Recent news & event
– Repayment of the principal amount of a home loan: An individual is entitled to tax deductions on the amount paid as repayment of the principal component on the housing loan. – Also, Taken a Home loan from Friends or Relative to buy a new house? Interest payment can be claimed as a deduction under…
1. Transfer of capital asset or stock on dissolution/reconstitution will be consider as transfer for firm and not partner who receive it 2. Reconstitution includes admission, retirement or change in profit sharing ratio 3. 9B will tax firm on difference of FMV and indexed cost of assets 4. 45(4) will tax partner on Profit =…
Recently, in the INSTRUCTION F. NO. 225/101/2021-ITA-II, DATED 23-4-2022, The CBDT provided for constitution of ‘Local Committees to deal with Taxpayers’ Grievances from High-Pitched Scrutiny Assessment’ in each Pr.CCIT region. The purpose of constitution of Local Committees is to effectively and efficiently deal with the genuine grievances of taxpayers and help in supporting an environment where…
Article titled “Beware from Taxman while taking an unsecured loan.” got selected for Publication on Taxguru The article briefly touches on the budget Budget 2022 puts more responsibility on taxpayers in case of loans or borrowings raised. The article can be accessed here: https://taxguru.in/income-tax/beware-taxman-unsecured-loan.html
No penalty u/s 43 of BM Act can be imposed for non-disclosure of foreign asset (foreign bank account) in ITR, where- The amount was not assessee’s unexplained investment as, though held in her name, they represented her deceased mother’s tax paid monies held by assessee in fiduciary capacity and hence it was not ‘undisclosed…
CIT can exercise his/her revisionary powers u/s 263 only if 1. The order of the Assessing Officer should be erroneous and prejudicial to the interest of the Revenue. 2. Sec. 263 cannot correct each and every type of mistake or error committed by the Assessing Officer and it is only when an order is erroneous…
