PURCHASE OF TENANCY RIGHTS GIVING POSSESSION, CONTROL AND TRANSFERABLE RIGHT IN FLAT WOULD PROVIDE SEC. 54F RELIEF:- Section 54F, of the Income-tax Act, 1961 – Capital gains – Exemption in case of investment in residential house:- Where assessee had substantial rights over property which were almost identical to ownership of property, exemption under section 54F was …
Proposal to promulgate the Negotiable Instruments (Amendment) Ordinance, 2015 The Union Cabinet has given its approval for the proposal to promulgate the Negotiable Instruments (Amendment) Ordinance, 2015. The proposed amendments to the Negotiable Instruments Act, 1881 (“The NI Act”) are focused on clarifying the jurisdiction related issues for filing cases for offence committed under section 138 …
PROCEDURE OF REFUND OF SERVICE TAX PAID ON INPUT SERVICES FOR EXPORT OF SERVICES Conditions and Limitations:- Service has been exported in terms of Rule 6A* Duty on the inputs, rebate of which has been claimed, has been paid to the supplier Service tax and cess, rebate of which has been claimed, have been paid …
PPF SCHEME: INVESTMENT LIMIT, INCOME TAX BENEFIT, FEATURES The Public Provident Fund is the darling of all tax saving investments. No wonder! You invest in it and you get a deduction on your income. Besides, the interest you earn on it is tax-free. Since it is a scheme run by the Government of India, it is also totally safe. …
PERIOD OF HOLDING FOR CAPITAL GAINS AS PER THE INCOME-TAX ACT, 1961 A capital asset may either be a short-term or long-term capital asset, depending on the period of holding. Gains from alienation thereof would be short-term capital gains or long-term capital gains. Under section 2(42A) of the Income-tax Act, 1961 (Act), a short-term capital …
NO PENALTY ON SEIZURE OF GOLD IF ASSESSEE ADMITTED THAT IT WAS DERIVED OUT OF UNDISCLOSED INCOME AND PAID TAXES THEREON Section 271(1)(c), read with sections 69A and 271, of the Income-tax Act, 1961 – Penalty for concealment of income:- Where assessee made statement regarding seized unaccounted gold and explained manner in which same was …
No more sending ITR-V by post after income tax filing – Verification with Aadhar card introduced CBDT vide its circular no 41/2015 dated 15.04.2015 recently announced that taxpayers who filed their income tax returns online will no longer have to send the paper acknowledgement by post to CPC Bangalore, if they have aadhar card which …
TACKLED OF NEW SERVICE TAX CHANGES APPLICABLE FROM 1st JUNE 2015 As the service tax rate 14% will be applicable from 1st June 2015 vide Notification No. 14/2015. How change in Service Tax rate should be tackled? Please keep in mind the following yourself and prepare accordingly Service Provision is complete till 05.2015 and Invoice raised till 31.05.2015 but Payment …
HIRING OF MOTOR VEHICLES – SERVICE TAX Renting of any motor vehicle – 40% taxable Abatement of 60%. This is subject to the condition that input, input services and capital goods , used for providing the taxable services has not been taken under the provision of CENVAT Credit Rules. In the case Services of Transport of passenger …
GST THRESHOLD AT 10 LAKH, LOWER RATES FOR TURNOVER UP TO 50 LAKH Traders with a turnover of less than 10 lakh a year are neither required to pay GST nor to take registration for it. Those with annual sales between 10 lakh and 50 lakh will need to pay tax at a rate lower than …