of the Income Tax Act. If an assessee establishes a manufacturing or production facility in any designated region in the states of Andhra Pradesh, Bihar, Telangana, or West Bengal, Section 32AD will be applicable. […]
The following deductions are permitted for rent, rates, taxes, repairs, and insurance for real estate used for a trade or profession: A. If the assessee is the tenant of the property, the amount paid as rent; B. Any amount paid (whether as an owner or tenant) for land revenue, local rates, or municipal taxes; However, […]
According to section 6 (1) of the Income Tax Act, 1961, the period of stay of an Indian citizen who is a crew member of a ship determines that individual’s residential status. In order to compute this period of stay in a uniform and consistent manner, Rule 126 has been prescribed. Rule 126 states the […]
Special provision for cases where unrealised rent allowed as deduction is realised subsequently and Unrealised rent received subsequently to be charged to income-tax are defined under section 25A and 25AA of Income Tax Act 1961. The section states that: Where the assessee cannot realise rent from a property let to a tenant and subsequently the […]
(1) If an asset acquired by an amalgamated company under a scheme of amalgamation is sold by the amalgamated company after the 29th day of February 1988 as stock-in-trade of the business it is engaged in, the cost of acquisition of the said asset to the amalgamated company in determining the profits and gains from […]
(1) If a company that is an assessee purchase and installs new equipment after March 31, 2013, but before April 1, 2015, and the total actual cost of those new assets exceeds one hundred crore rupees, the company will be eligible for the following deductions: (a) if the total actual cost of all new assets […]
The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. As per Section 80HHA of The Income Tax Act, 1961, (1) If the gross total income of an assessee includes any profits and gains from a small-scale industrial undertaking […]