Blogs

15 Jul 23

Assessment under GST

Goods and Services Tax (GST) has revolutionized the way tax is collected in India. One of the key features of GST is its self-assessment system. This means that taxpayers are required to self-assess their tax liability and file their returns accordingly. However, the government has the power to verify the…

15 Jul 23

SARFAESI Act 2002, Section 17 (4A)Amendment Act Of 2016 & Its Implication On Rights Of Tenant Under Tenancy Law

Provisions of SARFAESI Act speaks about recovery procedure in its Sec 13 deals with enforcement of security interest. Sec 14 empowers the Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession. Sec 17 deals with application against measures to recover secured debts. Before the amendment in…

13 Jul 23

Which Income Tax Return Forms require for AY 2023-2024

The following tables will help you understand which ITR forms are taxpayers supposed to fill based on the nature of their income for the Assessment Year 2023-2024 (Financial Year 2022-23) Nature of income ITR 1* ITR 2 ITR 3 ITR 4* Salary Income Income from salary/pension (for ordinarily resident person)…

07 Jul 23

Know your Residential Status under the Income-tax Act

At the time of filling Income Tax Return, every assessee need to check residence status to apply provisions of Income Tax and to determine tax liability for that assessment year. There are two types of taxpayers—resident in India and non-resident in India. Indian income is taxable in India whether the…

07 Jul 23

Taxation for NRIs

Taxation in India is a crucial element for the economy of the nation. Various taxes are levied on services and products being availed by the citizens of India. Taxes are meant to add a better shade to the services and products that are used by consumers. Income tax, service tax, property tax and…

06 Jul 23

Tax rebate under section 87A of Income Tax Act

For the old tax regime, an individual, who is resident in India, is allowed a tax rebate under section 87A if the total income of such individual does not exceed Rs. 500,000. The rebate is allowed to the extent of Rs. 12,500. Thus, if the total tax (excluding health &…

06 Jul 23

Intimation received under Section 143(1) of Income Tax Act

Every Indian Citizen needs to file Income Tax Return if there annual income is more than the specified Income Tax Exemption Limit and other situations specified by Income Tax Act as mentioned below: In any of the following situations (as per the Income Tax Act), you must file an Income Tax Return in India:…

02 Jul 23

Master Circular by RBI for Urban Co-Operative Bank for Income Recognition, Asset Classification, Provisioning and Other Related Matters

Reserve Bank of India has release a master circular for all primary urban co operative banks regarding Income Recognition, Assets Classification, Provisioning & Other Relates Maters 1.1 In order to reflect a bank’s actual financial health in its balance sheet and as per the recommendations made by the Committee on…

01 Jul 23

Form 15G & 15H to Save TDS on Interest Income

The interest you receive from bank accounts and deposits is fully taxable. Thus, the bank is supposed to deduct TDS from it every year if your interest exceeds Rs 40,000. The limit is Rs 50,000 for senior citizens. But what if your total taxable income in a financial year is less than…

01 Jul 23

REMEDIES AVAILABLE TO THE BORROWERS UNDER SARFAESI ACT 2002

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act popularly known as SARFAESI Act was brought into effect in 2002. The purpose of the act was to achieve faster recovery of the dues declared as Non-Performing Assets (hereinafter referred as “NPAs”) and better availability of the…

30 Jun 23

Save Tax on Sale of Commercial Property

Indians always think of saving capital gain tax which is required to be paid on sale of commercial property. Capital Gain tax can be Long Term Capital Gain Tax or Short Term Capital Gain Tax. Land is a Capital Asset and and as an appreciated asset, a landowner can make…

30 Jun 23

Sec 54 Capital Gain under Income Tax Act

Selling or transferring a capital asset like property, capital gains arise which are taxable in the hands of the assessee/ taxpayer. Under Section 54 of the Income Tax Act, an individual or HUF selling a residential house property can claim exemption from such capital gains if they invest the proceeds…

30 Jun 23

Investment to claim exemption u/s 54 can be made till the date of filing Revised Return or Belated Return

There is a dispute whether exemption under section 54 or 54F to be allowed in regard to the amount invested in purchase or construction of the Residential House till the date of filing of return of Income under section 139(1) or section 139(4) of the Income-tax Act, 1961. Let us discuss the provisions of section 54…

30 Jun 23

Tax rebate under section 87A of Income Tax Act

30 Jun 23

Services Rendered By Indian Commission Agent To Foreign Principal Will Qualify As Export Of Service

The Mumbai Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the services rendered by Indian commission agents to foreign principals will qualify as “export of service. The bench of Justice Dilip Gupta (President), P.A. Augustian (Judicial Member), and C.J. Mathew (Technical Member) has observed…

30 Jun 23

Income Derived From Sale Of Agricultural Land Is Not A Capital Asset – ITAT

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that income derived from the sale of agricultural land is not a capital asset. The bench of Saktijit Dey (Judicial Member) and M. Balaganesh (Accountant Member) has observed that income tax is not payable on the income derived…

30 Jun 23

Deduction u/s 80P(2)(d) is available on entire interest income earned by co-operative societies

Co-op societies are eligible for a deduction under Section 80P(2)(d) for interest income from investments in co-op banks. section 80P(2)(d) of the Act specifically exempts interest earned from funds invested in co-operative societies. Therefore, to the extent of the interest earned from investments made by it with any co-operative society,…

30 Jun 23

Faceless Assessments under Income Tax Act

Faceless Assessment Scheme is one of the biggest Direct Tax reform in India which aims to provide Efficiency, Transparency and Accountability. Important feature of this scheme is No human interface and no need to visit the Income Tax Office. All reply/responses to be submitted electronically. Faceless assessment means the assessment…

30 Jun 23

Joint Ownership Of The Property Is No Bar In Claiming Exemption Under Section 54F Of The Income Tax Act

Income Tax Appellate Tribunal (ITAT) of Mumbai Bench has allowed the deduction under Section 54F of the Income Tax Act on the grounds that the assessee is not the exclusive owner of multiple residential properties occupied by other family members & has observed that the joint ownership of the property…

30 Jun 23

Who will be Karta of HUF on Death of Father who was Karta of HUF

Every person by birth becomes the member of HUF. Unmarried daughter is member till her marriage. After marriage she will become the member of in law’s HUF(s). A Coparcener is a member of HUF who can claim partition whereas a Member cannot claim partition. This is the basic difference between the Coparcener…

Assessment under GST

SARFAESI Act 2002, Section 17 (4A)Amendment Act Of 2016 & Its Implication On Rights Of Tenant Under Tenancy Law

Which Income Tax Return Forms require for AY 2023-2024

Know your Residential Status under the Income-tax Act

Taxation for NRIs

Tax rebate under section 87A of Income Tax Act

Intimation received under Section 143(1) of Income Tax Act

Master Circular by RBI for Urban Co-Operative Bank for Income Recognition, Asset Classification, Provisioning and Other Related Matters

Form 15G & 15H to Save TDS on Interest Income

REMEDIES AVAILABLE TO THE BORROWERS UNDER SARFAESI ACT 2002

Save Tax on Sale of Commercial Property

Sec 54 Capital Gain under Income Tax Act

Investment to claim exemption u/s 54 can be made till the date of filing Revised Return or Belated Return

Tax rebate under section 87A of Income Tax Act

Services Rendered By Indian Commission Agent To Foreign Principal Will Qualify As Export Of Service

Income Derived From Sale Of Agricultural Land Is Not A Capital Asset – ITAT

Deduction u/s 80P(2)(d) is available on entire interest income earned by co-operative societies

Faceless Assessments under Income Tax Act

Joint Ownership Of The Property Is No Bar In Claiming Exemption Under Section 54F Of The Income Tax Act

Who will be Karta of HUF on Death of Father who was Karta of HUF

Delhi High Court Upholds Reassessment by Jurisdictional AO – Distinguishes from Hexaware Ruling

CIBIL Score Calculation and Its Importance for Financial Health

SBI MSME Loans: Empowering India’s Small and Medium Business

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