Due Date for Income Tax Compliance (July 2024)
| Due Date |
Compliance |
| 7th August 2024 |
Deposit of TDS/ TCS deducted/collected for the month of July, 2024 |
| 14th August 2024 |
Issue of TDS Certificates for TDS deducted in the month of June, 2024 :
• Purchase of Immovable Property.
• Payment of rent above Rs. 50,000 p.m. by Individual or HUF
• On Commission, Contractual Payment, Professional Fee above Rs. 50 Lakhs in a financial year.
• Payment on transfer of Virtual Digital Assets. |
| 30thAugust 2024 |
Furnishing of Challan Cum Statement for TDS withheld in the Month of July, 2024:
• Purchase of Immovable Property
• Payment of rent above ₹ 50,000 p.m. by Individual or HUF
• On Commission, Contractual Payment, Professional Fee above ₹ 50 Lakhs in a financial year.
• Payment on transfer of Virtual Digital Assets
|
| 31thAugust 2024 |
Application in Form 9A by Charitable Trust/ Institution /Association to apply income of previous year in the next year or in future if they require to file return of income on or before 31/10/2024.
Application in Form 10 by Charitable Trust/ Institution /Association to accumulate income for future application if they require to file return of income on or before 31/10/2024. |
Direct Tax Judgements
Expense incurred to make new house habitable is eligible for section 54 exemption: – [ITAT : Delhi ]
Facts in Brief:
1. During the year under consideration, the assessee had sold his residential property jointly with other co-owners and the assessee purchased a house property for a consideration of Rs.60 lakhs and also incurred capital expenditure of Rs.24.24 lakhs to bring the new house in habitable condition and claimed deduction for investment made in house property in accordance with section 54.
2. The Assessing Officer denied the assessee’s claim under section 54 for said expenditure stating that the capital expenditure so made by the assessee to bring the new property in the habitable condition would not be includible in the cost of new property. On appeal, the Commissioner (Appeals) also called the expenditure incurred to bring the house habitable condition as renovation expenses and upheld the order of the Assessing Officer.
Issue Involved:
The issue involved in this case was that the assesse had bought a house in an uninhabitable condition and incurs costs for essential facilities such as electrification, water, woodwork, and glasswork, these expenditures are necessary for making the property habitable rather than for renovation. Therefore, these expenses qualify for exemption under Section 54.
Hon’ble Tribunal Decision:
Deduction under Section 54: The Tribunal concluded that the capital expenditure incurred by the assessee to make the house habitable should be considered part of the purchase cost for the purpose of claiming deductions under Section 54 of the Income Tax Act. This is in line with the principle that expenditures necessary to make a property habitable are considered part of the investment in the property.
1.Conclusion of the Case: The Tribunal found that the Assessing Officer and CIT (A) did not properly consider the necessary expenditures incurred to make the property habitable. Consequently, the Tribunal set aside the decisions of the lower authorities and ruled in favour of the assesse.
