Latest Blogs from SBS and Company LLP

    SBS I 2nd Edition

    Brief of Update: 

    An update pertaining to deduction under Section 54F of Income Tax Act, 1961 for under con- structed property can be claimed second or third time if the cost is within the capital gain as per the recent judgment as discussed herein. 

    Income Tax Act provides exemption from payment of tax on Long Term Capital Gain arising from transfer of property other than Residential House Property. Section 54F which provides the above exemption mention that to claim exemption the transferor must make investment of net consideration in new residential house property within the time frame provided therein. This judgement has analysed the provisions of the said section to conclude on timing of invest- ment (whether one-time investment or multiple time investment within the time frame provid- ed in the law) to claim exemption.

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    SBS I 1st Edition

    Brief of Update: 

    Non-competing fee from business accrued or received by the assesse though capital in nature is chargeable to tax as per Section 28 of the Income Tax Act, 1961. This judgement throws light on nature of receipt of non-competing fee from business based on facts and cir- cumstances rather than going by the terms of the agreement. In this Judgement the High Court took note of the events happened after the agreement has been entered while decid- ing the nature of the receipt.

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    SBS I 6th Edition

    Brief of Update:

    Section 208 of Income Tax Act, 1961 provides that advance tax shall be payable during the fi- nancial year in case where the amount of tax payable is Rs. 10,000/- or more. Section 209 re- quires that assessee shall first estimate his current income and income tax payable there on shall be calculated at the rates in force in the financial year. The amount of advance tax cal- culated subject to amount of tax deducted or collected at source. 

    Till date there is no requirement of reporting the estimated income except calculating the same for determining advance tax liability. This update deals about the new rule to be inserted which makes the assesse intimate the estimated income and other details as discussed here- under. 

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    SBS WIKI E Journal Sept 2017

    Key Topics Covered:

    • GST
    • DIRECT TAX
    • AUDIT

    This article is contributed by Partners of SBS and Company LLP - Chartered Accountant Company. You can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

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    SBS DIGEST E Journal Sept 2017

    Key Topics Covered:

    • AUDIT
    • DEBIT EQUITY ADVISORY

    Updates

    • FEMA
    • COMPANIES ACT, 2013

    This article is contributed by Partners of SBS and Company LLP - Chartered Accountant Company. You can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

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