real estate news
ITAT Rules EDC Payments to HUDA Subject to TDS under Section 194C
The Income Tax Appellate Tribunal (ITAT), Delhi, has ruled that External Development Charges (EDC) paid to the Haryana Urban Development Authority (HUDA) are contractual in nature and subject to tax deduction at source (TDS) under Section 194C of the Income Tax Act, 1961.
Real Estate
Income Tax Act, 2025: Key Changes for Taxpayers, Businesses, and Property Owners
The Income Tax Act, 2025 brings significant changes for individual taxpayers, businesses, and property owners. It aims to simplify tax compliance, enhance transparency, and promote digitalization in the tax ecosystem.
Real Estate Mumbai
Bombay High Court Quashes Non-Bailable Warrant for Bailable Offence under Income Tax Act
The Bombay High Court has quashed a non-bailable warrant issued against a petitioner for an offence under Section 276C(2) of the Income Tax Act, which is bailable in nature. The court ruled that the order was passed without application of mind and was contrary to the law.
Real Estate
Haryana Real Estate Regulatory Authority Gains Income Tax Exemption
The Central Government has granted income tax exemption to the Haryana Real Estate Regulatory Authority (HRERA) under Section 10(46) of the Income Tax Act, 1961. This exemption recognizes HRERA's role as a regulatory body rather than a commercial entity.
Real Estate
Festive Season Tax Planning: Gifts, Donations, and Real Estate Purchases
Tax on gifts, Charitable Donations, Taxation on real estate purchases
Real Estate Mumbai
ITAT Slams AO for Violating Section 143(1) of Income Tax Act
The Mumbai ITAT held that the AO has no jurisdiction to make any adjustment in the final assessment order passed under Section 143(3) before receiving any response from the assessee.