Clipped from: https://www.business-standard.com/finance/personal-finance/new-i-t-bill-not-to-have-provisos-may-come-up-in-cabinet-on-friday-125020601109_1.html The new bill, which will replace the six-decade-old Income Tax Act, is likely to be discussed at the Cabinet meeting on Friday, sources
Category: Income Tax
*******No tax on income up to Rs 12 lakh, but it’s a rebate, not an exemption
A rebate applies after tax is calculated, reducing the final amount payable, much like a discount Budget 2025 has proposed making normal income up to
*****Budget bets on tax cuts over capex-will it boost private investment? | Expert Views – Business Standard
Clipped from: https://www.business-standard.com/opinion/columns/budget-bets-on-tax-cuts-over-capex-will-it-boost-private-investment-125020501748_1.html An income-tax cut instead of a corporate tax cut in 2019 would have done more for the economy After a heavy focus on
*******What is rebate under Section 87A? How does it differ from income tax deductions, exemptions? – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/blexplainer/bl-explainer-what-is-rebate-under-section-87a-how-does-it-differ-from-income-tax-deductions-exemptions/article69182958.ece An exemption is one that is adjusted right at the stage of computing GTI. A rebate is a discount applied directly to the
*Simplify assessment – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/simplify-assessment/article69185024.ece Timely disposal of I-T appeals is a key demand The Finance Minister, in her Budget 2025-26 speech, announced that the new Income-Tax Bill
Tax relief on up to two self-occupied properties made easy – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/tax-relief-on-up-to-two-self-occupied-properties-made-easy/article69169930.ece?cx_testId=27&cx_testVariant=cx_1&cx_artPos=0&cx_experienceId=EXEPURFQAOW6&cx_experienceActionId=showRecommendationsZUOCO4TKU9Q311#cxrecs_s The proposal, if passed, is set to come into effect from FY25 There are two types of house property under the Income Tax
*Reassessment Notice issued Without Prior Verification by AO was Invalid: Bombay HC
Clipped from: https://taxguru.in/corporate-law/reassessment-notice-issued-prior-verification-ao-invalid-bombay-hc.html Narendra Kumar Shah Vs ACIT (Bombay High Court) Bombay High Court quashed the reassessment proceedings initiated against Narendra Kumar Shah for the Assessment
*******Section 263 notice is invalid if the original order ceases to exist: ITAT Jaipur
Clipped from: https://taxguru.in/income-tax/section-263-notice-invalid-original-order-ceases-exist-itat-jaipur.html Dinesh Kumar Chaurasia Vs ACIT (ITAT Jaipur) The case of Dinesh Kumar Chaurasia vs. ACIT (ITAT Jaipur) revolved around the invocation of Section 263 of
*******Revision u/s. 263 justified as claim accepted without any enquiry: Kerala HC
Clipped from: https://taxguru.in/income-tax/revision-u-s-263-justified-claim-accepted-enquiry-kerala-hc.html Cochin International Airport Ltd. Vs ACIT ( Kerala High Court) Kerala High Court held that revision proceedings under section 263 of the Income
*******Simplified Summary of Landmark Capital Gain Tax Cases: Part B
Clipped from: https://taxguru.in/income-tax/simplified-summary-landmark-capital-gain-tax-cases-part-b.html 1. Further to the article Capital Gain Tax Exemption on Residential Property: Land Mark Judgment PART A, This article delves into landmark judgments clarifying
*******Capital Gain Tax Exemption on Residential Property: Landmark Judgments – Part A
Clipped from: https://taxguru.in/income-tax/capital-gain-tax-exemption-residential-property-landmark-judgments-part-a.html This article explores landmark judgments on capital gain tax exemptions under Sections 54 and 54F of the Income Tax Act, focusing on investments
*******Tax Implications for NRIs Selling Property in India
Clipped from: https://taxguru.in/income-tax/tax-implications-nris-selling-property-india.html Summary: NRIs selling property in India must navigate various tax rules, including capital gains tax. Short-term capital gains (STCG) apply if the property is
*****Proceedings against deceased person cannot continue against legal representative: Karnataka HC
Clipped from: https://taxguru.in/income-tax/proceedings-deceased-person-continue-legal-representative-karnataka-hc.html ITO Vs Smt. Preethi V (Karnataka High Court) Karnataka High Court held that proceedings initiated against deceased person are null and void and
*******Taxability of Capital Gains Under a Joint Development Agreement
Clipped from: https://taxguru.in/income-tax/taxability-capital-gains-joint-development-agreement.html For property owners seeking to commercialize their land, Joint Development Agreements (JDA) are one of the most sought out options. These agreements have
*******Capital Gain Tax After Reinstatement of Indexation Benefit
Clipped from: https://taxguru.in/income-tax/capital-gain-tax-reinstatement-indexation-benefit.html Summary: Finance Bill, 2024 introduced key amendments to Section 112 of the Income Tax Act, reducing the long-term capital gains tax rate from 20% to
*******Capital Gain Tax Exemption on Property under Redevelopment
https://taxguru.in/income-tax/capital-gain-tax-exemption-property-redevelopment.html 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,
*******GST Notices Sent to Wrong Address Not Considered Properly Served, Even If Not Undelivered
Clipped from: https://taxguru.in/goods-and-service-tax/gst-notices-wrong-address-considered-properly-served-undelivered.html Champions Steel Industries Private Limited Vs Union of India (Bombay High Court) The case Champions Steel Industries Pvt. Ltd. vs. Union of India involved the
*******Tax disputes: India’s struggle with amnesty schemes – Opinion News | The Financial Express
Clipped from: https://www.financialexpress.com/opinion/tax-disputes-indias-struggle-with-amnesty-schemes/3725411/ As amnesties have limited utility, simplified rules and an efficient resolution mechanism will help. The backlog of appeals at various layers of tax
*******Income Tax Rules 2025: 5 major changes in the last 6 months every taxpayer should know! – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax-rules-5-major-changes-in-the-last-6-months-every-taxpayer-should-know-3724749/ With Budget 2025 just around the corner, taxpayers eagerly anticipate what’s in store for their financial planning. The previous budget presented in July
*******Triplex flat constitutes a single residential unit for Section 54 Exemption: ITAT Mumbai
Clipped from: https://taxguru.in/income-tax/triplex-flat-constitutes-single-residential-unit-section-54-exemption-itat-mumbai.html Bhaskar Prataprai Shah Vs DCIT (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT) Mumbai addressed the appeal of Bhaskar Prataprai Shah regarding the rejection
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