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Income Tax - Highlights / Catch Notes

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Income form house property - can assessed income be lower than ...

Income Tax

April 26, 2018

Income form house property - can assessed income be lower than returned income - AO is bound to compute the tax payable by the assessee on the income computed by him even if it is at a lesser figure than the income returned by the assessee - AT

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  1. Nature of income - Income received from Strand Book Stall for providing warehousing, binding, shrink wrapping, supervision charges and mailing charges - taxable as...

  2. Income from house property - contributions of the tenants of the property towards sinking fund cannot be assessed as rental income of the assessee. - AT

  3. IT – the assesse, a lease holder, has exploited the lease rights in the property as an owner – rent is table as Income from house property

  4. Income from house properties OR business income - By simply sitting in the office, AO just assigned the reason that I don’t agree with your submission. - the ld.Revenue...

  5. Revised return of loss/unabsorbed depreciation – even if the assessee has not filed revised return, AO is bound to allow carried forward loss or depreciation as per the record - AT

  6. Stay petition before appellate authority - CBDT circular regarding stay of demand does not seem to bind the appellate authority, though it binds at the lower echelons.

  7. Interest income received by the club from fixed deposit in bank cannot be form the house property and consequently this income is from other sources - there is no...

  8. Deduction on interest of housing loan u/s 24(b) -AO restricted it to 25% since 75% of the property is belongs to other co-owners - Action of AO is justified - AT

  9. Nature of income - Income from warehouse - income from warehouse has to be assessed under the head income from house property not under the head income from business and...

  10. Rental income - income/loss from the multiplex is liable to be assessed as ‘business income/loss and not as income from house property. - AT

 

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