CA Nirmal Ghorawat's Blog

Author: Nirmal Ghorawat

  • Deduction u/s 80E – Interest on Loan taken for Higher Education

    Deduction u/s 80E in respect of interest on loan taken for higher education. Sl. No. Criteria Conditions 1 Eligible Assessee Individual 2a Eligible Lender any financial institution which means a…

  • Section 54 – Is a Flat a Residential House?

    The words and phrases ‘apartment’, ‘flat’ or ‘residential house’ are not defined under the Income Tax Act, 1961. 1. Clause (a) of Section 2 of The Gujarat Ownership Flats Act,…

  • e-Assessment under The Income Tax Act

    The term “e-assessment”, in its broadest sense means the use of Information Technology Tools for the purpose of Assessments under the Income Tax Act, 1961. The Finance Bill, 2016 which…

  • Family Arrangement

    A ‘Family arrangement’ is an agreement between members of the same family, intended to be generally and reasonably for the benefit of the family either by compromising doubtful or disputed…

  • TAXATION OF SHARE PREMIUM UNDER THE INCOME TAX ACT, 1961

    1. Section 56(2)(viib) of the Income Tax Act, 1961 – Extract from Bare Act (viib) where a company, not being a company in which the public are substantially interested, receives…

  • TAXATION OF SPECULATIVE BUSINESS UNDER THE INCOME TAX ACT, 1961

    1. Speculation business is deemed to be distinct and separate from other business If an assessee carries on a speculative transaction of such a nature as to constitute a business,…