Category: Income Tax
CBDT has notified “1125” as Cost Inflation Index (CII) for FY 2016-17. CII is used indexation of cost of acquisition and improvement for the purpose of computation of long term capital gains under Income Tax Act, 1961. From Assessment Year 2018-19, the base year of the CII has been …
MINISTRY OF FINANCE Department of Revenue CENTRAL BOARD OF DIRECT TAXES Notification No. 42/2016 New Delhi, the 2nd June, 2016 INCOME-TAX S.O.1948(E).—In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby …
Notional interest Perquisite on Security deposit paid to landlord. Notional Interest on amount paid by employer for employee’s accommodation not perquisite-ITAT ABCAUS Case Law Citation: 934 2016 (06) ITAT Brief Facts of the Case: The assessee was an employee having income from salary and other sources. His return …
Interest 234B invalid if TDS deductible on entire income us 195 as there is no failure on the part of the assessee in payment of advance tax-ITAT ABCAUS Case Law Citation: 932 2016 (06) ITAT The Question: whether interest under section 234B of the income tax act can be …
Rule 8D Amendment CBDT Notification 43/2016. GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES Notification No. 43/2016 New Delhi, the 2nd June, 2016 S.O. 1949(E)– In exercise of the powers conferred by section 295 read with subsection (2) of section 14A of …
AO bound to furnish reopening reasons recorded us 147 within a reasonable time for initiation of reassessment proceedings u/s 147/148 This was held by ITAT in a recent Judgment ABCAUS Case Law Citation: 6611 2016 (06) ITAT Brief Facts of the Case: The assessee filed his return of …
Addition us 68 remanded back by ITAT for short time lag between inquiry initiation and conclusion when the evidence was to be produced in just 10 days. ABCAUS Case Law Citation: 1781 2016 (06) ITAT Brief Facts of the Case: During the assessment proceedings, the copy of the cash book …
Gift received from Step Father not taxable us 562vi as income from other sources. The Explanation to section 56(2) would indicate that the expression “relatives” would recognize the relationship between the step-father and step-son for the purpose of exemption available under section 56(2) of the Income Tax Act, 1961. …
Bad Debts written off as irrecoverable must form part of income. The assessee can claim bad debts by just writing off as irrecoverable in the accounts without establishing that they have actually become bad debts or not but it is incumbent on the assessee to at least prove that …
ICAI income exempt us 11. The institute is an educational institute and its coaching activities falls within the meaning of charitable purpose u/s 2(15). In a yet another case for AY 2010-11, ITAT following previous judgments of ITAT, High Court and Supreme Court has upheld the charitable status …
