Category Archives: Income Tax Notifications & Circulars

NEW COST OF INFLATION INDEX FOR CAPITAL GAIN CALCULATION UNDER SECTION 48 OF INCOME TAX ACT

Central Board of Direct Taxes has issued the Income Tax notification for new cost of inflation index for calculating Capital Gain as per section 48 of the Income Tax Act 1961. CBDT through Notification No. 44/2017/F.No.370142/11/2017-TPL has fixed the CII for Income Tax Capital gain calculation base year as 2001-02 i.e. all the assets purchased… Read More »

Rule 114C as per the Income–tax (22nd Amendment) Rules, 2015

114C. Verification of Permanent Account Number in transactions specified in rule 114B (1) Any person being,— (a) a registering officer or an Inspector-General appointed under the Registration Act, 1908 (16 of 1908); (b) a person who sells the immovable property or motor vehicle; (c) a manager or officer of a banking company or co-operative bank,… Read More »

Meaning of Method of accounting under Income Tax Act 1961: Section 145 (With Case Laws)

Method of accounting under section 145 of Income Tax: There are two method of accounting for Income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” as per Income tax Act and these are cash or mercantile system of accounting. Meaning of Method of accounting under Income Tax Act… Read More »