There is an amendment in Section 2(24) of the Income Tax Act by way of Finance Act 2015 w.e.f. 01.04.2014, whereby sub-clause (xviii) is inserted to include various subsidies and concessions in the definition of income. It states as under:- “2(24) – Income includes: (xviii) assistance in the form of a subsidy or grant or… (read more)

Recently, on April 15, 2024 in Writ Petition No. 4958 of 2024 the Bombay High Court in Sarafraz S. Furniturewalla v. Afsan Sharfali Ashok Kumar & Ors, has held that no TDS is required to be deducted on the amount payable as compensation for hardhip, rehabilitation and shifting as the same are not taxable in… (read more)

If A wants to transfer its business without transfer of its immovable property, then, he should withdraw immovable property from his business by debiting to his capital account. Thereafter, he can transfer his business with all remaining assets and liabilities as slum sale. Section 50B of the Act, provides for computation of capital gains in… (read more)

Section 206AA requires that PAN is to be given to deductor by deductee otherwise, he shall deduct the tax at higher rate. Sub section (1) of section 206 AA reads as under: “Notwithstanding anything contained in any other provisions of this Act, any person entitled to receive any sum or income or amount on which… (read more)

: As stated in the question itself, this is a case of transfer simplicitor by the land owner to the developers. Hence, section 45(1) would apply and not section 45(5A) of the Income Tax Act. Section 45 ( 5 A) is applicable, when the capital asset being land or building or both is transferred under… (read more)

Deduction u/s 54 is available where any long term capital asset is sold by the assessee and purchased a new asset being a residential property within 01 year before or two years after the date on which transfer took place or had constructed a residential house within a period of 03 years after the date… (read more)

As per the provisions of section 270A(8) where under reported income is in consequence of any misreporting then the penalty shall be equal to 200% of the amount of tax payable on underreported income. Immunity from imposition of penalty and prosecution u/s 270AA is available only when the penalty proceeding is initiated for underreporting of… (read more)

CBDT vide Circular No.19/2022 in F.No. 225/49/2022/ITA-II dated 30.09.2022 had extended the last date for filing various audit reports for AY 2022-23 to 7th Oct 2022 which was earlier 30th Sep 2022. The said extension was also applicable to charitable organizations with respect to audit report in Form No.10B. If the assessee has not filed… (read more)