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CBDT to Intimate about Proposed Income/Loss Adjustments Prior to Issuing Intimation u/s 143(1)

Category: Tax Date: 2020-09-30 07:40:48

The Central Board of Direct Taxes (CBDT) has decided to issue an intimation of the proposed adjustment to draw the attention of the taxpayer to difference identified while processing ITRs u/s 143(1)(a)(vi). If taxpayer failed to submit respond within one month of receiving such communication, then a formal intimation u/s 143(1)(a)(vi) would be issued.

Why, when and how to write a Will

Category: Will Date: 2020-09-30 07:42:40

Anybody who has any kind of property should write a Will which will cost them nothing and can help them to save your family a lot of time and money in the future. Significant of a Will is underestimated in our country. This is counter-intuitive because most of the Indians like to invest and have capital properties like house, land and jewellery, which are prone to strife between the heirs in absence of a Will. There is a misconception about writing a Will where only multimillionaires or only th

Things You Must Know About Income Tax Filing in India

Category: Date: 2020-09-30 07:43:28

In India, most of the people avoid filing their income tax returns. Some of them file their return only if they expect to get a refund from the Internal Revenue Service (IRS). Few of them stays away from filing their returns thinking about the complication and lengthy process. There are some who are not even aware of the fact that put them in the taxable bracket. Income Tax Filing: Who is it for? In the India, the income tax filing is significant for taxpayers broadly fall

Reference Case Laws for Seafarers

Category: Seafarers Date: 2020-09-30 07:46:42

There has been a lot of heartburn and anxiety with the Bandopadhyay Judgement of the ITAT, wherein a Seafarer has been Taxed even though he has maintained an NRI Status. This thought process of the Kolkata ITAT has now percolated to other cities in the Country and the ITO/ITD of other Cities are also using this judgement or facts of the judgement to Tax Seafarers. Many Seafarers have received a Scrutiny and Assessment Order and have filed Appeal in various Courts/Tribunals across t

Rachhpal Singh vs Income Tax Officer on 3 February, 2005

Category: Tax Date: 2020-09-30 07:48:00

Rachhpal Singh vs Income Tax Officer on 3 February, 2005 Equivalent citations: 2005 94 ITD 79 Asr, 2005 276 ITR 163 Asr, (2005) 93 TTJ Asr 283 Bench: J Pall ORDER Joginder Pall, A.M. 1. This is bunch of four appeals filed by the assessee against the orders dt. 29th Aug., 2002 of CIT(A), Jalandhar, for the asst. yrs. 1997-98, 1998-99, 1999-2000 and 2000-01. Since the issues involved in these appeals are identical, these were heard together and are being disposed of by this consolidated ord

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FAQ

When are the provisions of the Valuation Rules applicable?

The provisions of the Valuation Rules are applicable only when,

(i) consideration not in money terms which is either wholly or partly;
(ii) parties are relevant or supply by any stated category of supplier; and
(iii) transaction value is not reliable to be declared.

What does a property valuation
require?

During a property valuation, a valuer should inspect the property physically, measure the land and adequately verify it against the title or plan of subdivision. The appointed valuer will measure the house physically, taking a description of its condition and improvements, taking a photo and review a minimum of three proportionate sales from which to conduct a sales inquiry. This information is further used to regulate the value of the property and then the valuer will prepare a written report depending on his/her findings.

What are the key factors that contribute to a property’s value?

The key factors that contribute to a property’s value are dependent on the land, size, location, topography, shape and aspect can, in some instances, accounts for up to 70% of a property’s value. Also the land component will acknowledge where building structures will always deteriorate. The other factors that can influence the value of the property includes architectural style and uniqueness, design and layout, potential for the future development or renovation, the number of bedrooms and bathrooms, and the quality of the

Other factors which can influence the value of a property include architectural style and uniqueness, design and layout, potential for future development or renovation, the number of bedrooms and bathrooms, and the quality of equipments and fittings, just to mention a few.

Is contract price not sufficient to determine valuation of supply?

Contract price is more accurately referred to as the transaction value and that is the basis for enumerate the tax. Therefore, when the price is determined by the factors such as relationship of the parties or where assertive the transactions are assumed to be supply, which do not have a price, the value has to be settled in conformity with the GST Valuation.