TAX IMPLICATIONS FOR NRIs WHO WANT TO SELL PROPERTY IN INDIA. NRIs who have sold house property which is situated in India have to pay tax on the Capital Gains. The tax that is payable on the gains depends on whether it’s a short term or a long term capital gains. When a house property …
SECTION 50C DOESN’T APPLY TO SALE OF ASSETS FORMING PART OF BLOCK OF ASSETS Deeming provision under section 50C, adopting stamp duty value as sale consideration applies to compute capital gains and not to determine written down value of assets [2015] 59 taxmann.com 373 – ITAT MUMBAI – Bhaidas Cursondas & Company v/s ACIT, Mumbai FACTS During …
Service tax is not leviable under reverse charge mechanism for use of CRS/GDS” Dear Professional Colleague, Recently, the Delhi CESTAT, in the case of M/s Continental Airlines Inc. v Commissioner of Service tax, New Delhi 2015-TIOL-1481-CESTAT-DEL, has held that Service tax shall not levied in respect of the payments made to CRS/GDS under reverse charge mechanism and airport …
Highlights of Key Income Computation and Disclosure Standards (ICDS) CBDT vide its Notification No: 32/2015 dated 31-03-2015 notified 10 Income Computation and Disclosure Standards (ICDS) which is to be followed by all assesses at the time of computation of income chargeable to income tax under the head “Profit and gains of business or profession” or “ Income …
Exemption under Sec. 54F could not be denied merely because the construction of House was not complete in all respects within 3 years of transfer CIT(Bangalore) v. Smt. B.S. Shantha kumari Where assessee had invested net sale consideration on transfer of long-term asset in construction of a residential house property, deduction of section 54F could not be denied merely …
Highlights of Key changes in new ITR Forms 1,2 3, 4, 5, 6 and 7 Summary of ITR Form Applicability – AY 2025–26 Salary Income Nature ITR-1 ITR-2 ITR-3 ITR-4 Salary/Pension (Ord. Resident) ✅ ✅ ✅ ✅ Salary/Pension (Not Ord. Resident/Non-Resident) ❌ ✅ ✅ ❌ Director in a company ❌ ✅ ✅ ❌ ESOP deferred …
Service tax shall not liable in respect of the packaging of fertilizer Recently, the Supreme court in the case of Commissioner of Central Excise, Goa. v/s M/s. New Era Handling Agency, (2015) 59 438 (SC), has held that manufacturing is not complete without packaging and therefore, packaging would be essential part of manufacturing and Service tax shall not …
Cost Inflation Index The Cost Inflation Index (CII) is a tool used in India to adjust the purchase price of assets for inflation, primarily for the purpose of calculating capital gains tax. The index is published annually by the Central Board of Direct Taxes (CBDT) under the Ministry of Finance. The CII plays a crucial …
Due date of filing return (e-commerce business) On 26th June, 2015 Notification No. F.3(515)/Policy/VAT/2015/330-41 has been issued to prescribe a return for the dealers located in Delhi, supplying goods either to customers of Delhi or outside Delhi and dealers located outside Delhi, supplying goods to customers of Delhi, for the persons engaged in providing facility …
CBDT – INCOME TAX DEPARTMENT NOTIFIES FORM 6 –TO ENABLES ONLINE DECLARATION OF BLACK MONEY OUTSIDE INDIA All Basic Steps for Electronic filing of Form 6 are as under: Download and Fill Form 6 from Income Tax E-filing Website Generate xml file of Form 6 Go to and login at https://income tax india e-filing.gov.in/ Under …