Income Tax Articles

Capital gains cannot be considered while calculating book profit for Section 115JB

FCS Deepak Pratap Singh 18 March 2022 at 08:03

THE BOMBAY HIGH COURT HELD THAT- Capital Gain credited to Capital Reserve Account instead of Profit & Loss Account cannot be considered while computing Book Profit for the provision of Section 115JB (MAT).

A Real Estate Developer's Budget in a Joint Venture Development

Mohammed Ibrahim 16 March 2022 at 09:06

It is an arrangement between the Landowner and the Builder/Developer, where the Landowner contributes his land and the Developer takes the full responsibility of development including obtaining planning permission from the local authority, dealing with RERA, and other Government Authorities where necessary, construction complete, arranging finance, and marketing and sales.

Whether several independent units can constitute "A residential house"

FCS Deepak Pratap Singh 16 March 2022 at 08:49

Any person will construct his house according to his need and on the basis of future requirements. The house build may consist of one unit or it may consist of several separate units.

Section 54 & 54F: Some of the finer points and judicial decisions

CS Advocate Abhishek Goyal 15 March 2022 at 08:52

As we are aware, section 54 of the Income Tax Act, 1961 provides exemption to the assessee from long term capital gains accruing to the assessee on account of transfer of a capital asset which is a residential house property subject to conditions prescribed therein.

Whether income tax attachment order will be considered as bar on sale of assets of a company in liquidation under IBC 2016

FCS Deepak Pratap Singh 14 March 2022 at 08:43

Leo Edibles & Fats Limited Vs. Tax Recovery Officer (Central)- Hyderabad [2018] 99 taxmann.com 226/259 Taxmann 387 Andhra Pradesh & Telangana High Court.

Income Tax Planning and its benefits

CA Puja Sharma 12 March 2022 at 09:00

Tax Planning is an intellectual process that makes one's financial position tax efficient. It refers to all those activities undertaken by taxpayers to ensure that their tax liabilities are minimised and benefit of all the available deductions, allowances and exemptions have been availed and are working in a coordinated manner.