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Offence and penalties under WBHIRA Act, 2017


Offences and Penalties:-

  1. Punishment for non-registration under section 3:-
    1. If any promoter contravenes the provisions of section 3, he shall be liable to a penalty which may extend up to ten per cent, of the estimated cost of the…

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Rights & Duties of allottees - WBHIRA

Rights and Duties of Allottees for Real Estate Project (WBHIRA):- 

1. The allottee shall be entitled to obtain the information relating to sanctioned plans, layout plans along with the specifications, approved by the competent authority and such other information as provided in this Act or the r…

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Function of real estate agents under WBHIRA

Every real estate agent registered under section 9 shall-

  1. not facilitate the sale or purchase of any plot, apartment or building, as the case may be, in a real estate project or part of it, which is not registered with the Authority;
  2. maintain and preserve such books of accounts, records and …

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Registration of real estate agents under WBHIRA

  1. No real estate agent shall facilitate the sale or purchase of or act on behalf of any person to facilitate the sale or purchase of any plot, apartment or building, as the case may be, in a real estate project or a part of it, being the part of the real estate project registered under section 3, w…

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Guide to the Mandatory compliance of a Private Limited Company

1. Company Name Board- Every Company shall paint or affix the name and address of registered office and keep the same painted/affixed outside every office or place in which its business is carried on, in legible letters.
2. Letter Head of Company- Every Company shall get its n…

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The taxability of capital gains arising on transfer of title to land from the landowner to the developer in a Joint Development Agreement (JDA) can be summarised as under-

Determination of date of Transfer:

Sub-section (5A) in section 45 of the Income Tax Act, 1961 provides that the capital ga…

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India- Hong Kong Income Tax Agreement

Taxation In Hong Kong for Individuals

  • Hong Kong follows a territorial principle of taxation. Individuals are taxed only on income that has been earned in Hong Kong.
  • There is no Double taxation avoidance agreement between India and Hong Kong for the year 2018.
  • Assessment year : A year o…

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More disclosures in the Income Tax return

More disclosures are required in the Income tax returns which are recently notified in the new ITR Forms. This underlines the Government's stated objective of increasing the tax net and reducing the possibility of tax evasion.

The highlights are as follows:-

  1. More disclosures for shareho…

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Income Tax Forms - Which Form applicable for whom?

Form No.:ITR-1 SAHAJ - For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs. 5,000/-.


This Form is not applicable –

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Tax on sitting fees and commission received by directors

Section 194J is for Fees for professional or technical services.

(ba) Any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident any sum by way of any remuneration or fees or commission by whatever name called, other than those on which tax is…

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