Computation of Taxable Income and Tax under Income Tax Act 1961 [As amended by Finance Act, 2015] Reference: www.Incometaxindia.gov.in Under how many heads the income of a taxpayer is classified for computing Taxable Income? Section 14 of the Income-tax Act has classified the income of a taxpayer under five different heads of income, viz.: Salaries Income from… Read More »
Income tax Act 1961 What is Income tax? It is a tax levied by the Government of India on the income of every person. The provisions governing the Income tax Law are given in the Income tax Act, 1961. What is the administrative framework of Income tax? The revenue functions of the Government of… Read More »
Assessee earned salary during FY 2007-08 Rs.4,56,821 however recovery of Rs .2,13,132 was made for excess salary payments relating to earlier years and net salary of Rs 243689 was received by the Assessee . How much is taxable salary during FY 2007-08 Rs 4,56,821 or Rs 243689 ? Taxable Salary is Rs 243689 What is taxable under… Read More »
Can the Assessee claim revaluation loss on index linked debentures issued by the assessee ? The Hon;ble Supreme Court has considered the issue relating to the effect of changes in foreign exchange rates in the case of Woodward Governor India (P) Ltd (supra). In the case of foreign currency also, the conversion rates keep fluctuating and… Read More »
Whether for the construction of educational institutions, service tax is exempted as per Circular No. 80/10/2004 ST, dated 17.9.2004 upto 30.6.2012 ? Section 65(105)(zzzza), read with section 65(25b), of the Finance Act, 1994 Taxable services – Works contract services Period October, 2008 to June 2012 Facts of the Case Assessee constructed classrooms, hostels, etc., for educational… Read More »
THE GAZETTE OF INDIA EXTRAORDINARY PART III – SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, SEPTEMBER 17, 2015 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 17th September,2015 SECURITIES AND EXCHANGE BOARD OF INDIA (PROCEDURE FOR SEARCH AND SEIZURE) REPEAL REGULATIONS, 2015 No. SEBI/LAD-NRO/GN/2015-16/020.– In exercise of the powers conferred by section 30 of… Read More »
Delhi HC dismissed petition seeking extension of due date of Sept. 30, 2015 for filing of return HIGH COURT OF DELHI Avinash Gupta v. Union of India RAJIV SAHAI ENDLAW, J. W.P. (C) NO. 8771 OF 2015 CM NOS. 19409 OF 2015 (FOR STAY) AND 19410 OF 2015 (FOR EXEMPTION) SEPTEMBER 14, 2015 ORDER 1.… Read More »
Set Off and Carry Forward of Losses under Income Tax Act 1961 [ Refer How to Set off and Carry Forward Loss under Income Tax [ FA 2018] ] If income from any source is exempt, then can loss from such source be adjusted against any other taxable income? If income from a particular source is… Read More »
Clubbing of income under Income Tax Act 1961 What is the meaning of clubbing of income? Normally, a person is taxed in respect of income earned by him only. However, in certain special cases income of other person is included (i.e. clubbed) in the taxable income of the taxpayer and in such a case he… Read More »
Income Tax Provisions for Capital Gain What incomes are charged to tax under the head “Capital Gains”? Any profit or gain arising from transfer of a capital asset during the year is charged to tax under the head “Capital Gains”. What is the meaning of capital asset? Capital asset is defined to include: a) Any kind… Read More »