Benefit of carry forward of loss can also be enjoyed even if return is not filed. Thanks to CBDT- Tax Talk. Readable format accessible at http://ssrpn.com/article-details.php?id=1456


Comments

Post a Comment

Popular posts from this blog

“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

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

Taxation of F & O transactions

TAX TALK-23.10.2017-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant The most crucial point arises with regard to the determination of the “Turnover” in the case of F & O. The total of profit and loss (i.e., positive and negative figure) shall be taken as turnover. It makes no difference whether the difference is positive or negative for computing turnover. Aggregate o the differences, whether positive or negative is considered as “turnover”. Taxation of F & O transactions Query 1] 1.       I am trading in equities; both delivery as well as non delivery based & make short term capital gain (STCG). Whether it will be treated as "Income from Business" or any other category of income? What would be tax treatment? [Col Sisir Kumar Misra, Indian Army Veteran- sisir_misra@yahoo.com ] 2.       I have incurred the loss in share trading. Whether still I will be required to carry out the aud...
Read more