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Capital gains on sale of agricultural land bring the issue whether the said agriculture land is capital asset.If the said agriculture land is not capital asset within the definition section 2(14) of the Income Tax Act , the gain on agriculture land sale shall be exempt from income tax. This article is written with an...
It was clarified in blog posting that presumptive income scheme under section 44AD does not cover profession as referred in section 44AAof the Income Tax Act. Now , Finance Bill 2012-13 has proposed amendment retrospectively by which it is not only clarified that persons carrying profession as per section 44AA can not avail presumptive scheme [...]
Income Tax Act 1961 has express provision of charging income from rental of building or house under the head Income from House Property . Thus , most of the court decision are unanimous about the treatment of the rental income usually under Income from House Property . This is so , even in a case...
ITAT Mumbai in its judgment dated 20th October 2010 has held in case of Digital Electroncis Ltd Vs Add CIT [ 135 TTJ 419] that a tax payer can adjust brought forward business loss with capital gains arising on sale of depreciable assets which was used for business purpose. The facts of the case The...
A 24-year-old man named Dinesh Kumar allegedly posed as an income tax commissioner and demanded Rs 30 lakh from a businessman in return of closing a fictitious complaint against the victim has been arrested by the crime branch of Delhi Police last Friday from the Millennium Park area in southeast Delhi. According to police , [...]
Disability deduction u/s. 80DD of the I.T Act for expenses on maintenance ,nursing or medical … [Read More...]
Deduction u/s 80E of the Income Tax Act is allowed to individuals who takes education loans for … [Read More...]
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