Clipped from: https://www.businesstoday.in/personal-finance/tax/story/foreign-assets-in-itr-file-a-belated-return-to-avoid-rs-10-lakh-penalty-know-why-it-is-crucial-454360-2024-11-20 The Income Tax Department’s e-campaign is designed to remind taxpayers of their responsibility to disclose foreign assets and income as per CRS and
Category: Income Tax
👌👌👌👌👌👌👌Completion of construction not required for claiming benefit u/s. 54: ITAT Bangalore
Clipped from: https://taxguru.in/income-tax/completion-construction-required-claiming-benefit-u-s-54-itat-bangalore.html DCIT Vs Bagalur Krishnaiah Shetty Vijay Shanker (ITAT Bangalore) ITAT Bangalore held that exemption under section 54 of the Income Tax Act allowable
👌👌👌👌👌👌👌Assessment u/s. 143(3) based on material searched at third party untenable in law: ITAT Delhi
Clipped from: https://taxguru.in/income-tax/assessment-u-s-143-3-based-material-searched-party-untenable-law-itat-delhi.html Seema Jain Vs DCIT (ITAT Delhi) ITAT Delhi held that assessment u/s. 143(3) of the Income Tax Act based on material searched at
👌👌👌👌👌👌👌Direction of reopening by appellate authority without any material untenable: Kerala HC
Clipped from: https://taxguru.in/income-tax/direction-reopening-appellate-authority-material-untenable-kerala-hc.html Kings Infra Ventures Ltd Vs ACIT (Kerala High Court) Kerala High Court held that direction of reopening of assessment by appellate authority without
Union Budget 2025: ASSOCHAM proposes rationalisation of TDS rates, decriminalisation of certain defaults – BusinessToday
https://www.businesstoday.in/personal-finance/tax/story/union-budget-2025-assocham-proposes-rationalisation-of-tds-rates-decriminalisation-of-certain-defaults-454303-2024-11-19 ASSOCHAM also called for the decriminalisation of certain TDS defaults, emphasizing the severity of current provisions. It highlighted that Section 276 B imposes a
👌👌👌👌👌👌👌Income Tax tribunal paves way for double deduction claims – The Hindu BusinessLine
https://www.thehindubusinessline.com/business-laws/income-tax-tribunal-paves-way-for-double-deduction-claims/article68557951.ece Income Tax Appellate Tribunal allows simultaneous deduction claims under Section 54 and 54F in Ramdas Sitaram Patil vs ACIT case In Ramdas Sitaram Patil vs
👌👌👌👌👌👌👌Section 148 of Income Tax Act: Assessment or Reassessment Notice u/s148 – Tax2win
Clipped from: https://tax2win.in/guide/section-148 Contents Before making the assessment, reassessment, or recomputation, the Assessing Officer shall serve on the assessee a notice requiring him to furnish within
👌👌👌👌👌👌👌Analysis of sections 147, 148, 148A, 149 and 151 of the Income Tax Act, 1961 (Act) as substituted vide Finance Act, 2021 – Digest of case laws
Clipped from: https://itatonline.org/digest/articles/analysis-of-sections-147-148-148a-149-and-151-of-the-income-tax-act-1961-act-as-substituted-vide-finance-act-2021/?form=MG0AV3 Executive Summary Vide Finance Act, 2021, provisions related to re-assessment have been substituted. In case of search also, now the assessment will be
👌👌👌👌👌👌👌THE NEW REGIME OF REASSESSMENT PROCEEDINGS UNDER SECTION 148A OF THE INCOME-TAX ACT, 1961: A 20-POINT CHECKLIST FOR REPRESENTATION – Digest of case laws
Clipped from: https://itatonline.org/digest/articles/the-new-regime-of-reassessment-proceedings-under-section-148a-of-the-income-tax-act-1961-a-20-point-checklist-for-representation/?form=MG0AV3 By Dr. K. Shivaram, Senior Advocate & Mr. Shashi Bekal, Advocate Executive Summary The Article aims at providing a detailed guide for advocates,
👌👌👌👌👌👌👌Interpreting Reassessment Provisions – UOI vs. Rajeev Bansal & Ors (SC)
Clipped from: https://taxguru.in/income-tax/interpreting-reassessment-provisions-uoi-vs-rajeev-bansal-ors-sc.html?form=MG0AV3 Interpreting Reassessment Provisions – UOI vs. Rajeev Bansal & Ors – Civil Appeal No 8629 of 2024 (SC) The primary issue is whether
👌👌👌👌👌👌👌Structure of Reassessment Provisions Under Income Tax Act, 1961
Clipped from: https://taxguru.in/income-tax/structure-reassessment-provisions-income-tax-act-1961.html Summary: The reassessment provisions under the Income Tax laws are detailed in various sections, primarily Sections 147 to 151. Section 147 allows the Assessing
👌👌👌👌👌👌👌Income Tax dept begins scrutiny in reassessment cases for AY-2018-19 | Economy & Policy News – Business Standard
Clipped from: https://www.business-standard.com/economy/news/income-tax-dept-begins-scrutiny-in-reassssment-cases-for-ay-2018-19-124073001536_1.html The scrutiny might result in a raft of tax notices Representative Picture The income-tax (I-T) department has started scrutinising cases for the assessment
👌👌👌👌👌👌👌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
👌👌👌👌👌👌👌Summary of Cost of Acquisition under Section 49(1) for Capital Gain Tax
Clipped from: https://taxguru.in/income-tax/summary-cost-acquisition-section-49-1-capital-gain-tax.html Explore Section 49(1) of the Income Tax Act, determining cost of acquisition for capital gains in non-transfer cases. Understand provisions, examples, and computation,
ITAT Delhi Sets Aside Ex-Parte Order as Notices were never served to Assessee
Raj Rani Vs ITO (ITAT Delhi) In the case of Raj Rani vs. Income Tax Officer (ITO), the Income Tax Appellate Tribunal (ITAT) Delhi bench set
👌👌👌👌👌👌👌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
👌👌👌👌👌👌👌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
[1]👌👌👌👌👌👌👌Summary of Cost of Acquisition under Section 49(1) for Capital Gain Tax
https://taxguru.in/income-tax/summary-cost-acquisition-section-49-1-capital-gain-tax.html Explore Section 49(1) of the Income Tax Act, determining cost of acquisition for capital gains in non-transfer cases. Understand provisions, examples, and computation, ensuring
Initiation of reassessment unjustified as nature and source of receipts duly explained: Delhi HC
https://taxguru.in/income-tax/initiation-reassessment-unjustified-nature-source-receipts-duly-explained-delhi-hc.html Experion Hospitality Pvt Ltd. Vs ITO (Delhi High Court) Delhi High Court held that once the nature and source of receipts have been satisfactorily
76% of income tax collected from those earning more than ₹50 lakh: Govt officials – The Hindu BusinessLine
https://www.thehindubusinessline.com/economy/76-of-income-tax-collected-from-those-earning-more-than-50-lakh-govt-officials/article68864001.ece Middle-class tax burden has eased in the past decade More than three-fourth of income tax in the country is collected from assessees with income more than
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