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: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: TDS :: cpt :: empanelment :: due date for vat payment :: list of goods taxed at 4% :: articles on VAT and GST in India :: form 3cd :: ACCOUNTING STANDARD :: VAT RATES
 
 
Direct Tax »
 I-T department asks taxpayers to update their information on e-filing portal
 Companies may have to submit income estimates by 15 November
 CBDT proposal on advance estimates of tax liability irks industry
 Advance tax calculation: Firms may have to furnish Apr-Sept income estimates
 Companies may have to furnish Apr-Sept income estimates to I-T dept
 CBDT working on a draft rule that makes it compulsory for companies to provide income estimates by Nov 15
 Companies, HNIs may soon have to specify reason for paying less advance tax than previous year
 TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
 CBEC tells field officers to take GST disputes to Supreme Court
 Jurisdiction-free income-tax assessment on the cards
 CBDT asks I-T department to take urgent steps

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 2017 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