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 …
Contract Farming: Whether eligible for exemption under the Income Tax Act? Read More »
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 …
Housing Loan & Tax Treatment of Pre-Construction Period Interest Read More »
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 …
Income tax on Joint Development Agreement | Section 45(5A) Of Income Tax Act Read More »
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 …
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 …
What Is the Difference Between Income Tax ‘Raid/ Search’ And ‘Survey’? Read More »
Systematic Investment Plan (SIP) is considered one of the best modes of investment in a mutual fund. A lot of investors prefer SIP as it is an easy & comfortable mode of Investment. Income from mutual funds, whether equity or debt fund, is also subject to taxation at a comparatively very lower rate of taxation. …
Systematic Investment Plan (SIP) of Mutual fund vs. Taxation on withdrawals Read More »
वसीयत अभी भी हमारे यहां कोई आम नहीं है और अधिकांश लोग अपने जीवन काल में वसीयत नहीं करते हैं। एक व्यक्ति अपने जीवन काल में ही यह घोषित कर देता हैं कि उसकी स्वयं की प्रॉपर्टी एवं सम्पति यथा कैश, शेयर, सोना, चांदी इत्यादि को अपनी मृत्यु के बाद किस तरह बांटना चाहता है। …
जानिए क्यों जरूरी है वसीयत लिखना और क्या है इसकी प्रक्रिया Read More »
According to a government notification, PAN card information will now be required when filing HRA (House Rent Allowance) claims returns by employees. The government has stated that the landlord’s PAN card details will have to mention on the exemption form in case of house rent exceeding Rs. 1 lakh in a year. What is HRA …
HRA की छूट यदि ले रहे है जो अपने नियोक्ता (एम्प्लॉयर) को पहले से डिक्लेयर नही किये धारा 80 के विभिन्न प्रावधानों में जिन्होंने छूट ली है, नोटिस ऐसे वेतनभोगी और छोटे व्यापारियों को भेजे जा रहे वेतन का एरियर मिला है और धारा 89(1) में नियम से ज्यादा रिलीफ ली गयी हो 300% तक …
टीडीएस रिफंड क्लेम किया तो रखिए डिडक्शन का प्रूफ, आ रहे हैं नोटिस Read More »
Any profit arising from the transfer of land, building, gold, or any other capital assets is chargeable to income tax as “Capital Gain”. Taxpayers have an option to save the tax arising from the transfer of Long Term Capital Assets by claiming an exemption under various provisions of the Income Tax Act-1961. The most commonly …
Capital Gains Accounts Scheme meaning, features, and types Read More »