The Reader

W.e.f 01/04/2006, Deduction u/s 80-IA/ID/IE will be allowed only if the assessee furnishes the return of income u/s 139(1) [Section 80-AC].

U/s 41(5) the unabsorbed loss pertaining to the year in which the business was discontinued is permitted to be set off against deemed business income

U/s 51 any advance money or any other sum received and retained by the assessee is to be reduced either from - cost of acquisition or WDV or FMV.

 Posted September 2009:
U/s 139(9), where the proof of payment of self-assessment tax paid is not enclosed along with the return, then it be treated as defective return.

Compensation received under Voluntary Retirement Scheme falls within the meaning of profits in lieu of salary u/s 17(3) and therefore is taxable.

U/s 10(10C), exemption for compensation received on Voluntary Retirement can be claimed only once in the life time of assessee.

 Posted September 2009:
An employee who has filed a return of his income to his employer shall be deemed to have furnished a return of income u/s 139(1).

Power subsidy received by an Assessee is revenue in nature since it is goes to reduce the electricity bills and hence taxable u/s 28.

u/s 2(14) Capital assets does not include moving personal effects and consequently not chargeable to capital gain tax u/s 45(1) of the Income Tax Act

u/s 54, the newly acquired property shall be held by the assessee for a period of 3 years from the date of acquisition or completion of construction.