Whether Payments by Associatiation of Sugarcane Producers Liable to Deduct Tax?

There was a survey action in this case. The Assessing Officer during the course of survey recorded statements of various persons under section 131 of the Act and came to the conclusion that the payments were made by Samiti which were formed to escape the liability of deducting the tax. He, accordingly, held the assessee...

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Does Direct Tax Code 2010 allow Interest deduction from house property income?

First the postive news ! Under the Income Tax Act 1961 , if you have more than one property, there was provison for taxing notional rent even if the second house was not put to rent. However, under the Direct Tax Code 2010 , such aconcept has been abolished.

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