Category: Five Star

Clipped from: https://www.taxscan.in/top-stories/itat-allows-gifts-from-sisters-rules-tax-dept-cant-reject-them-merely-for-lack-of-scrutiny-on-donors-1434589?transaction_id=cVbwJRcusAuRbuxAJwVMCbwgACzUgUMKuHAjWEnXwZGMEufciMSbzIUPKMCACX&link_id=3059331 The tribunal held that the assessee had satisfactorily discharged his initial burden by providing documents that established three crucial aspects: the identity of

Clipped from: https://www.taxontips.com/turnover-limit-for-tax-audit-is-rs-1-crore-or-rs-10-crore-under-section-44ab-of-the-act/ Section 44AB deals with the limit for conducting Tax audit under the Income Tax Act. For Individual, HUF and firm they can skip

Clipped from: https://economictimes.indiatimes.com/wealth/tax/many-property-sellers-have-to-pay-3-5-times-more-tds-and-tcs-due-to-issues-with-income-tax-tds-tcs-rules-five-such-i-t-rules-need-overhaul/articleshow/124362089.cms Simplifying Income-tax Rules: Practical Suggestion for TDS Reform (Representative image) The Income-tax Act, 2025 (New Act) marked a historic shift from the Income-tax

Clipped from: https://www.taxscan.in/top-stories/hra-claim-restricted-to-as-rent-agreement-in-joint-name-with-brother-rules-itat-despite-assessee-bearing-entire-rent-1432977 Despite the assessee’s submission that the entire rent of ₹1,26,500 was paid by him and that his brother had not claimed any HRA

lipped from: https://www.business-standard.com/industry/news/cbdt-sop-capital-gains-jda-october-deadline-125091701218_1.html CBDT has issued an SOP for field officers to track capital gains from JDAs using RERA data, cross-checking with ITRs and requiring reports

Clipped from: https://www.businesstoday.in/personal-finance/tax/story/itr-deadline-gone-how-a-slight-mismatch-can-lead-to-tax-notices-key-things-to-note-494372-2025-09-17 Even small mistakes in your Income Tax Return (ITR), like missing a few thousand rupees of interest income, can trigger a notice from

Clipped from: https://www.taxscan.in/top-stories/addition-of-lakh-gifts-from-sister-and-father-in-law-by-ao-itat-deletes-addition-accepts-proof-of-receipt-1431323 The assessee had received Rs. 3.75 lakh from his sister from the sale of agricultural land, collected as her power of attorney, and

Clipped from: https://www.financialexpress.com/money/your-queries-income-tax-legal-rep-has-to-file-last-itr-of-deceased-3954941/ This guide addresses common income tax queries, including the responsibilities of a legal representative for filing the last tax return of a deceased

Clipped from: https://www.businesstoday.in/personal-finance/tax/story/capital-gains-tax-hack-how-one-taxpayer-avoided-rs-10-lakh-in-ltcg-but-paid-rs-0-heres-how-490342-2025-08-20 Capital gains tax on property depends on holding period—short-term sales (within 2 years) are taxed at slab rates, while long-term sales attract 12.5%

Clipped from: https://www.businesstoday.in/personal-finance/tax/story/misled-by-tax-consultant-employee-faces-rs-115-lakh-penalty-itat-pune-steps-in-to-reverse-it-487534-2025-08-02 A salaried employee was hit with a Rs 1.15 lakh penalty after his tax consultant filed inflated deductions without his knowledge. The ITAT