Only when final determination of income is in excess of that returned by the assessee, under Section 158BC, could there be a levy of penalty under Section 158BFA of the Act HIGH COURT OF KERALA Commissioner of Income-tax, Cochin v. C. Najeeb K. VINOD CHANDRAN AND ASHOK MENON, JJ. IT APPEAL NOS. 1312 & 1549 OF 2009… Read More »
INTEREST ON EXCESS REFUND At times it may so happen that the taxpayer is granted excess refund. Section 234D provides for levy of interest on excess refund granted to the taxpayer. In this part you can gain knowledge about various provisions relating to interest on excess refund granted to the taxpayer. Manner of computation of… Read More »
If a plot is purchased in contemplation of ensuing construction within a reasonable time even before the transfer of the original asset, there can be no fetters on the allowability of exemption u/s 54F, if other conditions are fulfilled. The assessee acquired land in two parts for construction of a new residential house, viz, the… Read More »
Certain Income Tax Benefits are given to Senior citiens and super senior citizens under income tax Act. Who is Senior Citizen under Income Tax : An Indian resident who is of the age 60 and above but below 80 during the respective year is categorized as a senior citizen. Who is Super Senior Citizen under… Read More »
Notification No. 36/2019 Amendment of Form No. 16 and Form No. 24Q Dated 12th April 2019 The CBDT has notified changes in Form 16 (TDS Certificate for Salary Income) and Form 24Q (TDS return in respect of salary). The changes have been made to bring TDS certificate in sync with new ITR forms issued for… Read More »
Yearly Tax Digest & Referencer (48th Edition) Taxmann : Income tax Volume 1A Section -wise Case Book of Judgments of Supreme Court/High Courts reported in www.taxmann.com in year 2018Also Incorporating: Section -wise Compendium of Circulars issued by CBDT during 2018 Text of Notifications issued during 2018 Volume 2A Section-wise Case Book of Decisions of Income… Read More »
Income Tax Act-As Amended by Finance Act 2019 (63rd Edition 2019) Income Tax Act 1961 Text of Finance Act 2019 Guide to Finance Act 2019 Buy online Click here Edition : 63rd Edition 2019 Date of Publication : February 2019 ISBN No.:9789388750691 Binding : Paperback Refer Other New Income Tax Books
Cash Limits for Bank Accounts by Income Tax Department नकद सीमा [Video ]Cash Receipt Limit in Income Tax w.e.f 01.04.2017 :section 269ST : News [ Part 16] : TaxHeal.com Limit &; Penalty on Cash Transaction w.e.f 01.04.2017 -Income Tax ( India) Section 269ST ; Cash Receipt Rs 2 Lakh or more Banned w.e.f 01.04.2017 Restricting… Read More »
Income Tax Benefits for Small Businessmen in AY 2020-21 (FY 2019-20) [As amended by Finance Act, 2019] S.N. Particulars Section Benefits/Deductions allowed A. Presumptive Taxation Scheme 1. Computation of income from eligible business on presumptive basis under Section 44AD provided turnover or gross receipts of eligible business does not exceed Rs. 2 crore (Subject to certain conditions).… Read More »
List of benefits available to Salaried Persons [AY 2020-21] / FY 2019-20 [As amended by Finance Act, 2019] S. N. Section Particulars Benefits A. Allowances 1. 10(13A) House Rent Allowance (Sec. 10(13A) & Rule 2A) Least of the following is exempt: a) Actual HRA Received b) 40% of Salary (50%, if house situated in Mumbai, Calcutta, Delhi… Read More »