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, 1973 [Gujarat Act No. 13 of 1973] defines a “flat” to mean a separate and self-contained set of premises forming part of a building and…More

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 proposes to amend various provisions of the Income Tax Act, 1961 read with Rule 127 of Income Tax Rules, 1962 and the Notification No. 2/2016…More

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, the business (hereinafter referred to as “speculation business” shall be deemed to be distinct and separate from any other business. (Explanation 2 To Section 28)…More

Deduction under Section 80JJAA

Download a copy of this document in PDF. Sl. No. CRITERIA CONDITIONS 1 Eligible Business 1. Section 44AB applies to the assessee. 2. Gross Total Income of the assessee includes any profits and gains derived from business 2 Amount of Deduction 30% of additional employee cost incurred in the course of such business. 3 Period…More

New Tax Audit Report Forms – A Suggestion

The CBDT has vide Notification No. 33/2014 dated 25th July 2014 published the Income-tax (7th Amendment) Rules, 2014 wherein new Tax Audit Report Forms 3CA, 3CB and 3CD have been prescribed with immediate effect (that is date of publication in Official Gazette of India.) The new Form 3CD is far more expansive and seeks a…More