: W.e.f. 1st June 2015, S. 269SS has been amended by the Finance Act, 2015 . As per the section no person shall take or accept from any other person, any loan or deposit or any specified sum, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing… (read more)

Amount received on surrender of the tenancy rights is liable to capital gains tax as the cost of tenancy is considered as nil. It will be taxable as long term capital gains . If the amount is invested in a residential property the assessee will get the benefit under section 54F of the Act ,… (read more)

Section 115BAA applied to tax on income of certain domestic companies. While section 115BCA applies to tax on income of individuals and Hindu Undivided Family Sub section (5) of section 115BCA reads as under: “Nothing contained in this section shall apply unless option is exercised .in the prescribed manner by the person – (i) having… (read more)

Section 17(5)(a) of CGST Act reads as under: “(5) Notwithstanding anything contained in sub-section (1) of section 16 and sub-section (1) of section 18, input tax credit shall not be available in respect of the following, namely:- 2[(a) motor vehicles for transportation of persons having approved seating capacity of not more than thirteen persons (including… (read more)

Parking charges are paid for acquiring for allotment of parking place ,it is a cost attached to the flat hence to be added as cost of acquisition. However the generator charges is not for acquiring the flat hence may not be allowed as cost of acquisition . (read more)

One has to study the agreement entered with the builder and clauses in the agreement . If the Developer levy charges contrary to the agreement , the assessee can file an complaint before consumer Forum . (read more)

The ITAT has no power to condone the delay in filing the miscellaneous application. Refer , Malwinder Singh v.UOI (2005) 278 ITR 568 (P&H)(HC) . For calculating the period of six months the date of receipt of the order to be considered . Refer , Anil Kumar Nevatia v. ITO (2021)434 ITR 261/ 203 DTR… (read more)

There is no specific carve under section 194Q of the Income-tax Act, 1961 (Act) out for assessees registered under section 12A of the Act. Further, non-deduction of tax at source would trigger the explanation to section 13(10) of the Act. (read more)