Daily Archives: May 30, 2016

Income Tax on sale of agriculture land : Analysis

By | May 30, 2016

Income Tax on sale of agriculture land Sale of agriculture land situated in Rural Area Following land is agriculture land in rural area and is not capital asset as per section 2(14). Thus no tax is payable on sale of agriculture land :- Land situated in area within the jurisdiction of a municipality (whether known as municipality, municipal… Read More »

Outstanding Tax demand ? response procedure for Taxpayer

By | May 30, 2016

PROCEDURE FOR RESPONSE TO ARREAR DEMAND BY TAXPAYER AND VERIFICATION AND CORRECTION OF DEMAND BY AOs CIRCULAR NO.8/2015 [F.NO.225/151/2014/ITA.II], DATED 14-5-2015 The CBDT vide instruction No.4 of 2014, dated 7th April, 2014, inter alia, prescribed Standard Operating Procedure for Verification and Correction of Demand available or uploaded by AOs in CPC Demand Portal. Further a… Read More »