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Long term is tax free if sold through recognized stock exchange. Short term is taxed at lower rates of 15% . Stock-in-trade is taxed at higher rates than capital gains. Therefore, many tax payers are resorting to capital gains rather business income. Many convert their holding as stock in trade as capital asset and then [...]
This issue was before Income Tax Tribunal, Lucknow in case of Gopi Apartments vs ACIT 132 TTJ 249 in which facts were as under : the assessee is a partnership firm which came into existence on 7th Jan., 2005 relevant to the asst. yr. 2005-06. For the asst. yr. 2007-08, the assessee filed the return...
Investigation wing of the income tax department , in very routine manner , put prohibitory orders on operation of bank accounts of persons on whom they suspect having black money.The power exercised by the income tax authority for issue of prohibitory order emanate from section 132(3) of the I T Act which is as under...
It is routine in the Income Tax Department that cases of valuation of properties are referred to valuation cell , who many times send a report based on which A.O initiates proceeding u/s 147 of the I T Act.Many of thsoe actions were subjected to judicial scrutiny and the result is that most courts ,...
Supreme Court set six parameters to decide if the expenditure is deductible as business expenditure ? The law on the subject was clarified by the Supreme Court in CIT vs Woodward Governor India (P) Ltd. and Honda Siel Power Products Ltd.223 CTR 1 The actual issue before Hon’ble Supreme Court was Whether, on the facts...
Disability deduction u/s. 80DD of the I.T Act for expenses on maintenance ,nursing or medical … [Read More...]
Deduction u/s 80D of the Income Tax Act provides relief to tax payer by allowing a deduction in … [Read More...]
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