The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act popularly known as SARFAESI Act was brought into effect in 2002. The purpose of the act was…
Taxchanakya
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Indians always think of saving capital gain tax which is required to be paid on sale of commercial property. Capital Gain tax can be Long Term Capital Gain Tax or…
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Selling or transferring a capital asset like property, capital gains arise which are taxable in the hands of the assessee/ taxpayer. Under Section 54 of the Income Tax Act, an…
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Income Tax
Investment to claim exemption u/s 54 can be made till the date of filing Revised Return or Belated Return
by Taxchanakyaby TaxchanakyaThere is a dispute whether exemption under section 54 or 54F to be allowed in regard to the amount invested in purchase or construction of the Residential House till the date of filing of…
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Income TaxUncategorized
Tax rebate under section 87A of Income Tax Act
by Taxchanakyaby TaxchanakyaFor the old tax regime, an individual, who is resident in India, is allowed a tax rebate under section 87A if the total income of such individual does not exceed…
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GSTIncome Tax
Services Rendered By Indian Commission Agent To Foreign Principal Will Qualify As Export Of Service
by Taxchanakyaby TaxchanakyaThe Mumbai Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the services rendered by Indian commission agents to foreign principals will qualify as “export…
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Income Tax
Income Derived From Sale Of Agricultural Land Is Not A Capital Asset – ITAT
by Taxchanakyaby TaxchanakyaThe Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that income derived from the sale of agricultural land is not a capital asset. The bench of Saktijit…
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Income Tax
Deduction u/s 80P(2)(d) is available on entire interest income earned by co-operative societies
by Taxchanakyaby TaxchanakyaCo-op societies are eligible for a deduction under Section 80P(2)(d) for interest income from investments in co-op banks. section 80P(2)(d) of the Act specifically exempts interest earned from funds invested…
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Faceless Assessment Scheme is one of the biggest Direct Tax reform in India which aims to provide Efficiency, Transparency and Accountability. Important feature of this scheme is No human interface…
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Income Tax
Joint Ownership Of The Property Is No Bar In Claiming Exemption Under Section 54F Of The Income Tax Act
by Taxchanakyaby TaxchanakyaIncome Tax Appellate Tribunal (ITAT) of Mumbai Bench has allowed the deduction under Section 54F of the Income Tax Act on the grounds that the assessee is not the exclusive…