Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: VAT Audit :: articles on VAT and GST in India :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: VAT RATES :: due date for vat payment :: ACCOUNTING STANDARDS :: form 3cd :: TDS :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
Direct Tax »
 CBDT issues 24 FAQs on long term capital gains taxation
 Losing sleep over how to submit Income Tax investment proof? Your guide to glitch-free process
 Explanatory Notes to the Provisions of the Finance Act, 2017
 Here’s how you should approach tax planning
 Long Term Capital Gain under Finance Bill 2018
 Awareness drive on income tax returns filing
  Income Tax raid cases not to be processed under e-assessment: CBDT
 Income Tax raid cases not to be processed under e-assessment: CBDT
 CBDT chief to discuss revenue mobilisation with officers
 Income tax arises in the year of accrual or receipt of income
 How new LTCG tax with STT violates three basic principles of taxation

What you can do if you haven't declared income from other sources in your tax return
August, 31st 2017

Once we decide to develop land under section 80IBA, do we have to inform the income tax (I-T) department as soon as the project commences? Is there any income tax pre-approval to avoid litigation later? - Yogesh Sheth

To claim deduction under section 80-IBA of IT Act, 1961 the housing project has to be approved by competent authority that is the authority empowered to approve the building plan by or under any law for the time being in force between 1st June 2016 and 31st March 2019. The assessee is neither required to obtain any approval from IT department nor is it required to inform the IT department about the commencement of the project. A proprietorship or partnership firm claiming deduction under section 80IBA of IT Act, 1961 will be liable to pay Alternate Minimum Tax (AMT) under section 115JC of IT Act, 1961. The provisions of Section 115JC will apply if your total income exceeds Rs 20 lakh. Tax credit for the AMT paid will be allowed as per provisions of section 115JD of IT Act, 1961.

My father gave me a Kisan Vikas Patra (KVP) of Rs 4 lakh. It will mature next August, and will be worth Rs 8 lakh. Till now I have not declared this in my tax return. What will be the tax implications on maturity? - Ganesh

I assume that you have received the KVP from your father as gift and he has not offered any interest income in his hands. As per Section 145 of I-T Act, 1961 income chargeable under the head income from other sources shall be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee. If you are generally following mercantile system of accounting to compute the income from other sources then you are liable to compute the interest on KVP KVP every year on accrual basis from the date you acquired the said KVP and accordingly include the same in your total in come. If you are following cash system of accounting the total interest received on maturity will be chargeable to tax in the year of receipt.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions