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For computing the taxable income, except salary, under all other heads, namely ‘Income from house property’, ‘Profits and gains of business or profession’, ‘capital gains’, ‘Income from other sources’, all the expenses incurred wholly and exclusively for earning the income are allowed as a deduction. On the contrary, the salaried employees, who constitute a huge chunk of the total Read more...
THE progressive rate of taxation is one of the cardinal principles of taxation, charging more tax from the rich, moderate rates from the middle class and excluding the poor and the marginalized altogether from direct tax net. It is based on the principle, “from each according to his capacity.” However, this principle has been given a go bye in the recent past. One such case in point is the tax Read more...
AN area that needs a relook by the Central Government and calls for some relief is taxation of interest income on savings and fixed deposits from banks. For 2012-13, interest earned up to Rs 10,000 in saving bank accounts has been exempted from tax. However, interest income from other kind of deposits such as those from term deposits, fixed deposits, recurring deposits are however not exempted fro Read more...
The Union Budget 2013-14 presented by the finance minister P. Chidambaram taking into account the inflation of about 10 per cent has given tax credit of Rs 2,000 for persons having income between Rs 2 lakh and Rs 5 lakh. By this logic, the persons having taxable income of Rs 5 lakhs should have been given tax credit of Rs 5,000. Thus, the taxpayers in the income bracket of Rs 2.2 lakh to Rs 5 lakh Read more...
1. Recently there were news reports regarding searches by the CBI at the residences of the officers of the Income Tax Department. Further there was a news report of Press Trust of India published in the Indian Express, Ahmadabad Edition on 17th January 2013 - under the heading “Lewd remarks: I-T Officer told to undergo psychological tests.” 2. The editorial published in the Indian Express Read more...
In the case of Vaghijibhai S. Bishnoi vs. Income Tax Officer & 1 (Special Civil Application No. 6726 of 2013 dated 09-07-2013), the Hon’ble Gujarat High Court has examined the issue of processing of return filed electronically and subsequent issue of refund. On examination of the records, it was found that though Form 26AS available on the net clearly reflects the amount of TDS paid, yet Read more...
In a recent decision dated 12-07-2013, the ITAT Ahmadabad Bench ‘C’ in the case of Bajrang Prasad Ramdharani vs. ACIT, Circle-14, Ahmadabad [2013] 37 Taxmann.com 186 (Ahmadabad-Trib.) has held that the rent paid through bank transfers by the assessee as tenant to his wife who was landlord and both were living together, would be entitled to exemption u/s. 10(13A) of the I. T. Act, 1961. Read more...
