Central Board of Direct Taxes has issued the notification for Cost inflation index(CII) for FY 2018-2019, each year CBDT declares CII so that income tax assessee can calculate the capital gain for Income tax purpose. The base year for the Cost Inflation Index is Financial Year 2001-2002, which means any property purchased before 1.04.2001, assessee has the option… Read More »
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 »
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 »
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 »