Daily Archives: August 21, 2015

When Income declared after search was not undisclosed

Income declared after search was not undisclosed if covered by advance tax and TDS Q;  Assessee declared certain income in belated return  after date of search. Whether such income can be treated as undisclosed ? Section 158B(b), read with section 139, of the Income-tax Act, 1961 Subject :Income declared in belated return in Block assessment in search… Read More »

scientific Research expenditure can not be deferred

scientific Research expenditure can not be deferred Q  Whether  scientific Research expenditure can be deferred and claimed as deferred revenue expenditure over the succeeding years? There is no provision under section 35 which provides for allowance of deferred research expenses u/s 35 expenditure Facts of the Case Section 35 of the Income-tax Act, 1961 Issue… Read More »

Tax on income of NRI in India

Tax on income of NRI in India Q:When will the Non Resident Indian be required to file the income Tax return in India? In the Following cases an NRIs income would be considered as ‘earned’ in India and included in the tax return in India. * You have accounts or deposits in India. Any returns in… Read More »

Gift of Property to Spouse and Section 54F

Gift of Property to Spouse and Section 54F Q Whether gift of house to husband prior to date of transfer of original capital asset (other than any residential house) cannot be disregarded for purpose of reckoning assessee’s eligibility for deduction under section 54F even if assessee along with her husband continue to reside in same… Read More »