Clipped from: https://taxguru.in/finance/wills-india-key-legal-aspects-faqs.html Summary: Creating a valid Will in India requires specific guidelines, though no particular language is mandated. A valid Will should express the testator’s intent
Day: November 12, 2024
👌Reversal of provision of inventory written off due to obsolescence allowed: ITAT Bangalore
Clipped from: https://taxguru.in/income-tax/reversal-provision-inventory-written-due-obsolescence-allowed-itat-bangalore.html Essilor India Pvt. Ltd. Vs DCIT (OSD) (ITAT Bangalore) ITAT Bangalore held that deduction towards reversal of provision for inventory written off due
👌👌👌👌👌Bombay HC Quashes Section 148 Proceeding, Orders De Novo Assessment
Clipped from: https://taxguru.in/income-tax/bombay-hc-quashes-section-148-proceeding-orders-de-novo-assessment.html Anil Kumar Mehta Vs ITO (Bombay High Court) In Anil Kumar Mehta vs Income Tax Officer (ITO), the Bombay High Court addressed procedural issues
👌👌👌👌👌👌👌Long-Term Capital Gains on Sale of Immovable Property in India
Clipped from: https://taxguru.in/income-tax/long-term-capital-gains-sale-immovable-property-india.html As per the Indian Income-tax Act, income arising from the sale of a capital asset is taxed under the head ‘Income from Capital
👌👌👌👌👌👌👌Redevelopment of society – Tax implications
Clipped from: https://taxguru.in/income-tax/redevelopment-society-tax-implications.html I. Introduction II. Income tax considerations A. Whether sale of development rights amounts to transfer and thereby chargeable to tax under the head
👌👌👌👌👌👌👌Immovable Property Sold at less than Stamp Duty Value – Tax Impact on Seller
Clipped from: https://taxguru.in/income-tax/immovable-property-sold-stamp-duty-tax-impact-seller.html Income-Tax Implications for the Sellers, if any Immovable Property is Sold for a consideration less than Stamp Duty Value When any person sells
👌👌👌👌👌👌👌Income-Tax Implications: Joint Development Agreement & Property Transactions
Clipped from: https://taxguru.in/income-tax/income-tax-implications-joint-development-agreement-property-transactions.html “Explore Income-Tax Implications of Joint Development Agreements in Property Transactions. Unveil the complexities of Section 45(5A) of the Income-tax Act, 1961, covering mechanisms,
👌👌👌👌👌👌👌Section 45, Section 48 and Section 54 of the Income Tax Act, 1961
Clipped from: https://taxguru.in/income-tax/idea-capital-gain-tax-property-redevelopment-heres-know.html No Idea about Capital Gain Tax but Property Under Re-Development? Here’s all you Need to Know!! The Finance Act, 2017 inserted a new
👌👌👌👌👌👌👌Holding period computable from allotment letter date & not sale agreement registration date
Clipped from: https://taxguru.in/income-tax/holding-period-computable-allotment-letter-date-sale-agreement-registration-date.html Minaxi Mahesh Pawani (Deceased) through Legal Heir Pratik Mahesh Pawani (ITAT Mumbai) For Capital Gain and for Indexation holding period shall be computed
👌👌👌👌👌👌👌Capital Gain Tax – Holding Period of The Property
Clipped from: https://taxguru.in/income-tax/capital-gain-tax-holding-period-property.html The holding period of the property to compute Capital Gain tax is always a subject matter of controversy between the taxpayer and the
👌👌👌👌👌👌👌Capital Gain Tax Exemption on Property under Redevelopment
Clipped from: https://taxguru.in/income-tax/capital-gain-tax-exemption-property-redevelopment.html 1. Redeveloping old buildings and societies is gaining momentum in major cities like Mumbai, Delhi-NCR, Surat, Bengaluru etc. Mumbai, India’s financial capital, is
👌👌👌👌👌Input tax credit eligible under section 16(5) and 16(6) of CGST Act: Gauhati HC
Clipped from: https://taxguru.in/goods-and-service-tax/input-tax-credit-eligible-section-16-5-16-6-cgst-act-gauhati-hc.html Jyotirmoyee Drugs And Anr. Vs Union of India And 3 Ors. (Gauhati High Court) Gauhati High Court held that petitioner is entitled to
👌👌👌ITR forms–Recheck-Perplexity
Types of ITR Forms Choosing the Right Form Filing Process You can file your ITR online through the Income Tax Department’s e-filing portal or through
👌👌👌👌👌Punjab and Haryana HC Invalidates S.148 Notices for Non-Compliance
Clipped from: https://www.taxscan.in/punjab-and-haryana-hc-invalidates-s-148-notices-for-non-compliance-with-faceless-assessment-procedure-read-order/453750/ The Court determined that the notices issued by the Jurisdictional Assessing Officer were not compliant with statutory requirements, leading to a lack of
👌👌👌👌👌New GST form: GSTN brings in new application process to settle tax demands – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/new-gst-form-gstn-brings-in-new-application-process-to-settle-tax-demands-453034-2024-11-08 The new DRC-03A form allows taxpayers to efficiently allocate payments to specific orders, ultimately decreasing their total tax obligation. Form GST DRC-03A is
👌👌👌👌👌GST rule change: From April 2025, taxpayers need to upload e-invoices within 30 days of issuance – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/gst-rule-change-from-april-2025-taxpayers-need-to-upload-e-invoices-within-30-days-of-issuance-453138-2024-11-09 Previously, this 30-day requirement only applied to businesses with an AATO of Rs 100 crore or more. However, beginning in April 2025, this
👌👌👌👌👌Employees’ Provident Fund: A look at withdrawal, taxation, TDS applicable on EPF – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/employees-provident-fund-a-look-at-withdrawal-taxation-tds-applicable-on-epf-453174-2024-11-10 It is important to comprehend the tax implications of EPF withdrawals to prevent any unforeseen tax liabilities. Withdrawals made before completing five years
👌👌👌India SME Forum launches ‘Start Exporting in Eight Weeks’ programme | SME – Business Standard
lipped from: https://www.business-standard.com/industry/sme/india-sme-forum-launches-start-exporting-in-eight-weeks-programme-124092800676_1.html The ‘Start Exporting in Eight Weeks’ initiative is a movement towards transforming Indian MSMEs into a powerhouse of global trade India SME Forum
👌Asian Paints shares break 6-year bullish trend; another 17% fall likely | News on Markets – Business Standard
Clipped from: https://www.business-standard.com/markets/news/asian-paints-shares-break-6-year-bullish-trend-another-17-fall-likely-124111100285_1.html Asian Paints stock was trading at 3-year lows, and had given a downside breakout on the monthly chart for the first time since
👌Re-examine trade pacts: India must consider entering CPTPP, RCEP
Clipped from: https://www.business-standard.com/opinion/editorial/re-examine-trade-pacts-india-must-consider-entering-cptpp-rcep-124111101707_1.html The two stumbling blocks for entry into the RCEP and CPTPP are, respectively, China and domestic reform Illustration: Binay Sinha Speaking at a
aniltikotekar4sme.com 