Schedule 'AL' in Income Tax Return: Here's What HNIs with Income more than Rs. 50L must Know
Schedule AL Requirement for ITR Forms 2&3 As tax filing season kicks off, individuals and Hindu Undivided Families ( HUFs ) with income...
![ITAT Directs to Delete Disallowance on Deduction in respect of Wealth Tax Paid [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/ITAT-ITAT-Mumbai-Disallowance-on-Deduction-Wealth-Tax-Disallowance-on-deduction-case-TAXSCAN.jpg "ITAT Directs to Delete Disallowance on Deduction in respect of Wealth Tax Paid [Read Order]")
![Urban Land Leased out to Educational Trust cant be treated as ‘Vacant Land’, No Wealth Tax, says ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/03/Urban-Land-Leased-Educational-Trust-Vacant-Land-Wealth-Tax-ITAT-Taxscan.jpg "Urban Land Leased out to Educational Trust cant be treated as ‘Vacant Land’, No Wealth Tax, says ITAT [Read Order]")
![Mother-in-Law includable as Family Members: ITAT deletes Addition on Excess Gold [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/08/Family-members-ITAT-Gold-taxscan.jpg "Mother-in-Law includable as Family Members: ITAT deletes Addition on Excess Gold [Read Order]")
Property Transferred to Developer under Joint Development Agreement not subject to Wealth Tax: Karnataka HC [Read Judgment]
A division bench of the Karnataka High Court consisting of Justices P.S. Dinesh Kumar and Anant Ramanath Hegde has held that the assessee was not liable to pay Wealth Tax with respect to a property,...
CBDT Circular prescribing Monetary Limit for Tax Appeals applies to Wealth Tax Matters [Read Circular]
The Central Board of Direct Taxes ( CBDT ) has clarified that the circular issued by the Board on July 2018 prescribing monetary limits for tax appeals would also apply to matters relating to Wealth...
Wealth Tax not leviable on Commercial Asset which is Capable of being put to Productive Use: ITAT [Read Order]
The Hyderabad bench of Income Tax Appellate Tribunal (ITAT) in Wealth Tax Officer versus M/s. Chavva Estates Private held that commercial asset which is capable of productive use is not eligible to...
![Wealth Tax not leviable on Commercial Asset which is Capable of being put to Productive Use: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/10/Wealth-Tax-Taxscan.jpg "Wealth Tax not leviable on Commercial Asset which is Capable of being put to Productive Use: ITAT [Read Order]")
Mysuru’s Erstwhile Royal Family not exempt from Wealth Tax, says Karnataka HC [Read Judgment]
In a 113 page Judgment delivered by Karnataka High Court, has held that, The 28-acre land at the Palace Grounds, which is in the custody of Mysuru’s erstwhile royal family is not exempted from Wealth...
Wealth Tax can’t be Levied on Sale Consideration of a Property already Computed as Long Term Capital Gain: ITAT [Read Order]
In Smt. Boda Sarada Reddy vs. Asst. Commissioner of Wealth Tax, the Hyderabad Bench of Income Tax Appellate Tribunal ( ITAT ) held that no wealth tax arises on the sale consideration of a property...
No Wealth Tax If Assessee used Building for Construction / Set Up of Office and Service Centre: ITAT [Read Order]
The Kolkata bench of Income Tax Appellate Tribunal ( ITAT ) in Dongfang Electric (India) P Ltd vs. DCWT ruled that No Wealth Tax if Assessee used the building for construction or set up of office and...