Section 54 exemption not available on House not having basic amenities

Section 54 exemption not available on House not having basic amenities Posted: 04 Sep 2012 07:19 PM PDT In the instant case, in order to examine the entitlement of the assessee for exemption under section 54, it is to be seen whether the assessee had constructed residential house within three years of the transfer of his property. For doing so, the meaning of the term 'house' is to be explored. The... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Disallowance U/s. 14A & Reporting in Tax Audit Report Posted: 04 Sep 2012 10:18 AM PDT Clause 17(l) - Amount of deduction inadmissible in terms of section 14A in respect of the expenditure incurred in relation to income which does not form part of the total income; This clause was inserted by the notification number 208/2006 dated 10th August 2006. Section 14A was inserted in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Free eBook on Audit, Inspection & Enforcement (Delhi Value Added Tax Act, 2004) Posted: 04 Sep 2012 10:04 AM PDT Free eBook on Audit, Inspection & Enforcement under Delhi Value Added Tax, 2004. This Book deals with Section 58 to 65 (amended upto 18-06-2012) of DVAT Act, 2004 read with Rules 22, 23, 41, 43 and 46 of DVAT Rules, 2005. These give power to the department for proper enforcement of the Act,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Overview of Annual eFiling under the Companies Act, 1956 Posted: 04 Sep 2012 09:58 AM PDT 1. Balance Sheet and Profit & Loss Accounts are to be filed as two separate documents with different e-Forms; 2. Each e-Form along with the relevant attachment(s) should be less than 2.5 MB. 3. The Balance Sheet, Profit & Loss Account and Annual Return are filed as attachments to the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Free eBook on Practical Aspects of Tax Audit, TDS, HUF & Capital Gains Posted: 04 Sep 2012 09:30 AM PDT eBook covers various complex topics such as Tax Audit, TDS, HUF and Capital Gains. Book provides brief analysis of various complex issues falling under the above mentioned topics duly supported by latest relevant judicial pronouncements and provisions of law. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] SEBI Steps to Revive Mutual Funds Posted: 04 Sep 2012 09:28 AM PDT While mutual funds provide a safe and desirable mode of investment for retail investors, they have not grown much due to lack of infrastructure on one hand and poor return to investors vis-à-vis their expectations. Mutual funds in India suffer from inadequate and non- expert distribution network... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Download eBook on Income Tax Survey, Search & Seizure Posted: 04 Sep 2012 08:28 AM PDT In eBook on Survey, Search & Seizure under Income Tax Act, 1961 author has made every effort to compile all the latest developments in the field of Survey, Search & Seizure, which includes the prevalent law, its analysis, gist of significant judicial pronouncements of various courts,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Free eBook on Formation & Administration Of Charitable Organisations In India Posted: 04 Sep 2012 08:23 AM PDT Free Handbook covers the following Topics - 1. Introduction 2. Evolution and Growth of Charitable Organisations in India 3. Meaning of Charitable Organisation 4. Laws governing Charitable Organisations in India 5. Formation and Registration of the various forms of Charitable Organisations [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Download E-Book on Taxation of Charitable Trust Posted: 04 Sep 2012 08:14 AM PDT Meaning of Charitable Purpose - Section 2(15). Income from Property held for Charitable Religious Purpose - Section 11. Capital Gains deemed to be Applied for Charitable /Religious Purpose - Section 11(1A). Consequences if Income not applied for Specific Purpose - Section 11(1B). Exemption if... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Deemed Dividend under Income Tax Act,1961 Posted: 04 Sep 2012 07:57 AM PDT Dividend General Meaning - • 'Dividend', in its ordinary connotation, means the sum paid to or received by a shareholder proportionate to his shareholding in a company out of the total sum of profit distributed. • Section 2[22] of the Act, fictional provision envisaging 5 different situations. •... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Free Excise & EXIM Compliance Software for CAs Posted: 04 Sep 2012 07:36 AM PDT The Committee for Capacity Building of CA Firms and Small & Medium Practitioners (CCBCAF&SMP), ICAI has arranged the 'Excise & EXIM Compliance software' for the Practitioners & CA Firms. The software is designed to facilitate Practitioners & CA Firms on various professional... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] E-Book on HUF under Hindu Law & Income Tax Act, 1961 Posted: 03 Sep 2012 09:46 PM PDT 1 Meaning of HUF 2. Characteristics of HUF 3. Who can be 'Karta' 4 Sole Surviving Coparcener 5 Consequence of Amendment in Hindu Succession Act 6 Mode of Creation of HUF 7 Income Tax Issues [[ This is a content summary only. Visit my website for full links, other content, and more! ]] PPT on Income Tax Assessment Procedure Posted: 03 Sep 2012 09:40 PM PDT TYPES OF ASSESSMENT? Inquiry before Assessment Section 142(1) Summary Assessment Section 143(1) Scrutiny Assessment Section 143(3) Best Judgment Assessment Section 144 Reassessment Section 147 [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Download E-Book on CIT(Appeals) – Practice, Procedure & Law Posted: 03 Sep 2012 09:40 PM PDT The E-Book written by CA Agarwal Sanjay 'Voice of CA' & CA Sidharth Jain deals with following topics related to Income tax Appeal with Commissioner of Income tax (Appeals). Appeal – Meaning Nature of Tax Appeals Relevant Provisions Appealable Orders Appeal by person... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Income Tax – E-Book on Survey, Search & Seizure + Survey Assessment Posted: 03 Sep 2012 09:35 PM PDT Amendment Vide Finance Act, 2012. Pre Survey & Search precautions.. Salient features of survey proceedings. Salient features of Search & Seizure Proceedings Right & Duties of Assessee, Income Tax Department & Chartered Accountant [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Free E-Book on Real Estate Transactions under Income Tax Act,1961 Posted: 03 Sep 2012 09:35 PM PDT E-Book Covers the following Topics Income Tax Issues Concerning The Landowner Capital gain or Business income. Relevant Statutory provisions of Capital Gain under the Income Tax Act, 1961. Relevant Statutory Provision & Issues of Sec. 2(47)of I.T. Act, 1961 & 53A of Transfer... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Download E-Book on Capital Gain Under Income tax Act,1961 Posted: 03 Sep 2012 09:32 PM PDT The E-Book written by CA Agarwal Sanjay 'Voice of CA' deals with almost all issues in Capital Gain Taxation. E-Book Mainly deals with following sections :- Section 45(1) - Charging Section, Section 2(14) - Capital Asset, Section 2(47) - Transfer, Section 47 Transaction Not regarded as... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Notifications – Punjab Vat Act 2005 -Change In Tax Rate Posted: 03 Sep 2012 09:30 PM PDT The rate of Tax on declared goods as mentioned in Schedule C-1 has been increased from 4% to 4.5% plus Additional Tax @ 10% and net effect from 03-09-2012 will be 4.95%. It is pertinent to clarify that on wheat, paddy and rice, there is no change in the rate of Tax w.e.f 03-09-2012 and the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] TDS not deductible on Accident Compensation Amount Posted: 03 Sep 2012 09:10 PM PDT Whether the T.D.S. is deductible on the compensation paid to the unfortune parents, whose child dies in an escalator maintained by an Airport Authority [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Due date for filing e-form 23AC & 23ACA (non-XBRL) extended to 15-10-2012 Posted: 03 Sep 2012 09:08 PM PDT General Circular No. 28/2012 This Ministry had issued General Circular No. 21/2012, dated 2-8-2012 for extending time for filing e-form 23AC and 23ACA (non-XBRL) as per revised Schedule VI without any additional fees/penalty up to 15-9-2012 or within 30 days from the date of their AGM, which ever... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Transfers / Postings/ Promotion of CIT/ DIT / CCIT Posted: 03 Sep 2012 09:06 PM PDT Vide Order No. 177 of 2012 dated 04.09.2012, the CBDT has ordered the transfers and postings of several officers in the grade of Commissioner/ Director of Income-tax with immediate effect. Vide Order No. 176 of 2012 dated 04.09.2012, the CBDT has promoted several officers in the grade of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Regarding SC order relating to Ship-breaking & proposed Recycling Code Posted: 03 Sep 2012 09:05 PM PDT Order of the Supreme Court in Writ Petition (Civil) No. 657 of 1995 in the matter of Research Foundation for Science, Technology & Natural Resource Policy Vs Union of India (UOI), relating to Ship-breaking- [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Commission to partner not authorised by partnership deed is not deductible Posted: 03 Sep 2012 08:32 PM PDT A partner is not entitled to receive remuneration for taking part in the conduct of the business under section 13 of the Partnership Act. This rule is subject to the contract to the contrary. In other words, if there is a contract between partners to receive remuneration for taking part in the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Capital Gain taxable in the year of transfer Posted: 03 Sep 2012 08:27 PM PDT The reasoning of the Tribunal is premised upon the fact that capital assets were transferred on a particular date the assessee passed on the execution of the agreement. There is no material on the record or in the agreement suggesting that even if the entire consideration or part is not paid the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Provision for site restoration expense on the basis of scientific method carried out by an independent agency eligible for deduction in book profit Posted: 03 Sep 2012 08:14 PM PDT The assessee has contended that the amount debited by the assessee is as per an independent enquiry carried out by M/s Institute of Oil and Gas Production Technology and therefore, it cannot be held as unascertained liability. The Assessing Officer did not accept the explanation of the assessee and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 158B – Revelation of any undisclosed income should be clear & direct Posted: 03 Sep 2012 08:06 PM PDT If the revenue is to reply upon some documents for some part of them to claim that the documents reveal some undisclosed income of the assessee which has escaped tax and is earned during the block period, at the same time not giving same importance to the other parts of the documents, but... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Indirect foreign currency receipt sufficient to regard service as exported Posted: 03 Sep 2012 07:58 PM PDT In the instant case instead of foreign exchange going out of India, there is conservation of foreign exchange in India to the extent of commission earned by the service provider appellant in view of the arrangement made by the service recipient abroad in that behalf through Indian Railways. Instead... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Addition u/s. 68 cannot be deleted for mere payment if not supported by creditor's confirmation Posted: 03 Sep 2012 07:48 PM PDT Coming to the facts of the case, the assessee was afforded sufficient opportunities to furnish confirmations in respect of the impugned credits by the Assessing Officer (refer page 2 of the assessment order). A final show-cause notice was issued by him on 22/03/2006, stating the said fact, and by... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Age & formation cannot be the criteria for rejecting the company for comparability analysis Posted: 03 Sep 2012 07:40 PM PDT So far as the first difference of age and formation is concerned, there is no merit in the contention of the assessee, as the age and formation of the company cannot be the criteria for rejecting the company for comparability analysis. If that is the criteria, then most of the companies which have... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] SC held Sahara guilty of raising fund from public through dubious private placements in violation of securities laws Posted: 03 Sep 2012 07:25 PM PDT In a major setback to the Sahara Group, the Supreme Court today directed two of its companies to refund around Rs 24,000 crore to their investors within three months with 15 per cent interest per annum. In stinging observations against the companies for violating rules and regulations in raising... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CLB Action Streamlines Notarial Malpractices in NCT Delhi Posted: 03 Sep 2012 06:19 PM PDT ompany Law Board while passing an order in the matter of Shri Rupak Gupta & Others v. M/s. Banaras House Pvt. Limited has taken a very serious note of the serious breach of duty by Notaries in the capital while attesting affidavits (like affidavits having blank spaces, non disclosure of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] GAAR Draft Report; Comments from Stakeholders & General Public Invited By 15-9-2012 Posted: 03 Sep 2012 12:13 PM PDT The Committee, chaired by Dr. Parthasarathi Shome, has submitted its draft report after analysis of the GAAR provisions and noting the concerns expressed by various shareholders. The draft report has recommended certain amendments in the Income-tax Act, 1961; guidelines to be prescribed under the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]