HOUSING SOCIETIES in the city that disputed the applicability of income tax on transfer fees - collected by a society when a flat is sold by a member - may have to pay up. The Income-Tax (I-T) Department has begun issuing notices to such housing soci
What are the deductions admissible to a Senior Citizen? K G menonThere are not many . A person becomes senior citizen under Income Tax Act in any year after attaining the age of 65 even for one day. Once he attains 65 years, his status as senior citi
I have the following queries?1. Is there a time limit for issuing notice u/s 142 (1) ?2. Can a notice u/s 142(1) be issued after a notice under 143(2) has been issued? If, yes what is the rational behind issuing such notice as powers under 143(2) are
Can assessing officer issue notice u/s 148 on the basis of report of investigation wing. Is reassessment u/s 147 valid despite the fact he has given the reasons of opening case that investigation department has carried out investigation and found tha
Archana Rajaram and Daksha BaxiNishith Desai Associates, Mumbai ________________________________________The Budget presentation by the Indian Finance Minister ('FM') is an important annual fiscal event for the nation. It not only narrates the fiscal
Wealth-tax (First Amendment) Rules, 20077 August 07Wealth-tax (First Amendment) Rules, 2007 - Amendments in rule 4A, substitution of rule 4AA and Form DA; insertion of Form DAANotification No. 216/2007 [F. No. 142/11/2007-TPL], dated 7-8-2007In exerc
Directorate of Income Tax (Systems) has sent letters todeductors giving the details of inconsistencies in the TDS/TCS returnfiled. The details pertain to the first three quarters of F.Y. 2006-07.The following explains the various possible problems in
If there is no deduction in a particular quarter, should I file the NIL etds statement?The answaaykarbhavan group er is no,The filing of a NIL statement is not mandatory.As per section 200(3)Any person deducting any sum on or after the 1st day of Apr
In my view its not mandatory,now dept has given some clarification on this subject,though not directly on this subject but while answering the FAQ on form 24 Q ,Q4,it has been made clear that nil etds statement is not mandatory. But return 24q q4 sho
- At early age if the person manage to have his own residence house. He would prefer to go for that first. It will not only give the benefit of tax, but vis-à-vis offers security in life. He would also think of the following option availabl
CAclubindia
