Sudhir Kaushik

On the basis of various judgments, it was held that relief under section 54 cannot be denied to assessee if the capital gain amount is invested in more than one residential property provided he has complied with all the conditions laid down in the respective section. Other tax changes that are applicable for the current financial year 2013-14: Investment in Rajiv Gandhi … [Read more...] about Tax Changes FY 2013-14: Property investment equals more deduction

A section of employees with salary below a certain limit (proposed to be Rs 5 lakh) may not need to file income tax returns this year, said chairman of the Central Board of Direct Taxes, Sudhir Chandra. However, if the salaried person has income from other sources, such as interest income from savings bank account or fixed deposits, dividend, etc. and does not wish to file … [Read more...] about Employees with Salary Below 5 lac May be Exempt from Filing ITR

In the beginning of 2011, the financial experts predicted worst market fall in 2 years. Some cash crunched real estate developers saw it as an opportunity. “Why risk your money when you can get 12% assured returns?” is a claim they are using as a gimmick to project themselves as a better investment option against stock market. Truth Behind “Lucrative” Real Estate Investment … [Read more...] about Beware of Real Estate Investment Schemes

Earlier, there used to be manual verification of DTAA relief claimed by NRI assessees at local wards of ITD. Now, the Central Processing Center (CPC) would be auto processing income tax returns of NRIs. Hence, NRIs are required to provide some additional information to facilitate this auto processing. Below information is to be included in Schedule FSI of foreign income: … [Read more...] about New Rules of Tax Filing for 2014: More Disclosures required by NRIs

Here are a few changes in the procedure for filing your tax return this year Changes in Exempt Allowances: It is now mandatory to display the breakup of Exempt allowances under section 10 in Form 16 as well as in the income tax return. The major allowances to be disclosed under this section are: Travel concession/assistance received u/s 10(5) Tax paid by employer on non … [Read more...] about New Rules of Tax Filing for 2014