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It has been recently held by The Income Tax Appellate Tribunal (ITAT), Hyderabad bench that the expenditure that has been incurred by the assessee to repair his house to make it habitable ought to be deducted from the sum of capital gain under section 54 of the Income-tax Act, 1961. Latest Update in Income Tax […]
It has been held by The Income Tax Appellate Tribunal, Delhi Bench that the “Right to obtain Titltle” of the apartment is considered a transfer for the purpose of imposing Capital Gain. Since the assessee, Shiv Kumar Jatia: Paid the last instalment of the apartment on May 18, 2009; so, he acquired the right on […]
The Karnataka Authority of Advance Ruling passed an order that no GST shall be levied on the rent received from the ‘Backward Classes Welfare Department, Government of Karnataka’. The reason attributed for the aforesaid precedent is that the hostel (rented to the ‘Backward Classes Welfare Department, Government of Karnataka’) is working for the welfare of […]
The tax council has shown the new income tax return (ITR) forms towards the assessment year 2021-22 (AY22). It is to be urged that in the notification that there is no much amendment done in this year as per the pandemic. But there are some changes done which provide inline through the amendment in Finance […]
The CBDT stands for The Central Board of Direct Taxes, and it is a statutory authority functioning under the Central Board of Revenue Act, 1963. Recently, the board notified some new Income Tax Return Forms for the assessment year 2021-22. It also notified the Income Tax (7th Amendment) Rules, 2021 which is aimed to make […]
Under section 54F of the Income Tax Act, 1961 the Income Tax Appellate Tribunal (ITAT) Bangalore in its proceeding said towards the assessing officer to permit the exclusion to the taxpayer upon the invested amount towards buying the house in the name of the daughter. Under Section 54F of the Income Tax Act, the person […]
Payroll is the most important structure for every company so to manage the data of the employees. Information such as name, contact number address, bank details, leaves, attendance, and miscellaneous comes beneath the payroll software. This is needed because every company has employees and all of them have dissimilar details thus it is not possible […]
The Income Tax Appellate Tribunal (ITAT), Bangalore court held that the taxpayer in concern to the entitled for availing a deduction of reward paid prior to the appellate authorities. The taxpayer is the owner of FNF India Private Ltd asked the issue with respect to non-grant of the deduction for gratuity amounting to Rs.17,87,315. AO […]
Any individual or a Hindu divided family other than the person referred to the second provision to section 194-I, who is responsible for furnishing to the resident any income through the rent of more than Rs 50000 for a month or a section of the month in the preceding year, then the amount cut is […]
