News has circulated that the income tax department is cracking down on thousands of taxpayers who have falsely claimed House Rent Allowance (HRA) deductions on their income tax returns. In a recent case, it was found that some employees had been using the PAN number of another person, to claim HRA deductions. However, investigations revealed …
Continue reading “Claiming the Fake deduction of HRA could result in Interests and Penalties”
Facts of the case: The taxpayer filed their income return on August 27, 2015, declaring a total income of ₹5,93,520/-. Following this, the case underwent limited scrutiny assessment, and a notice under section 143(2) of the Act was issued and served to the taxpayer. During the assessment, the Assessing Officer (AO) noted that the taxpayer, …
Continue reading “Stamp Duty value applies on the date of agreement not on the date of Sale Deed”
Selling property can be quite challenging, whether you’re an NRI or a resident of India. As an NRI, the first step is finding a buyer who truly appreciates your property. Once you’ve found the right buyer, negotiations begin and the final terms are settled. After finalizing the deal, the buyer is responsible for deducting TDS …
