Section 54 and Section 54 F is amended with effect from 1.4 .2015 as per the provision the exemption is available only for constructed one residential house in India . Accordingly the Querist is not eligible to claim exemption . Before 1-4-2015 the assessee was eligible exemption in ITO v. Nishant Lalit Jadhav (Mum )(Trib.),www.itatonline.org… (read more)

Where a Tax Residency Certified (TRC) is not produced by a non-resident, they would not be eligible for any beneficial provisions under the respective Tax Treaty. An Indian Company will have to apply the provisions of domestic tax on any payment and withhold the tax accordingly. For the purpose of withholding under section 195 of… (read more)

Dear Sir, Reiterating, as per proviso to section 143(2) of the Income-tax Act, 1961 (Act), no notice under this subsection shall be served on the assessee after the expiry of six months from the end of the financial year in which the return is furnished. (The same has been reduced to three months vide Finance… (read more)

The last day for filing Income tax returns for FY 2019-20 is December 31, 2020 for most of the individual taxpayers. Last date for income tax return filing for taxpayers whose accounts need to be audited is January 31, 2021. As per proviso to section 143(2) of the Income-tax Act, 1961 (Act), no notice under… (read more)

From our limited understanding of facts, it appears that the Karta who is responsible for managing the affairs of the HUF is in a state wherein he is incapable of contracting. The HUF can nominate another member as a Karta. The Hon’ble Supreme Court in the case of Union of India v. Sree Ram AIR… (read more)

Any change in the nature of business in GST will require an amendment application for the same. file the amendment application in the portal with the nature of business tab and choose the HSN & SAC Code for the same. (read more)

Yes, Form 15CB is under Rule 37BB of the Income tax Rules, 1962 (Rules), which deals with Furnishing of information for payment to a non-resident. There is no exemption for any transfer made to Indian Bank. Further the purpose of this Form is to ensure that the provisions of the Double Taxation Avoidance Agreement and… (read more)

Proviso to Section 56 (2)(x) of the Income-tax Act, 1961 (Act) specifies that the said clause shall not apply to any sum of money or property received from any relative. Further, explanation to the said proviso states that the expressions, “relative" shall have the same meanings as respectively assigned in the Explanation to section 56(2)(vii)… (read more)

In PCIT.v. S.R.Trust (2021) 123 taxmann.com 311 / 277 Taxmann.com 133 (Mad)(HC) following the ratio in CIT v. Sinhagad Technical Education Society (2017) 397 ITR 344/156 DTR 161/297 CTR 441/250 Taxman 225 (SC) court held that in absence of any incriminating documents or evidence discovered against assessee, during its search upon the third Party, jurisdiction… (read more)

One has to study the term of contract when a card is purchased and the bill issued by Indian Oil Corporation Ltd . The threshold limit would apply in case of every vendor separately . Vendor includes all its branches. Aggregate value of al goods purchased from single vendor should be considered for the purpose… (read more)