आयकर विभाग द्वारा जारी किए जाने वाले नोटिसों से बचने के लिए, आयकर रिटर्न भरते समय रखे जाने वाली सावधानियां
वर्तमान में हमारे देश में आयकर से संबंधित प्रक्रिया , आयकर अधिनियम , 1961 द्वारा नियमित / संचालित हैं। कर की परिभाषा , अलग अलग विद्वानों द्वारा अलग – अलग दी गई है , परंतु सामान्य व्यक्ति के दृष्टिकोण से इसे हम “ विकास की लागत “ के रूप में समझ सकते हैं । आयकर …
Safeguarding Against Section 43B Disallowances for MSME Suppliers in the Income-Tax Act
In India’s intricate tax landscape, laying the groundwork for diligent compliance can be challenging, especially with specific requirements relating to Micro, Small, and Medium Enterprises (MSMEs). Section 43B of the Income-tax Act, a provision aimed at certain deductions at the point of payment, plays a pivotal role in this scenario, particularly for assesses dealing with …
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Contract Farming: Whether eligible for exemption under the Income Tax Act?
Introduction: Issue: The issue is whether agriculture income earned by farming on leased land is entitled to exemption under the Income Tax Act or is it in the nature of contract farming? Reply: This issue was before the ITAT Hyderabad, which held that: Conclusion: Agricultural operations, whether in leased land or own land will be …
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Housing Loan & Tax Treatment of Pre-Construction Period Interest
Query 1] We have booked an under-construction flat for Rs. 1.65 Cr in May 23. The amount of Rs. 21 Lakh was given at the time of booking and have availed of the housing loan for balance of Rs. 1.44 Cr. The flat is booked in joint name with my wife. We both are working and …
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Income tax on Joint Development Agreement | Section 45(5A) Of Income Tax Act
Joint Development Agreement is a popular arrangement between landowners and builders. In this article, you will learn about the taxability of such a transaction which is slightly different from the usual capital gains transaction. JDA is a type of agreement between a landowner and a builder. The land owner gives his land to the builder …
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Future & Options – Tax Accounting & Audit Issues Version 2.0
Lots of queries and issues have been raised on taxation, accounting, and audit of Futures and Options transactions. A small note was prepared for the benefit of all, containing a few specific issues including certain common questions shared with me over a couple of years which was published on 18th January 2022. Thereafter some changes were made in the …
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Salaried don’t claim fake deductions
The Income Tax department has filed two FIRs against 400 Employees and one CA in Jammu and Kashmir in bogus refund cases It has been alleged in the FIRs 405 persons including a Chartered Accountant who runs a firm from Raj Bagh Srinagar have entered into a conspiracy and defrauded the Central Government exchequer for …
What Is the Difference Between Income Tax ‘Raid/ Search’ And ‘Survey’?
Let us tell you that Income Tax officials do IT Surveys to bring out any undisclosed assets or income. During this, these things are also taken care of whether the concerned person or business has maintained the account properly or not. The income tax survey is done under section 133A of the Income Tax Act …
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