Firstly, Citizenship is not a test of residency. The NRE account will be exempt from tax. However, the tax payer while filing the return of income will have to compute its tax liability as per its residential status. If the Assessee is a Non-resident, the income earned from the NRE is exempt under section 10(4)(ii)… (read more)

In response to your query, 1) Input tax credit on cars prima facie is blocked as per section 17(5) of the CGST Act. There are several exceptions to this which could be looked up under 17(5) (a) of the Act. Also, given that this credit is blocked under the Act, capitalising the GST component and… (read more)

One has to verify whether the Husband is the Owner of the House property though he is not owner of the Plot .In law the land can be owned by Wife and house property can be owned by the Husband . By an agreement , arrangement or declaration , if wife has allowed the Husband… (read more)

As per section 70 & 71 of the Income-tax Act, 1961 governing the provisions relating to Set-off of losses, long term Capital Gains can be set-off against long term Capital Gains only. The Legislation has not put any embargo to exclude long term capital loss from sale of shares to be set off against long… (read more)

No separate challan has been introduced for payment under VSV. Accordingly, same challan which was earlier used for payment of regular demand can be used for payment of amount payable under VSV. The last date for payment without any additional amount has been extended to August 31, 2021 (CBDT Press Release dated June 25, 2021). (read more)

Please contact the manager Library ITAT Bar Association Library on working days from 10 .AM to 5.PM Library No is 022-22055138 email is , itatonline.manager@gmail.com . It may not be appropriate to give email in this forum . (read more)

The CBDT Notification No. 62 of 2019 dated September 12, 2019 has clarified that provisions of section 144A of the Income-tax Act, 1961 (Act), inter alia, shall apply to the assessment under the Faceless Scheme. However, prima facie, there appears to be no means to avail this statutory remedy. Empirically, in the case of a… (read more)

The CBDT vide serval Notifications had extended the last date for issuance of Notice under section 148 of the Income tax Act, 1961 (Act) for which the last date was ending on March 31, 2020 to June 30, 2021 The CBDT vide Notification Nos. 74 & 75 of 2021 & Circular no. 12 of 2021,… (read more)

It is pertinent to note that the term “property” is defined under explanation (d) under proviso to section 56(2)(vii) of the Act for the purpose of application of section 56(2)(x) of the Act. The said definition is an exhaustive definition and does not include “Oxygen Concentrates”. Therefore, section 56 of the Act has no implications… (read more)

If any expenditure is incurred for earning income u/s 56 then the expenses are allowable u/s 57(iii). If the Partnership Agreement provides for interest on loan and bank loan is raised for giving loan to partnership firm then the interest paid on bank loan will be allowed as a deduction u/s 57(iii). In Triumph International… (read more)