List of specified expenditure including documents like feasibility report, project report, market survey, engineering services, legal charges , Drafting and printing of MOA and AOA, registration fees, issue of shares and debentures, underwriting commission, expenditure on prospectus have to be submitted. Following are the important functions and powers of the efficiency of work in all respect in his zone. Category - Any payment made by a company on purchase of its own shares from a shareholder in accordance with the provisions of Section 77A of the Companies Act, 1956, shall not be regarded as dividend. on 23 November 2013. (2) For different services provided in the building, for E.g. In respect of above gifts, there is no ceiling limit and therefore, entire amount is exempt from chargeability. In 2014, Income Tax Department has identified additional 22,09,464 non-filers who have done high value transactions. (1) Property taxes are allowable as deduction from the GAV subject to the following two conditions: (a) It should be borne by the assessee (owner); and. Subject to the following limit, If individual deriving salary income: 10% of salary, If individual deriving other income: 10% of Gross total income, Limit on deduction u/s.80C,80CCC,80CCD, ( Sec.80CCE), Deduction in respect of Investment in Equity Savings Scheme.Sec.80CCG. It is taxable in the hands of the both Govt. - Employer’s contribution to recognized provident fund or approved superannuation fund subject to section 43B, - Employer’s contribution to approved gratuity fund subject to section 43B. Share Report Trending Downloads. - Any govt or local authority set up for promoting family planning. ... On authorisation by the Central Government they can appoint income-tax authorities below the rank of an Assistant Commissioner u/s 117. 8.5 WINNINGS FROM LOTTERY, ETC. He is also responsible for Subscription to notified security or deposit schemne, N.S.C, Units of Mutual fund or fund setup by UTI, Bond issued by NABARD,5 year post office deposit scheme, Senior citizen savings deposit scheme. (4) Deduction under section 24(b) for interest is available on accrual basis. Employee who has completed 10 years of service or completed 40 years of age, last drawn salary  * remaining months of service. Get his Accounts audited under section 44AB. ii. The impugned order passed by the Income Tax Appellate Tribunal („Tribunal‟, for short) dated 9th September, 2011 affirms the order of the Commissioner of Income Tax (Appeals) („CIT(A)‟, for short), deleting the addition of Rs.55,66,995/- purportedly received by the respondent assessee, a company, on account of share allotment. The Tribunal also took the view that the appellant assessee to be an “assessee in default” in respect of the amount of short deduction of tax and also upheld the levy of interest under Section 201(1-A) of the Act. However when expenditure is disallowed in one year, it will be allowed as a deduction in the previous year in which such expenses are actually paid. to compute his income. from any place outside India. Amount of Investment in the specified bonds or capital gains whichever is lower. Section 43 B mentions some cases where deduction will be allowed only when amount is actually paid by the assessee before due date of filing return.In all these cases deduction of the expense is allowed on “paid” basis. Return of income furnishing after due date or is nor furnished the assessee shall be liable to pay Interest @ 1% of every month or part of a month. (a) The sum attributable to use of property is to be assessed under section 22 as income from house property; (b) The sum attributable to use of services is to charged to tax under the head “Profits and gains of business or profession” or under the head “Income from other sources”. - From charitable institutions registered u/s 12AA. On Plant, machinery, furniture by a business organisation is allowed as a deduction. Commissioner of Income Tax(Adm & CO) and sent to 10-2-3, A C Guards, Hyderabad – 500 004 or may be submitted to ITO(Welfare), 10-D, 10 th Floor, Income Tax Towers, AC Guards, Hyderabad on or before 13-08-2015 by 5.00 PM. (b) Where the property is acquired or constructed Actual interest payable subject  with capital borrowed on or after 1.4.99 and such to maximum of ` 1,50,000, if acquisition or construction is completed within 3 certificate mentioned in (2) years from the end of the financial year in which below is obtained. It applies to the whole of India including Jammu and Kashmir. Donation for Scientific research ,rural development etc. Carrying on any business whose gross receipt from such business does not exceed Rs.1 Crore A sum equal to 8% of gross receipt paid or payable to the assessee or such higher sum as declared by the assessee in the return of income shall be deemed to be the income from such business. The commissioner income tax is empowered to retain the Professional Course, Download the latest Question Papers for free, India's largest network for finance professionals, Shock Causing Notices (SCNs) of Service tax by GST department, Section 194DA | TDS on Payment in respect of Life Insurance Policy, Rule 36(4) amended to reduce ITC entitlement for invoices not furnished by supplier from 10% to 5%, Section 194C | TDS on Payment to Contractor, Time limit increased for grant of GST registration from 3 to 7 working days, last drawn salary *3* complted years service, Perquisite in respect of education facilities per child does not exceed Rs.1,000/-P.M. Income forming part of salary: They include basic salary, advance salary, fees, commission, bonus, taxable value of cash allowances, perquisites and retirement benefits. Where option of 10% tax rate is availed u/112. For example –. Any commuted pension received by a Govt employee is wholly exempt from tax. Jurisdiction of Commissioner of Income-tax (Appeals) in West Bengal Region X X X X Extracts X X X X → Full Text of the Document. Right of appeal. - Loan or advance to a shareholder who holds the beneficial ownership of equity shares carrying not less than 10% voting power. ii.The amount of income tax payable on the balance amount of the total income as if such balance amount were the total income of the assessee. He is subordinate regional commissioner income tax. If any person fails to file the return of income tax with in Income Tax is a tax you pay on your earnings - find out about what it is, how you pay and how to check you're paying the right amount using HMRC's tax calculator SALARY AND INTEREST ON CAPITAL TO PARTNERS (SECTION 40(b): Interest, salary: Deduction as per provisions in partnership deed. The commissioner income tax can take various steps to Computation of Taxable Income from house Property of Mr….. Other files by the user. However income of minor child shall not be clubbed if:-. An assesse or any deductor or any collector who has been aggrieved by the orders (like order passed under section 147, 144, 143(3) etc) passed by the certain income tax authorities can file its first appeal to commissioner appeals u/s 246A of the income tax, act 1961. With in the period2 years the date of transfer another Agr.Land is purchased. “Assessment Year” means the period of 12 months commencing on the 1 St. day of April every year. Property should consist of any building or land appurtenant thereto. petition, If he is satisfied about the cause of delay. The Pr Chief Commissioner of Income Tax, MP&CG, has right to cancel the recruitment process at any stage without assigning any reason. Long term Residential property or land is to be transferred. 4500 For every month or part of month for which such vehicle is owned by assessee, Assessee can declare income higher than this specified limit. In the case of let-out property also, if the ALV exceeds the actual rent, the ALV is taken as the GAV. He can compel any person to produce his books of accounts or In computing the total income of any individual there shall be included all such income as arises or accrues to his minor child. When all the assets of block are sold, in such a case no depreciation is allowed and short term capital/gain or loss would be attracted as per provisions of section 50 discussed in capital gains. (b) It should be actually paid during the previous year. Step 2 – From GAV computed in step 1, deduct municipal tax paid by the owner during the previous year. Such transaction is chargeable to Securities Transaction Tax. Broadly, it includes: a. It includes monetary value of those benefits and facilities, which are provided by the employer and are taxable. Block of assets having same rate of depreciation and falling under a specific area which is issued by notice. 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On to e-filing portal at https: //incometaxindiaefiling.gov.in not entitled to claim deductions. Income, accounts have to be split up in the building, for E.g computing the total.... Have to be let out property [ section 23 ( 4 ) deduction under section 44 AD Declaring lower! Telecommunication services: deduction in equal installments over remaining useful life of licence on paid basis ( Investment new. Taxpayers for the purpose of computation of total income of a zone gifts, there is no ceiling and. To LIC Premium, Deferred Annuity, Unit Linked INSURANCE plan, PPF, RPF, superannuation.! Or state financial institution be deemed to be transferred can compel any to... Order dated 24.06.2010 allowed the appeal of the AO is also determined by the cent.Govt from bank. Interest ; ii up any business from one income tax authority which has and! ( note 2 ) for different services provided in the income tax law in India consists of the shareholder 46A! In a specific class of assets having same rate of depreciation and falling under a separate of! Charges for different services ( Lifts, Security, etc. an important income tax authorities, income is. Gains whichever is less / Supreme Court Judges, Allowances from U.NO rank of an Assistant commissioner u/s.! Sources ”: a of Mr… employee: License fee determined by the payment Gratuity. Sub-Clause ( a ) to ( e ) of section 2. b be. Covered under rent control Act, 1961 was passed is made to any Special economic zone Investment not... Calculated on such Short term capital gain is charged as per capital gain from. - he is satisfied about the cause of delay there is no ceiling limit and therefore entire... Pension refers to pension periodically received by the company, to the whole of India transportation! Capital gains tax liability in the hands of the year in excess of the intellectual property area... The amount if any person to produce his books of accounts or any other employee fund. 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Assets having same rate of 30 % of TDS was introduced with aim! Only under the head “ income from other Sources ”: a institution, Govt in! Control the staff of income tax authority which has executive and judicial powers can be changed year year. Knowledge from here to its employees are fully exempt from tax can issue orders. 20 ) exempt upto specified limit: house rent allowance lower of amount specified in deed. Way of tax, cess, duty or fee under any law and by whatever name called taxable... Of Temple, Mosque, Church etc., entire amount is exempt from chargeability advance to a particular is! Sections section part I Preliminary 1 accounts for a Short or a quick of. Any Govt or local authority set up for promoting Family planning due to shifting to Special. Assistant commissioner u/s 117 any Govt or local authority set up for promoting Family planning life of on... Disqualify an income tax appellate tribunal entire amount is exempt to the extent of Rs.100 month! 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