Exemption U/S 54B cannot be claimed if new asset bought before trasnfer of capital asset

Assessee purchased two properties on 2-12-2011 and 1-2-2012. Thereafter, he sold certain parcels of agricultural land on 21-2-2012. He claimed exemption under section 54B against sale of such agricultural land. Assessing Officer (AO) had disallowed exemption in respect of one parcel of land and allowed exemption in respect of other.

सुंदर कान्ड में सफलता के सूत्र- भाग ३

राम काजु करि फिरि मैं आवौं।सीता कइ सुधि प्रभुहि सुनावौं।।
तब तव बदन पैठिहउँ आई। सत्य कहउँ मोहि जान दे माई।।
कबनेहुँ जतन देइ नहिं जाना। ग्रससि न मोहि कहेउ हनुमाना।।
जोजन भरि तेहिं बदनु पसारा।कपि तनु कीन्ह दुगुन बिस्तारा।।
सोरह जोजन मुख तेहिं ठयऊ। तुरत पवनसुत बत्तिस भयऊ।।

Gains from transfer of derivatives (F&O) by FPI also exempt from levy of enhanced surcharge

The Central Board of Direct Taxes (CBDT) has decided to withdraw the enhanced surcharge levied by the Finance (No. 2) Act, 2019 on tax payable on income arising from the transfer of equity share/unit referred to in section 111A and section 112A of the Income-tax Act, 1961 from the financial year 2019-20. The capital assets mentioned in the section 111A and section 112A are:

Taxability of GST on Discount

Tax treatment of discount is the most critical area of the discount saga. Discount is generally given by the supplier to boost his sales. Different types of discount prevails in the business like general discount, turnover discount, cash discount etc.

Most preferred and litigation free way of showing discounts is to show the same on the invoice but due to commercial reasons, it may not be possible to show all discounts on the invoice itself and the problem actually starts there.

Tax Authorities does not want to reduce discount from taxable value except when such discount shown in invoice itself while tax payer claim that he has never received the consideration thus it must be reduced. Honourable courts held in many cases that showing discount invoice is not solution to pass discount to customer and arrive the taxable value.

Recently GST wing of CBIC has issued a circular clarifying various issue on discount and its taxability under GST however before going into discussion of circular it would be better to look provisions of CGST Act,2017

Section 15 of the Act deals with valuation of supply in which reference of discount is found under sub section (3) of the said section, which states as under:-

न तो आयकर छूट की सीमा बढ़ी है, न ही कर-दरों में कोई बदलाव

हर कोई खुश दिखा कि आयकर छूट की ढाई लाख रुपए सालाना की मौजूदा सीमा को दोगुना कर सरकार ने पांच लाख रुपए कर दिया है। इस स्लैब की आमदनी पर आयकर की दर दस फीसद है। यानी लोगों को यह लगा कि पांच लाख या उससे ज्यादा आमदनी वाले हर आयकरदाता को सरकार ने पच्चीस हजार रुपए का सीधा लाभ मिलेगा। लेकिन बजट पेश करने के बाद पीयूष गोयल ने प्रेस कांफ्रेंस में स्थिति साफ की तो ज्यादातर लोगों की खुशी काफूर हो गई। गोयल ने साफ कहा कि सरकार ने न तो आयकर छूट की सीमा बढ़ाई है और न मौजूदा कर-दरों में कोई बदलाव किया है।
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Non-Filers Asked To Submit Income Tax Returns Within 21 Days

If you haven't filed your income tax return yet, you have few days left to do so to avoid legal proceedings. Individuals who have not filed their income tax returns (ITR) for the assessment year 2018-19 should do the same within 21 days to avoid proceedings under the Income Tax Act, news agency IANS (Indo-Asian News service) reported citing a government statement. The Central Board of Direct Taxes (CBDT) had identified through the Non-filers Monitoring System several potential individuals who had carried out high value transactions in financial year 2017-18 but had still not filed returns, the agency reported.
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Government may double income tax exemption limit from Rs 2.5 lakh to Rs 5 lakh

Currently, income up to Rs 2.5 lakh is exempt from personal income tax. Income between Rs 2.5-5 lakh attracts 5 percent tax , while that between Rs 5-10 lakh is levied with 20 percent tax. Income above Rs 10 lakh is taxed at 30 percent. Rs 5 lakh exemption is only applicable to individuals of over 80 years.
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Decisions taken by the GST Council in the 32nd meeting held on 10th January, 2019

GST Council in the 32nd meeting held on 10th  January, 2019 at New Delhi took following decisions to give relief to MSME (including small traders), and took following other decisions but same would be given effect to through Gazette notifications/ circulars which shall have the force of law.-

Extension of Due Date for Filing Annual Return & Audit Report Under GST

Restriction on Input Tax Credit-Motor Vehicles-Section 17(5)(a)

Section 17(5) Notwithstanding anything contained in sub-section (1) of section 16 and sub-section (1)

of  section  18,  input  tax  credit shall  not  be  available  in  respect  of  the  following, namely:—

(a)      motor vehicles and other conveyances except when they are used ––

(i)       for making the following taxable supplies, namely: —

(A)     further supply of such vehicles or conveyances ; or

(B)     transportation of passengers; or

(C)     imparting  training  on  driving,  flying,  navigating  such  vehicles  or conveyances;

(ii)      for transportation of goods;

In clause (a) section 17(5) of the Act , restriction has been imposed on input Tax credit relating to motor vehicle ,it means that tax credit of ‘input’ and ‘input service’ both will be restricted.