Only unspent amounts for under construction house would be subject to Capital Gains Tax as per Section 54 of Income Tax Act, 1961
Posted Date : 10-Jul-2024 , 09:22:10 pm | Posted By
Chetan Singla
In the case of Sheela Ramchand Uttamchandani v. ITO [2024] 163 taxmann.com 265 (Mumbai - Trib.), the central issue revolved around the eligibility of Sheela Ramchand Uttamchandani to claim capital gains exemption under Section 54 of the Income Tax Act. Sheela had sold her residential property in Jul...
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Category : Income Tax |
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Section 31 of Insolvency and Bankruptcy Code and its Judicial Implications
Posted Date : 09-Jul-2024 , 09:48:02 pm | Posted By
Chetan Singla
Section 31 of Insolvency and Bankruptcy Code, 2016 (IBC) and its Judicial Implications
Section 31 of the Insolvency and Bankruptcy Code, 2016 (IBC) plays a crucial role in the corporate insolvency resolution process (CIRP), significantly impacting various stakeholders, especially tax authorities....
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Category : Income Tax |
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Tax Implications of Owning Property in Both the USA and India Taxes
Posted Date : 07-May-2024 , 03:19:40 pm | Posted By
Accelero25
Introduction:
Owning property in both the USA and India Taxes can be a strategic way to diversify your assets and potentially connect to your roots. However, this dual ownership presents a unique set of tax challenges. This blog dives into the tax implications for US citizens or residents living ...
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Category : Income Tax |
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Income Tax Alert - Here Are 5 High-Value Transactions That May Come Under Scrutiny
Posted Date : 26-Apr-2024 , 08:48:24 am | Posted By
S.Mahajan
Income Tax Alert - Here Are 5 High-Value Transactions That May Come Under Scrutiny.
Large Cash Deposits: Any cash deposit exceeding Rs 10 lakh in a financial year across savings accounts draws the attention of the income tax department. Even if deposits are spread across multiple accounts, t...
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Category : Income Tax |
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Advisory on Re-filing of GSTR-3B for some Taxpayers - Re-filing of GSTR 3Bs is now live
Posted Date : 23-Apr-2024 , 08:27:42 am | Posted By
S.Mahajan
The Goods and Services Tax (GST) Department has recently sent out an advisory to specific GST taxpayers about the first chance given to correct errors in their previously filed GSTR-3B forms. This facility was provided due to discrepancies found between the data stored in the GST system and the dat...
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Category : GST |
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Can GST Officer Open GST Web Portal for e- Filing upon full compliance?
Posted Date : 19-Apr-2024 , 06:36:11 am | Posted By
S.Mahajan
The Hon’ble Orrisa High Court in the case of Akshya Kumar Sahu v. Commissioner, Central Goods and Service Tax & Central Excise [Writ Petition (Civil) No. 4644 of 2024 dated February 29, 2024] disposed of the writ petition where Mr. Akshya Kumar Sahu (“the Petit...
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Category : GST |
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What happens if TDS is deducted by employer but not deposited
Posted Date : 17-Apr-2024 , 08:36:05 am | Posted By
S.Mahajan
At times, employees discover that although their salary has been subjected to Tax Deducted at Source (TDS), their employer has not deposited this tax with the government. A judgment from the Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) highlights that it's the responsibility of the empl...
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Category : TDS |
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Delhi Court Sentences 6 (Six) Months Jail for not filing ITR (Income Tax Return)
Posted Date : 13-Mar-2024 , 07:14:25 am | Posted By
CA.Khurana Vivek
Delhi Court Sentences Woman to 6 months Jail for not filing the return of income (ITR) discussed. Accordingly, the accused is held guilty of not filing the return of income for the assessment year 2014-15 under Section 276CC of The Act. Accordingly, the accused is convicted for an offence pun...
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Category : Income Tax |
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Bank Branch Statutory Audit Update - Total Number of Bank Branch Auditors Appointed and Total Number of Branches Audited
Posted Date : 11-Mar-2024 , 10:50:59 pm | Posted By
CA.Khurana Vivek
Bank Branch Statutory Audit Update.
Total Number of Bank Branch Statutory Auditors (Category wise) Appointed and Total Number of Bank Branches Audited .
CLICK ON THE LINK TO WATCH COMPLETE VIDEO,,,, https://www.youtube.com/watch?v=yEy0nBKEseM...
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Category : Bank Branch Audit |
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0 | Hits : 9338 |
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Payments to MSME vendors
Posted Date : 22-Feb-2024 , 11:43:25 am | Posted By
ANMOLBOHRA
Corporates, Non-corporates or government department all are procuring major part of services or goods from the MSMEs. There are provision under the Micro, Small, and Medium Enterprises Development (MSMED) Act, to ensure that businesses make payments to MSMEs within a specified time frame, and failur...
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Category : Income Tax |
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The Concepts of Turnover, Sales and Gross Receipts
Posted Date : 03-Feb-2024 , 06:52:10 pm | Posted By
ANMOLBOHRA
In the Income tax act, the words “Turnover”, “Gross receipts” and Sales are used at many places. In the common business parlance, the terms sales and turnover are used interchangeably. However, as per Income Tax law, guidelines are available on the question of what constitute...
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Category : Income Tax |
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Delay in Making Payment to Micro and Small Enterprises Means Deferred Deduction
Posted Date : 25-Jan-2024 , 07:55:34 am | Posted By
S.Mahajan
Very Important Income Tax Update regarding Micro and Small Enterprises
Section 43B-any amount remains unpaid on year end to creditors, being micro/small entity, beyond 45 days or less, as agreed or 15 days if no agmt, shall be added to taxable Income resulting in huge additional tax l...
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Category : Income Tax |
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0 | Hits : 9044 |
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WHAT IS THE VALUE OF MY BUSINESS?
Posted Date : 23-Jan-2024 , 12:35:01 pm | Posted By
Rohan Mehta
As a registered valuer entrepreneurs often ask’s us, what is the value of my Business ?
There is no right answer to this question as valuation is a very subjective thing. I will value a flat near my office higher as compared to someone whose office is far from that flat or a person will val...
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Category : General |
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GSTR 9 & GSTR 9C
Posted Date : 08-Dec-2023 , 11:32:04 pm | Posted By
CA TARUN KUMAR LAMBA
As per Sec 44 read with rule 80 :-
Every registered person whose aggregate turnover exceeds Rs 2 crore is required to file:
- Annual Return GSTR 9
- Reconciliation Statement GSTR 9C (if turnover exceeds Rs 5 crore)
- Audited financial Statement
before 31st Dec 2023
Co...
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Category : GST |
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0 | Hits : 4488 |
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Section 206C of the Income Tax Act, 1961
Posted Date : 27-Nov-2023 , 06:04:05 pm | Posted By
Ishita Ramani
Introduction
A new TCS section 206C (1H) was added to Finance Bill 2020. The updated section specifies that if a seller sells goods and the total sales value exceeds INR 50,00,000 (the threshold amount) in the same financial year, the seller must collect TCS from the customer. The content i...
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Category : Income Tax |
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Deduction from Capital Gain on Transfer of Capital Assets other than Residential House Property (Section 54F)
Posted Date : 24-Nov-2023 , 02:36:26 pm | Posted By
ANMOLBOHRA
Applicable to: Individual or Hindu Undivided Family (HUF)
Conditions:
The assessee must have transferred a long-term capital asset, excluding residential house property.
The assessee must acquire one residential house within a prescribed time limit, and its income must be taxable under Se...
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Category : Income Tax |
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INTEREST ON EXCESS REFUND
Posted Date : 20-Nov-2023 , 05:51:20 pm | Posted By
Law Legends
At times it may so happen that the taxpayer is granted excess refund. Section 234D of Income Tax Act, 1961 provides for levy of interest on excess refund granted to the taxpayer. In this blog of Law Legends you can gain knowledge about various provisions relating to intere...
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Category : Income Tax |
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ADVANCE TAX - WHAT,WHOM,WHEN,HOW,LEGAL ASPECTS AND BENIFITS
Posted Date : 20-Nov-2023 , 05:23:35 pm | Posted By
BRAJESH K. JHA
What is Advance Tax?
In simple words, an advance tax is the income tax which we have paid in the same financial year in which we earn it. Generally, we pay our income tax to the government in the next financial year i.e assessment year, after calculating the financial data of previous financial yea...
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Category : Income Tax |
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Biometric-Based Aadhaar Authentication & Document Verification for GST Registration
Posted Date : 09-Nov-2023 , 09:18:22 pm | Posted By
S.Mahajan
This is to inform taxpayers about recent developments concerning the application process for GST registration. It is advised to keep the following key points in mind during the registration process.
1. Rule 8 of the CGST Rules, 2017 has been amended to provide that an applicant can be...
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Category : GST |
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What are the benefits of maintaining Books of Accounts?
Posted Date : 08-Nov-2023 , 12:57:38 pm | Posted By
Ishita Ramani
Introduction
The practice of a company keep track of its financial transactions is as old as trade itself. The upkeep of precise books of accounts has been vital for the long-term prosperity and viability of businesses, going back to the days of barter systems and continuing into today&rsqu...
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Category : Corporate Law |
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0 | Hits : 1416 |
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