Income Tax Articles

New Income Tax Portal

Posted by Taxblock 16 March 2022 6463 Views

New Income Tax Portal was launched on 7th June, 2021 by CBDT (Central Board of Direct Tax). The portal is being redesigned for the easy filing and to eliminate the glitches or any other difficulties.

A Real Estate Developer's Budget in a Joint Venture Development

Posted by Mohammed Ibrahim 16 March 2022 22795 Views

It is an arrangement between the Landowner and the Builder/Developer, where the Landowner contributes his land and the Developer takes the full responsibility of development including obtaining planning permission from the local authority, dealing with RERA, and other Government Authorities where necessary, construction complete, arranging finance, and marketing and sales.

Whether several independent units can constitute "A residential house"

Posted by FCS Deepak Pratap Singh 16 March 2022 3522 Views

Any person will construct his house according to his need and on the basis of future requirements. The house build may consist of one unit or it may consist of several separate units.

Payment of Gratuity and Exemption from Tax

Posted by Neethi V. Kannanth 15 March 2022 5451 Views

Gratuity is a monetary benefit given by the employer to employees. It is governed by Payment of Gratuity Act, 1972. The exemption limit has been increased to Rs 20 lakh from the earlier Rs. 10 lakh.

Section 54 & 54F: Some of the finer points and judicial decisions

Posted by CS Advocate Abhishek Goyal 15 March 2022 10755 Views

As we are aware, section 54 of the Income Tax Act, 1961 provides exemption to the assessee from long term capital gains accruing to the assessee on account of transfer of a capital asset which is a residential house property subject to conditions prescribed therein.

Whether income tax attachment order will be considered as bar on sale of assets of a company in liquidation under IBC 2016

Posted by FCS Deepak Pratap Singh 14 March 2022 4307 Views

Leo Edibles & Fats Limited Vs. Tax Recovery Officer (Central)- Hyderabad [2018] 99 taxmann.com 226/259 Taxmann 387 Andhra Pradesh & Telangana High Court.

Extension of IT Due Dates

Posted by CA Umesh Sharma 13 March 2022 6687 Views

Extension of Income Tax Due Dates

How Stubbornness of Shekhar Became A Life-Saviour For Vishal (And How It Teaches An Unforgettable Tax Lesson)

Posted by Hardik Lashkari 13 March 2022 1425 Views

Vishal was dejected. He was feeling disheartened as he was left with no choice. He had to do what his dad, Shekhar, asked him to do this morning.

Income Tax Planning and its benefits

Posted by CA Puja Sharma 12 March 2022 6410 Views

Tax Planning is an intellectual process that makes one's financial position tax efficient. It refers to all those activities undertaken by taxpayers to ensure that their tax liabilities are minimised and benefit of all the available deductions, allowances and exemptions have been availed and are working in a coordinated manner.

Income from unsold flats shall be treated as business income

Posted by FCS Deepak Pratap Singh 10 March 2022 8460 Views

INCOME FROM UNSOLD FLATS SHALL BE TREATED AS BUSINESS INCOME OF THE DEVELOPER AND NO INCOME FROM HOUSE PROPERTY ON THE BASIS OF ANNUAL LETTING VALUE OR NOTIONAL VALUE OF RENT.