Finally CBDT extended due date all over India to 31.10.2015 from 30.09.2015 Extension of date for filing of Income tax returns and tax audit reports to31st October 2015 The issue of extension of last date for e-filing returns of income and audit reports u/s44AB due by 30th September, 2015 has been the subject matter of litigation […]
Tag Archives: Income Tax updates
Profit from Conversion of Stock-in-trade into Investments is Business Income Related Case Law : ITO Vs M/s. Nupur Carpets Pvt. Ltd.,(Kolkata ITAT), ITA No. 783/Kol/2009 A.Y. 2005-06, Date of decision –01-07-2015 Briefs of Case
Frequently Ask Questions – Agricultural income Question 1. Does interest on arrears of rent qualify as agricultural income and will this be exempt from tax? Answer:- If, a tenant pay arrears rent or revenue payments (either in cash or kind) and the landlord charges interest on such arrears, the income of land lord would be […]
Tax treatment and Taxability of Agricultural Income Agricultural income in India is exempt under Section 10(1) of the I.T.Act, 1961. So the income earned by way of agricultural operations, as mentioned in Section 2(1A) of the said Act, is not taxable as Constitution gives exclusive power to make laws with respect to taxes on agricultural […]
Practicing Chartered Accountant be a Karta of HUF or not ? There is no specific qualification is required to act as Karta of a HUF. So a CA can also act as KARTA of a HUF under Hindu Law.However, he is subject to restriction as per respective enactment governing our right of practice. The ICAI […]