By Vimal Punamiya, FCA, LLB In respect of Tenants co-partnership co-operative societies, which are of the nature of “Flat Owners Societies” in which the flats are acquired by the society from the builder on ownership basis and thereafter Society is formed, and land is conveyed to the society and individual members acquire ownership rights
By Accommodation Times News Service By CA Vimal Punmiya India has seen various Voluntary Disclosure Schemes under the Income tax and wealth tax Act in the past as under: VDS - Scheme No. of Declarants Income / wealth declared (In Cr) Tax collected (In Cr) 1951 20,912 70.20 10.89 1965 2,001 52.18 30.80 VDS(2)1965 1,14,226 145.00 19.45 1976 2,58,992 1,090.72 753.77 1997 4,70,000 ……. ……. Undisclosed Foreign Income and Assets, 2015 644 4,164.00 2,428.40 Keen to unearth black money, the government has
By Accommodation Times News Service By CA Vimal Punmiya Latest Reforms to Simplify Income Tax Laws and Procedures for Filing of Returns and Other Developments Related To Housing Industry High Level Committee to be formed & to be chaired by the Revenue Secretary and consist of Chairman, CBDT and an expert from outside.