Income Tax Act
The Madras high court, in a recent order, has held that the restrictive provisions introduced in the Income Tax (I-T) Act, which call for reinvestment in only `one’ residential house in India for claiming capital gains tax exemption, apply from fiscal April 1, 2014. The explanatory memorandum to the Finance Bill, 2014, had clarified that [...] Continue Reading »
The spirits of the IT/ITeS sector had risen upon the finance minister’s announcement in the Budget speech that the government would take measures to revive the SEZs. Many companies started even planning to take up new space in the SEZ units. However all does not seem to be rosy. The first blow came with the [...] Continue Reading »
Indians have a saving mentality and household incomes saved in banks and post offices give those institutions an opportunity to invest those amounts in other profit making instruments. Hence if the tax exemption limit is increased to 2 lakhs which is double compared to the existing limit, then it will give a boost to household [...] Continue Reading »
The IT department has turned red eye on the farmers and the real estate developers in Surat and other parts of south Gujarat region. In last two days, the department has issued notices to nearly 400 farmers and real estate developers asking them to submit issued amount on the sale of agriculture land within two [...] Continue Reading »
Considering the housing shortage in the country, a big boost to ‘rental housing’ concept is the need of the hour. The same can be promoted in several ways. CREDAI is expecting three major things from budget. Their demands include a flat 10 percent tax on income from renting of properties and services of property management [...] Continue Reading »
New Delhi: Realty developers are likely to seek finance ministry’s help against the proposed property tax to be imposed on property sales. The realtors are worried that the additional tax would curb the growth of the real estate sector which is already facing slowdown. By inserting Section 43CA in the Income Tax Act, the government [...] Continue Reading »
Mumbai- With the Finance Bill 2013 improving the distance and population criteria for determining agricultural land as a capital asset without levying any capital gains tax, land transactions around smaller towns are expected to increase. This move has eased norms for realtors and corporates looking to buy plots around small towns and cities now. A [...] Continue Reading »
Three realtors of Surat have been caught with Rs 18.50 crore as undisclosed income to the income tax (I-T) department on Thursday. I-T officials had conducted a search and survey operation under the Income Tax Act, 1961 on few realtors in Varachha and Mota Varachha areas in Surat on Tuesday. About 45 places in the [...] Continue Reading »
