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Category Archives: Income Tax

Determination of cost of improvement of old or inherited land/building in absence of documents

The question arises specially where the land and building are old one or inherited and sold.

In general for old contraction or improvements, assessee does not have any evidence or documents to prove the cost of construction improvement.

Income Declaration Scheme, 2016 – extension of last date are desirable

The IDS has been enacted vide Chapter IX of the Finance Act, 2016 containing sections 181-199. IDS Rules have been framed. There have been large number of clarifications by way of notifications, circulars and series of FAQ. The last circular seems to be issued on 21.09.2016 , and last series that is sixth series of FAQ have been issued recently ( not found) in search.

Registered Valuer Under Wealth Tax Act, 1957

Section 34AA of the Act provides that notwithstanding anything contained in said Act, any type of assessee who is entitled to or required to attend before any wealth-tax authority or the Appellate Tribunal in connection with any matter relating to the valuation of any asset, except where he is required under this Act to attend in person, may attend by a registered valuer.

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