No tax audit required even if receipts by truck owner exceeds Rs. 1 Cr

http://ssrpn.com/article-details.php?id=1243

Comments

Post a Comment

Popular posts from this blog

Interest on compensation on acquisition of land: Tax Complexity

TAX TALK   CA. NARESH JAKHOTIA Chartered Accountant Section 145A(b) provides that interest received by an assessee on compensation or on enhanced compensation, as the case may be, shall be deemed to be the income of the year in which it is received.  It is not at all dependant on the method of accounting followed by the assessee. Interest on compensation on acquisition of land: Tax Complexity Query 1] My query is taxability of interest received under Land Acquisition Act. I own a land at Mouja-Chinchbhuwan on Amravati road, Nagpur. While widening the high way, my agricultural land admeasuring 0.1853 H.R. was acquired by National Highway Authority of India (NHAI). The amount of compensation awarded to me was Rs. 29,741/- only. I filed a case under Arbitration. The case went in my favour and the Arbitrator awarded me higher compensation of Rs. 8,44,968/-. In addition to this, I received Rs. 84,496/- being 10% of compensation for loss of e...
Read more

“LOAN TAKEN FOR PURCHASE OF PLOT – WHETHER ELIGIBLE FOR HOUSING LOAN DEDUCTIONS?”

TAX TALK-21.01.2013-THE HITAVADA TAX TALK   BY CA. NARESH JAKHOTIA Chartered Accountant “LOAN TAKEN FOR PURCHASE OF PLOT – WHETHER ELIGIBLE FOR HOUSING LOAN DEDUCTIONS?” Query 1] 1.       I have a query. I took a loan from SBI (May, 2012) for Rs. 20,00,000/- for purchasing a residential plot under Govt. scheme. The bank gave me a loan under the realty category. My monthly installment is Rs 24, 465/ but I'm not getting any rebate in income tax. My query is, how I can get the income tax rebate on the interest amount I'm paying to the bank every year. For that, A.                  Do I need to build one room, kitchen and toilet and then start claiming the income tax exemption? Or B.                 Should I go for additional loan from the bank to construct a house? My query is, if...
Read more

Merger, Demerger & Amalgamation- Tax implications on shareholder

TAX TALK-09.10.2017-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant There is a tax concession to the Shareholder of an Amalgamating Company where the shareholder transfer shares held by him in the amalgamating company in consideration of allotment of shares in amalgamated Indian company. Merger, Demerger & Amalgamation- Tax implications on shareholder   Query 1] 1.       1000 equity shares of face value of Rs. 10 in N.F.C Ltd were allotted in March 1991. Consequent to composite scheme of arrangement and amalgamation of three companies, 1100 equity shares of Face value of Rupee 1 was allotted in N.F.C. Ltd. and 1000 equity shares of rupees one face value was allotted in another company in October 2011. Kindly clarify as to how Rs. 10,000/- invested in N.F.C. Ltd. in March 1991 is to be allocated between the above two companies and whether Profit/Loss on sale of the above said units is to be calculated ...
Read more