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In an order released lately, the Income Tax Appellate Tribunal (ITAT) rejected the depreciation claim on Non-Competition Fee. The said claim was filed by the assessee, Fortis Hospitals Ltd., on a recent acquisition of the Wockhardt Group of hospitals under an agreement that included payment of a non-competent fee of Rs. 15.50 crores. The fee […]
The Central Board of Direct Taxation (CBDT) released a checklist for taxpayers to avoid common mistakes in preparation and filing ITR-7 for Assessment Year 2020-21 as these common mistakes can interrupt the filing and uploading of the Income-tax return Read the easy guide on e-filing of IT return online in India. Step by step guide […]
On the 5/11/2020 income tax department conducted the operation in the context of the evangelist of Thiruvalla in Kerala along with the group of several trusts which enjoy the privilege beneath the Income Tax Act, 1961 “Get to know complete guide of TDS provisions under income tax act 1961 at here. Also, we include several […]
Under Section 194J of the Income Tax Act, the Karnataka High Court ruled that the Third Party Administrator (TPA) is obliged to Tax Deducted at Source (TDS) on amounts given to hospitals. The petitioner is the owner of TTK Healthcare TPA Private Limited is a firm that provides 3rd party services on medical and health […]
On the electric vehicles, the government has undertaken the two new deductions of affordable housing loan and deduction The tax payers can claim income tax benefits on home loan by claiming certain deductions. Know the easy ways to takeaway the benefits as per the Budget to take interest in the loans sanctioned to the electric […]
For talented students, the dream of obtaining a foreign degree has become far-fetched, as tax will be collected at source TCS if the remittance amount exceeds Rs 7 lakh. While the TCS rate will be 0.5 percent (Till 31st March 2021: 0.375%), when the amount is received from a financial institution. Whereas if it is […]
Under the Amnesty scheme 2020, Kerala GST officials provide instructions for the settlement of arrears. The province of Commissioner of KGST in the context of Kerala Finance Bill, 2020 to assure constancy in bringing out the improvements performed in different Laws and conditions with regards to Amnesty Scheme, 2020 The Indian government is planning to […]
According to section 54F of the Income Tax Return (ITR) The income tax department has declared that ITR 1, 2, 3, 4, 5, 6 & 7 for AY 2019-20 is now available for e-Filing and soon other ITRs will also be available, the assessee is free to do the investment in the house property in […]
Is capital gain suitable for the consideration of procured land in the 1970s? Yes, it is. Endorsing the Income Tax Department’s judgment for filing the return in the assessment year 1971-72 in 2020. The supreme court for refusing the petition upon the applicability of capital gains tax in the case which had begun in 1970. […]
