Deferred Capital Gains – Registered Development Agreement u/s 45(5A)

Applicable From 01-04-2018 (i.e., Assessment Year 2018-19 relevant previous year 01.04.2017 to 31.03.2018) Eligible Assessee Capital Gains arises to an assessee, being Individual or HUF Eligible Transaction Capital asset, being Land or Building or both, under a specified agreement Specified Agreement means a registered agreement in which a person owning land or building or both,…More

Solution to Denial of Service at ITD eFiling Website

I have a suggestion with respect of Income Tax Returns Compliance based on the proposition of Queing Theory – creation of parallel queues reduce waiting time and length of queues. At present, there are principally only Three Due Dates for Filing of Income Tax Returns (31 July – Non Audit | 30 September – Tax…More

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 banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of…More

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