Capital Gains Account Scheme can be used by a tax payer to deposit the amount of gains or sales consideration received on disposal of a capital asset for which he/she /it desires to get capital gains exemption u/s 54 or 54F of teh Income Tax Act. It has been provided in section 54 or section...
Rule 8D Not Applicable Stock-in-Trade : ITAT Kolkata
March 17, 2013 by
Rule 8D is invoked by assessing officer for computing disallowance u/s Section 14A of the Income Tax Act even in case shares are held as Stock-in-Trade.Thus , the agony of the taxpayers who deals in shares only and does not involves in investment aggravates , because in most of cases the dividend received are far...
TDS Not Reflected in 26AS : Its AO Resposnisbility , says Delhi HC
March 16, 2013 by
Non reflection of TDS in the 26AS statement which is the basis on which income tax department gives credit of the tax deducted at source is a very big problem and number one reasons for anxiety and worries in mind of tax payers.Ridiculously, the income tax department does not even recognise the TDS certificate which is issued...
Pledged Shares Can Be Transferred by Owner !
February 21, 2013 by
The headline that pledged shares can be transferred must surprise many , because if the pledged shares can be transferred by pledger (owner) , then there can not be any meaning to law in this regard. However, this exactly what happened in the facts of the case of ACIT vs Biraj Investment Pvt Ltd , [2012] 210...
No Education Cess if DTAA Rate Applicable !
February 6, 2013 by
The education cess was introduced from Assessment Year 2005-06 vide Finance Act 2004 by which an additional tax was imposed computed on the basis of tax & surcharge.However, this new additional tax has created a controversy in case of non resident assessees specially with respect to tax resident of countries with whom India has a...
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