Section 145 makes it mandatory on the part of the assessee to follow either cash or mercantile system of accounting. Recognizing the revenue by developer (i.e., assessee) only when the sale deeds would be registered in favour of the buyers could not be re ...
CBDT orders IT probe against select real estate firms
CBDT has ordered an Income Tax department investigation against a number of real estate developers who were recently shown by an investigative portal to be willing to accept alleged black money in property transactions. The apex authority of the I-T depa ...
TDS on immovable Property Sale – Comes back again to haunt you !!!
TDS on the value of property – (Old wine in new bottle) – Applicable from June 01, 2013 In union budget 2012 also, our honorable finance minister introduced the provision of deducting 1% TDS on the value of property. However later on, that ...
Summary of Direct Tax Provisions – Budget 2013
1. UNION BUDGET 2013-14 -DIRECT TAX Prepared By- Arvind Rathi (Article Assistant) Sandesh Mundra & Associates. 2. SURCHARGE A surcharge of 10 % on persons whose taxable income exceeded 1 cr Rs.Applicable to individuals, HUFs , firms and entiti ...
Importance of Stamp Duty Reinstated in some more Direct Tax Amendments
Section 56 (Amended): Tax on Purchase of Immovable Property at insufficient consideration Applicability: Individual or HUF Crux of the Section: Purchase of immovable property by individual or HUF for inadequate consideration (Considerati ...