Buying is Enough for Claim of Exemption u/s 54 or 54F. Registration Not Necessary !

Buying is Enough for Claim of Exemption u/s 54 or 54F. Registration Not Necessary !
It often happens that you sell your house or other capital asset and invested in a new house . The purchase of house could not be registered within time allotted u/s 54 or sec. 54F for various reasons. Maybe construction could not be completed or even if you took possession, the documents has not been registered on account of builders  fault. So , in such a case where , although you have bought the house , but the purchase

Taxation of Chit Fund Schemes Subscribers : Everything You Ever Wanted to Know

Taxation of Chit Fund Schemes Subscribers : Everything You Ever Wanted to Know
Chit Fund word has become very (in)famous recent times , but fact is that those companies who have duped the investors in West Bengal in recent years and now their owners behind bar were not actually running chit fund schemes , but a false and fraudulent schemes of deposits. The real chit fund schemes , well reglated under the Chit Fund Act and other state laws are very popular in South of India and also in Delhi . A very old

32 FAQs on Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (hereinafter referred to as ‘the Act’) has introduced a tax compliance provision under Chapter VI of the Act. The Black Money (Undisclosed Foreign Income and Assets) and  Imposition  of  Tax  Rules,  2015  (hereinafter  referred  to  as  ‘the  Rules’)  have  been notified. In regard to the scheme queries have been received from the public about the scope of the scheme and the procedure to be followed. The

Custom Commissioner Goes in Hiding , CBI Searches His House !

Jaipur is becoming hot pursuit for Central Bureau of Investigation. Only a few months ago , Chief Commissioner of Income Tax was arrested by CBI on bribery charges. Now it is being alleged that the touts arrested by the CBI & Produced by them in courts were receiving the bribe amount on behalf of the two officials of the Customs . The allegation is against Pavan Kumar Jain Custom Commissioner and the Sushil Kumar Pareek Assistant Commissioner, as per

Which TDS or Tax Rate Applicable For Period When Finance Bill Not Given Assent by President ?

Which TDS or Tax  Rate Applicable For Period When Finance Bill Not Given Assent by President ?
Budget is presented ,generally, on last date of February every year. And when the session of parliament starts , the budget is presented before it for discussion. After the same is passed by both Houses , it is sent to the President for his assent. When He gives his assent, the finance bill becomes Finance Act. Now , the President has given his assent for Finance Act 2015  on 11the May . The question is what tax rate or TDS