“Penny Saved is the Penny earned”.
Whenever a person sells any property, he has to pay income tax on the gain he earned. This gain is the difference between the sale price of the property and the purchase price of the property.
As we see the property rates have multiplied in recent years, this will result in big amount of capital gain and the person will have to pay income tax on this capital gain.
Here, we are discussing few tax provisions which may be helpful to understand the taxability on sale of property and its planning...
Thursday, 27 June 2013
How to read an agreement.
1. Introduction
From time immemorial, the commercial world has worked on contracts and agreements. The only difference between then and now, is that earlier a lot of these agreements were oral in nature, whereas nowadays, most businesses, if not all, prefer a binding written agreement. An agreement may be entered into for the smallest of matters to the largest of issues. Agreements in India are governed by the Indian Contract Act and in addition by specific statutes depending upon the nature of the agreements. For instance, an agreement to assign...
Reasons in support of decisions making
In England the position at common law is that there is no requirement that reasons should be given for its decision by the administrative authority1. There are, however, observations in some of the Judgments wherein the importance of reasons has been emphasized. In a case, Lord Denning observed that:
“The giving of reasons is one of the fundamentals of good administration.”
Sir John Donaldson observed that failure to give reasons amounts to denial of justice. And Lord Lane4 Chief Justice while expressing his reservation on the proposition...
Before you file a case
There are a few essentials that help the process of filing a court case, easier. Here, a lawyer gives some tips on how to prepare for the final application to the court.
* Make all complaints in written form.* Photocopy every paper, every document that you write, mail or send to people.* Whenever you submit a document to somebody, get a ‘Received’ stamped on the photostat copy.* File the photocopies of the originals in chronological order.* File the photocopies, with ‘Received’ stamped on them, again in chronological order...
Critical Analysis of Inter-State Works Contract
After amendment to the constitution by inserting Article 366(29A) providing definition of the term “taxes on sale or purchase of goods” to include deemed sales, States were empowered to levy tax on sale or purchase of goods involved in execution of works contracts. However, the power of States to levy tax on deemed sales including works contract sales are subject to restrictions contained in Article 286 of the Constitution of India. Under Article 286 State has no power to levy tax on –
i) sale or purchase of goods effected in the course of inter-State...
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