In Khem Chand Mukim v. PCIT (2020) 423 ITR 129 / 186 DTR 145 / 113 taxmann.com 529 / 313 CTR 14 / 270 Taxman 252 (Delhi) (HC) (Review petition of revenue is dismissed, Khem Chand Mukim v. PDIT (Inv.)(2021) 277 Taxman 222 (Delhi)(HC)) the Court held that mandatory reasons to believe were not recorded… (read more)

As we understand, any sum inherited under a will is exempted under the scheme of Income-tax Act, 1961 (Act). The executor of the estate will have to settle all the liabilities of the deceased and only the remainder of the estate of the deceased can be settled as per the will. Further as per section… (read more)

As per the first proviso to section 56(2)(x)(b) of the Income-tax Act, 1961(Act) where the date of agreement fixing the amount of consideration for the transfer of immovable property and the date of registration are not the same, the stamp duty value on the date of agreement may be considered. It is pertinent to note… (read more)

Death of Co parcener HUF will not come to an end Refer , Shreya Vidyarthi v. Ashok Vidyarthi and Ors. AIR 2016 SC 139 , the concept of HUF and property jointly held explained . Wife and daughter will continue as members of the HUF. Karta need not distribute the share of deceased Coparcener it… (read more)

LETTER F.NO.275/27/2013-IT(B), DATED 2-8-2016 The Board is examining the desirability and expediency of prescribing situation/circumstances under which levy of fee under section 234E may cause genuine hardship to the taxpayers, so as to prescribe guidelines for waiver of such fees by virtue of the powers of the Board under section 119(2)(a) of the Income-tax Act,… (read more)

This is a case of TDS mismatch. It is advisable to the taxpayer to first intimate the payer about the non-reflection of tax deducted at source and request for a TDS certificate. Upon receipt of the certificate, the taxpayer may claim the credit of TDS even though the same is not reflected in Form 26AS.… (read more)

Section 234A of the Income-tax Act, 1961 pertains to interest on account of delay in filing the return of income. Interest under section 234A of the Act is levied for delay in filing the return of income. In other words, if the taxpayer files the return of income after the due date specified in this… (read more)

. As we understand, it would be necessary to first compute the Capital Gains of the year under consideration and subsequently set off with carried forward losses. Therefore, the taxpayer would have to first give effect to exemption claimed under section 54EC of the Income-tax Act, 1961 (Act) and then claim a set off of… (read more)

The understanding is correct. As per section 115A of the Income-tax Act, 1961, the tax rate would be 20 per cent plus applicable surcharge and cess. Further, it would be necessary to check if the Non-resident is entitled to any benefit under the Double tax Avoidance Agreement between India and the Country the taxpayer is… (read more)