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Here is an interesting fact – Residential Status and not citizenship is the sole determining factor for imposing the tax. In other words, foreign citizens who have earned income in India are also subject to tax. However, the domain or criteria of residential status of India keeps on changing from Budget to Budget usually. As […]
Beneath section 54F of the Income Tax Act the Income Tax Appellate Tribunal (ITAT), Jaipur permits for deduction in respect of residential house property purchases in the name of wife. The taxpayer Dharamvir Singh has the income generated from the house property, capital gain, and interest. He furnishes the return of income showing the total […]
When it comes to ‘Initial Assessment Year’ for the purpose of deduction under the Income Tax Act, It has been held by The Income Tax Appellate Tribunal (ITAT), Delhi Bench that the Initial assessment year for the purpose of claiming of deduction need not be first-year of the commencement of operations”. Here is the case […]
Revenue from direct tax collection, amidst fiscal stress provided relief to the government. It is moving nearby to the amended Budget target for 2020-21 and might receive a stimulus from the final installment of the payment of advance tax. Its deadline ended on Monday. The revenue from net direct tax declined to 5 percent year-on-year […]
From FY 2020-21 onwards, taxpayers can have the choice within the double income tax scheme i.e. the newer and the old one and the latest concessional. This choice is synonymous with shopping in the market where we have the option to purchase one product or the other from our pocket/budget of shopping. If the taxpayer […]
Under section 50C of the Income Tax Act the Income Tax Appellate Tribunal (ITAT) Bangalore, has eliminated the addition performed by the revenue department. The taxpayer Ayi Vaman Narasimha Acharya has furnished the income return Easy guide to file income tax return for the FY (financial year) 2019-20. Also, we added the document checklist related […]
The Income Tax Appellate Tribunal (ITAT) Bangalore, ruled that the profit on selling the land comes beneath the capital gain and thus liable for all the deductions permitted while calculating the income beneath the capital gain. The taxpayer is the owner of Shri Babulal is the proprietor of M/s. Bangalore sales and marketing is said […]
The Income Tax Appellate Tribunal (ITAT), Pune Bench has permitted the deduction beneath Section 35(1)(ii) of the Income Tax Act with respect to the donation. The taxpayer owner of MRC transolutions Pvt ltd furnished a donation of Rs 1.25 cr to the organization known as the school of human Human Genetics and Population Health (hereinafter […]
The Finance minister shows the first budget in the digital form in the parliament. Also, there is no amendment which has been urged to the personal tax rates the budget consists of several advantages methods and proposals to directed the simplicity of the agreement for the assessees. The budget indeed urges the taxation of particular […]
