Income Tax Articles

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

Posted by FCS Deepak Pratap Singh 18 March 2022 8273 Views

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).

Cryptocurrencies & Taxation of Cryptocurrencies under Income Tax

Posted by Taxblock 17 March 2022 3307 Views

A cryptocurrency is digital, decentralized currencies that are issued by a private enterprise to work as a consideration of transaction between two individuals or businesses without any direct interference from the government.

Audit under Section 44AB of the Act

Posted by CA.R.S.KALRA 16 March 2022 11841 Views

Provisions of Section 44AB has been explained in this article.

New Income Tax Portal

Posted by Taxblock 16 March 2022 6464 Views

New Income Tax Portal was launched on 7th June, 2021 by CBDT (Central Board of Direct Tax). The portal is being redesigned for the easy filing and to eliminate the glitches or any other difficulties.

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

Posted by Mohammed Ibrahim 16 March 2022 22803 Views

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"

Posted by FCS Deepak Pratap Singh 16 March 2022 3524 Views

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.

Payment of Gratuity and Exemption from Tax

Posted by Neethi V. Kannanth 15 March 2022 5451 Views

Gratuity is a monetary benefit given by the employer to employees. It is governed by Payment of Gratuity Act, 1972. The exemption limit has been increased to Rs 20 lakh from the earlier Rs. 10 lakh.

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

Posted by CS Advocate Abhishek Goyal 15 March 2022 10758 Views

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

Posted by FCS Deepak Pratap Singh 14 March 2022 4308 Views

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