Note on Section 194-IA – TDS on Purchase of Immovable Property

Note on Section 194-IA – TDS on Purchase of Immovable Property Posted: 23 Jun 2013 12:10 PM PDT Any person responsible for paying any sum to a resident transferor by way of consideration for transfer of an immovable property (other than agricultural land in rural area) is liable to deduct tax at source u/s 194-IA.

Brief Note of Renting of Immovable Property under Service Tax Posted: 23 Jun 2013 11:19 AM PDT Renting of Immovable property has been taxed under the earlier tax regime vide Section 65 (105) (zzzz). Renting of immovable property has been brought into tax net vide Notification No. 23/2007-ST dated 01.06.2007. But After 1.7.2012, the transition involves shift from taxation of 119...

Recent amendments in Income tax & Wealth tax as regards Real Estate transactions Posted: 23 Jun 2013 10:51 AM PDT Real estate transactions in recent past have attracted the attention of Central & State Governments. New provisions under Income tax, Wealth tax, Service tax, Value added tax & revised guidelines for registration are examples of attempts on the part of the Government to raise more &...

Overview of Impairment of Assets and Comparative Analysis Between AS -28 &Indian AS-36 Posted: 23 Jun 2013 10:35 AM PDT MEANING OF IMPAIRMENT OF ASSETS In conformity with AS-28 impairment of assets means reduction in value of assets due to any market factors or performance of assets. It is applied to fixed assets including intangible assets. As per the provisions, the following assets are specifically excluded out...