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


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

Quoting of Aadhar Number.

Section 139AA – Quoting of Aadhar Number. 1. Applies To – Every person who is eligible to obtain an Aadhar Number. From – on or after 1 July 2017 Where to quote – (a) in application form for PAN allotment (Form 49A) (b) in the return of Income (ITR1, ITR2, ITR3, ITR4). If not having…More