Clipped from: https://www.thehindubusinessline.com/business-laws/not-a-business-activity/article36813151.ece A single transaction of buying and selling shares does not constitute a business activity, the Chennai bench of the Income Tax Appellate Tribunal
Category: Income Tax
New Annual Information Statement allows you to get mistakes rectified | Business Standard News
Clipped from: https://www.business-standard.com/article/pf/new-annual-information-statement-allows-you-to-get-mistakes-rectified-121110400362_1.html Make sure the information in your income-tax return and in this statement match, or you could get a tax notice Even if a
CBDT notifies e-settlement scheme for taxpayers – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/cbdt-notifies-e-settlement-scheme-for-taxpayers/articleshow/87498231.cmsSynopsis The relief was given to taxpayers who were eligible to file application as on January 31, 2021, but could not file the same
Income Tax: Capital gain on sale of inherited property is liable to income tax – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/your-queries-income-tax-capital-gain-on-sale-of-inherited-property-is-liable-to-income-tax/2362111/ While no income tax liability arises on inheriting property upon death of father, the subsequent sale is taxable as ‘capital gains’ in the
I-T dept rolls out new AIS for taxpayers – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/i-t-dept-rolls-out-new-ais-for-taxpayers/2361418/ “The derived information in TIS will be used for pre-filling of Return (pre-filling will be enabled in a phased manner),” the department said.
The new I-T Annual Information Statement, and how it will affect taxpayers | The Indian Express
Clipped from: https://indianexpress.com/article/explained/income-tax-annual-information-statement-form-26a-7603834/ The Budget for 2020-21 had announced the revised Form 26AS, giving a more comprehensive profile of the taxpayer, going beyond just the details
IT Department rolls out new format for AIS – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/policy/it-department-rolls-out-new-format-for-ais/article37287332.ece This will have additional info on interest, dividend, among others The Income Tax Department on Monday rolled out a new format for Annual
Income Tax on Diwali, Dhanteras 2021 Festival Gifts Received from Parents, Son, Daughter, Friends, Family, Relatives Explained | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/income-tax-on-diwali-dhanteras-festival-gifts-received-from-parents-son-daughter-family-friends-in-2021-explained/2357631/ Income Tax on gifts received from parents, son, daughter, friends, family, relatives: Not many of us are aware that some of the gifts
I-T dept enables tax audit utility form for FY’20, FY’21 – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/i-t-dept-enables-tax-audit-utility-form-for-fy20-fy21/2357656/ The last date for filing the tax audit report for the 2020-21 fiscal is January 15, 2022. For fiscal 2019-20 i.e. AY 2020-21,
Legitimate tax planning not taboo – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/business-laws/legitimate-tax-planning-not-taboo/article37048314.ece Officials often disregard transactions, terming them as tax evasion in the guise of tax planning Tax planning and tax avoidance have always been
No permanent establishment here means no attribution of profit: ITAT – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/news/no-permanent-establishment-here-means-no-attribution-of-profit-itat/article37178269.ece The appellant argued that assessing officer erred in the assessment which said that appellant has a PE in the form of Star Sports
Non-filing of ITR: Madras HC puts onus on taxpayer – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/news/madras-hc-puts-the-onus-on-tax-payer-to-prove-no-wilful-intention-in-not-filing-itr/article37236042.ece The Court has ruled continuation of prosecution in this matter Accordingly, the Court has ruled continuation of prosecution in this matter. Experts advise
करावे कर-समाधान : तोटा आणि प्राप्तिकर कायदा–लोकसत्ता
Clipped from: https://www.loksatta.com/arthvrutant/tips-for-tax-satisfaction-loss-and-income-tax-act-zws-70-2646723/ करदात्याला तोटा झाल्यास तो इतर उत्पन्नातून वजा करता येतो. मात्र हे तोटय़ाच्या आणि उत्पन्नाच्या प्रकारावर अवलंबून आहे प्रवीण देशपांडे pravin3966@rediffmail.com उद्योग-व्यवसाय करताना नफा
जोडोनिया ‘कर’; संयुक्त पुनर्विकास व प्राप्तिकर–महाराष्ट्र टाइम्स
Clipped from: https://maharashtratimes.com/business/business-news/understanding-joint-redevelopment-and-income-tax/articleshow/87269525.cms मूळ सदनिकाधारकांना या व्यवहारात नवीन वाढीव जागा व घर मोफत मिळत असल्याने, मूळ घराच्या किमतीपेक्षा नव्या घराची किंमत अधिक असल्याने भांडवली नफा झाला
Is the surrender value of ULIP taxable? – BusinessToday
Clipped from: https://www.businesstoday.in/latest/story/is-the-surrender-value-of-ulip-taxable-310458-2021-10-26 Know all about tax implications if you surrender your Unit Linked Insurance Plan, or ULIP. Unit Linked Life Insurance Plan (ULIP) Life insurance
IT department detects tax evasion worth crores after raids on two business entities – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/india/it-department-detects-tax-evasion-worth-crores-after-raids-on-two-business-entities/articleshow/87079600.cmsSynopsis The first group is engaged in digital marketing and campaign management and the raids were carried out at seven premises located in Bengaluru,
How to register yourself on the new income tax portal for filing ITR – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/how-to-register-yourself-on-the-new-income-tax-portal-for-filing-itr/articleshow/86091656.cmsSynopsis Here is a look at the details you will have to provide and a step-by-step guide on how to do register and open
Global tax restructuring a recognition that the existing system is weak – The Economic Times
lipped from: https://economictimes.indiatimes.com/opinion/et-commentary/view-global-tax-restructuring-a-recognition-that-the-existing-system-is-weak/articleshow/87027399.cmsSynopsis Britain introduced the ‘Google tax’, India introduced the ‘equalisation levy’, and a host of other countries took different unilateral measures. Given that many
income tax notice: How to read income tax intimation notice under section 143(1) – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/how-to-read-income-tax-intimation-notice-under-section-1431/articleshow/86753082.cmsSynopsis It is important that an individual reads this income tax notice. This is because this notice informs you whether the income tax calculation
Income Tax Return filing by individuals: Who should file and how to file ITR – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/income-tax-return-filing-by-individuals-who-should-file-and-how-to-file-2/2348463/ An individual is obligated to file an ITR if his gross taxable income during a particular FY exceeds the maximum amount not chargeable
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