Clipped from: https://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/assessees-face-month-end-deadline-to-comply-with-i-t-requirements/article65206032.ece Non-compliance to lead to penalty Income tax assessees have a little over three weeks to comply with three important requirements. These compliances include
Category: Income Tax
Scope for taxing unexplained income gets wider – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/todays-paper/tp-opinion/scope-for-taxing-unexplained-income-gets-wider/article65202825.ece Every year amendments proliferate, revamping or clarifying the already complicated law. A case in point is amendments to Section 68 proposed by Budget
No crypto asset investors dispute taxability of profits: J.B. Mohapatra – The Hindu
Clipped from: https://www.thehindu.com/news/national/no-crypto-asset-investors-dispute-taxability-of-profits-jb-mohapatra/article65046631.ece CBDT Chairperson J.B. Mohapatra says some investors showed crypto asset surpluses as capital gains, some as income from business or income from other
Section 80IC Deduction allowable to Income from Interest on Electricity Deposit, Recovery from Transporters and Sundry Balances of Vendors written off: ITAT–TAXSAN
Clipped from: https://www.taxscan.in/section-80ic-deduction-allowable-to-income-from-interest-on-electricity-deposit-recovery-from-transporters-and-sundry-balances-of-vendors-written-off-itat/158573/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Section%2080 Top Stories By Taxscan Team – On March 6, 2022 2:43 pm The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the deduction under
ITR for those trading in stocks – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/todays-paper/tp-others/itr-for-those-trading-in-stocks/article65194517.ece If you are into buying or selling of shares, it will be considered a business activity I am getting some income from buying
Amount Deposited in the Absence of Requisite SCN is liable to be Refunded: CESTAT–TAXSCAN
Read More: https://www.taxscan.in/amount-deposited-in-the-absence-of-requisite-scn-is-liable-to-be-refunded-cestat/157657/ Clipped from: https://www.taxscan.in/amount-deposited-in-the-absence-of-requisite-scn-is-liable-to-be-refunded-cestat/157657/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=CESTAT Top Stories By Jwala K.P – On March 2, 2022 7:34 pm The Principle Bench of Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ),New
Reasonable Apprehension of Coercion by GST Dept mandatory to conduct Proceedings through CCTV Cameras: Delhi HC refuses to quash Summons–TAXSCAN
Clipped from: https://www.taxscan.in/reasonable-apprehension-of-coercion-by-gst-dept-mandatory-to-conduct-proceedings-through-cctv-cameras-delhi-hc-refuses-to-quash-summons/157718/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=CCTV Top Stories By Rasheela Basheer – On March 3, 2022 9:32 am In a significant ruling, the Delhi High Court has refused to quash the summons
Madras HC quashes Prosecution proceedings against Assessee having two PANs where he didn’t use Second PAN for any Transaction–TAXSCAN
Read More: https://www.taxscan.in/madras-hc-quashes-prosecution-proceedings-against-assessee-having-two-pans-where-he-didnt-use-second-pan-for-any-transaction/157815/ Clipped from: https://www.taxscan.in/madras-hc-quashes-prosecution-proceedings-against-assessee-having-two-pans-where-he-didnt-use-second-pan-for-any-transaction/157815/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=PAN Top Stories By Abdullah Karuthedakam – On March 3, 2022 12:43 pm The Madras High Court has quashed the Prosecution proceedings against Assessee having
HRA Exemption allowable on Rent paid to Spouse: ITAT–TAXSCAN
Clipped from: https://www.taxscan.in/hra-exemption-allowable-on-rent-paid-to-spouse-itat/158014/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=HRA%202 Top Stories By Jwala K.P – On March 3, 2022 6:58 pm The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has held
Once an Assessment Order is rectified under TNVAT Act, the Right to Appeal against such Order can’t be Denied: Madras HC–Taxscan
Clipped from: https://www.taxscan.in/once-an-assessment-order-is-rectified-under-tnvat-act-the-right-to-appeal-against-such-order-cant-be-denied-madras-hc/158086/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Right%20to%20Appeal Top Stories By Rasheela Basheer – On March 4, 2022 10:51 am The Madras High Court, while allowing a writ petition, held that once an assessment
Delhi High Court directs CPC to process Income Tax Refund Claim–TAXSCAN
Clipped from: https://www.taxscan.in/relief-to-lg-delhi-high-court-directs-cpc-to-process-income-tax-refund-claim/158138/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=LG Top Stories By Taxscan Team – On March 4, 2022 1:05 pm The Delhi High Court, in a major relief to LG, has directed the Central
TDS rates on salary, interest and other incomes for FY 2021-22 – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/tds-rate-on-salary-interest-dividend-and-other-incomes/articleshow/89960665.cms Synopsis Do keep in mind that TDS on specified transactions is deducted only when the value of payment is above a specified threshold
What should a nominee do after the death of an investor? How is investment money taxed? – The Financial Express
Clipped from: https://www.financialexpress.com/money/what-should-a-nominee-do-after-the-death-of-an-investor-how-is-investment-money-taxed/2445550/ After the demise of an investor, the family members can benefit from the investments, once the accumulated amount is transferred to the nominee(s)
What should a nominee do after the death of an investor? How is investment money taxed? – The Financial Express
Clipped from: https://www.financialexpress.com/money/what-should-a-nominee-do-after-the-death-of-an-investor-how-is-investment-money-taxed/2445550/ After the demise of an investor, the family members can benefit from the investments, once the accumulated amount is transferred to the nominee(s)
Each investment decision must be made with how capital gains tax will play out when you redeem – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/each-investment-decision-must-be-made-with-how-capital-gains-tax-will-play-out-when-you-redeem/articleshow/89680247.cms Synopsis Understanding of capital gains tax and incorporating it into investment planning is hindered because few investors even know that there is something
NRI Income Tax: If a resident turns NRI, what would be income tax implication on existing investments?
Clipped from: https://economictimes.indiatimes.com/wealth/tax/if-a-resident-turns-nri-what-would-be-income-tax-implication-on-existing-investments/articleshow/89717911.cms Synopsis On the sale of such shares or mutual funds, the NRI shall be liable to pay capital gains tax on the transfer
Explain stance on notices to companies over affiliates: Gujarat HC tells tax department – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/explain-stance-on-notices-to-companies-over-affiliates-gujarat-hc-tells-tax-department/articleshow/89828820.cms Synopsis The Gujarat High Court has asked the tax department to explain its stance on notices issued to Indian companies that were providing
The myth of Sisyphus | Business Standard Column
Clipped from: https://www.business-standard.com/article/opinion/the-myth-of-sisyphus-122022400009_1.html The futile labour of Indian taxpayers The Greek mythological tale in which Sisyphus forever pushes a huge rock up a hill only to
Income Tax | Income earned from gift to wife is clubbed in husband’s income – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/your-queries-income-tax-income-earned-from-gift-to-wife-is-clubbed-in-husbands-income/2441865/ You may declare your income from pension and capital gains in ITR 2, disclosing sale consideration, cost of acquisition and resultant capital loss.
More clarity in tax assessment procedures to build confidence among taxpayers – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/tax-talk-more-clarity-in-tax-assessment-procedures-to-build-confidence-among-taxpayers/2440608/ The Budget has further corrected inadvertent drafting errors, brought clarity, and aligned the provision with the intent of the section. The government has
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