Clipped from: https://www.financialexpress.com/money/how-to-calculate-capital-gains-tax-on-sale-of-land-3613644/ Individuals and Hindu Undivided Families (HUFs) have two options for calculating their long-term capital gains (LTCG) tax on sale of property – either
Category: Income Tax
👌👌👌👌👌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 Clipped from: 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
Can I reduce current year tax burden by revising previous year returns for RBI bond interest? – BusinessToday
https://www.businesstoday.in/personal-finance/tax/story/can-i-reduce-current-year-tax-burden-by-revising-previous-year-returns-for-rbi-bond-interest-446433-2024-09-18 Clipped from: https://www.businesstoday.in/personal-finance/tax/story/can-i-reduce-current-year-tax-burden-by-revising-previous-year-returns-for-rbi-bond-interest-446433-2024-09-18 As per Section 139(5), an individual can file a revised return, if the original return u/s 139(1) is filed. The time limit
👌👌👌Deduction u/s. 80P inadmissible as return filed after due date prescribed u/s. 139(1): ITAT Ahmedabad
https://taxguru.in/income-tax/deduction-u-s-80p-inadmissible-return-filed-due-date-prescribed-u-s-139-1-itat-ahmedabad.html Clipped from: https://taxguru.in/income-tax/deduction-u-s-80p-inadmissible-return-filed-due-date-prescribed-u-s-139-1-itat-ahmedabad.html Dared Seva Sahkari Mandali Ltd Vs Assessment Unit (ITAT Ahmedabad) ITAT Ahmedabad held that claim of deduction u/s 80P is admissible only
I-T dept hikes threshold for filing appeals in courts, tribunal by officers | India News – Business Standard
https://www.business-standard.com/india-news/i-t-dept-hikes-threshold-for-filing-appeals-in-courts-tribunal-by-officers-124091800524_1.html Clipped from: https://www.business-standard.com/india-news/i-t-dept-hikes-threshold-for-filing-appeals-in-courts-tribunal-by-officers-124091800524_1.html It also said that an appeal should not be filed merely because the tax effect in a case exceeds prescribed the monetary
👌’We are not compelling anyone…’: Nirmala Sitharaman responds to calls for income tax trims in old regime – BusinessToday
https://www.businesstoday.in/personal-finance/tax/story/we-are-not-compelling-anyone-nirmala-sitharaman-responds-to-calls-for-income-tax-trims-in-old-regime-446199-2024-09-17 Clipped from: https://www.businesstoday.in/personal-finance/tax/story/we-are-not-compelling-anyone-nirmala-sitharaman-responds-to-calls-for-income-tax-trims-in-old-regime-446199-2024-09-17 The Finance Minister emphasized the government’s goal to streamline the tax system for all, including the middle class, with the intention of
👌Madras HC sets aside Income Tax Assessment Order passed hastily Due to Deadline
Clipped from: https://www.taxscan.in/madras-high-court-sets-aside-income-tax-assessment-order-passed-hastily-without-considering-taxpayers-submission-amidst-approaching-deadline/436759/ In a recent ruling, the Madras High Court set aside the Income Tax assessment order which was passed hastily without considering the taxpayer’s
CBDT’s Dispute Resolution Scheme: Know how you can approach e-DRC to resolve your tax disputes – BusinessToday
https://www.businesstoday.in/personal-finance/tax/story/cbdts-dispute-resolution-scheme-know-how-you-can-approach-e-drc-to-resolve-your-tax-disputes-443801-2024-08-31 Clipped from: https://www.businesstoday.in/personal-finance/tax/story/cbdts-dispute-resolution-scheme-know-how-you-can-approach-e-drc-to-resolve-your-tax-disputes-443801-2024-08-31 Under this scheme, taxpayers meeting specific criteria outlined in section 245MA of the Act can electronically submit an application to the designated
Tax Query: Disclosing Accrued Interest in Tax Return – The Hindu BusinessLine
https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-disclosing-accrued-interest-in-tax-return/article68634388.ece Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-disclosing-accrued-interest-in-tax-return/article68634388.ece An individual has the option to use either the receipt or accrual method of accounting for bank interest, as this is taxable
👌👌👌Are details of income-tax return filings confidential?
https://www.business-standard.com/economy/news/explained-are-details-of-income-tax-return-filings-confidential-124091301399_1.html Clipped from: https://www.business-standard.com/economy/news/explained-are-details-of-income-tax-return-filings-confidential-124091301399_1.html Experts cited that disclosing an individual’s income tax returns constitutes a violation of their fundamental right to privacy as recognized by the
👌👌👌👌👌Income Tax Clearance Certificate: Meaning, Significance and Steps to Download
https://cleartax.in/s/income-tax-clearance-certificate Clipped from: https://cleartax.in/s/income-tax-clearance-certificate Some transactions in India require you to obtain an Income Tax Clearance Certificate (ITCC). It is an essential certificate that tax authorities issue
Flaws in reinstating indexation benefit on LTCG – The Hindu BusinessLine
https://www.thehindubusinessline.com/opinion/flaws-in-reinstating-indexation-benefit-on-ltcg/article68619108.ece Clipped from: https://www.thehindubusinessline.com/opinion/flaws-in-reinstating-indexation-benefit-on-ltcg/article68619108.ece The amended law does not address issues like what happens if an assessee had bought land prior to July 23, 2024, but
CBDT launches new e-DRS Scheme to ease tax disputes – BusinessToday
https://www.businesstoday.in/personal-finance/tax/story/cbdt-launches-new-e-drs-scheme-to-ease-tax-disputes-443770-2024-08-30 Clipped from: https://www.businesstoday.in/personal-finance/tax/story/cbdt-launches-new-e-drs-scheme-to-ease-tax-disputes-443770-2024-08-30 This initiative, established under section 245MA of the Income-tax Act, 1961, will allow taxpayers to resolve disputes electronically through Dispute Resolution Committees
CBDT’s Dispute Resolution Scheme: Know how you can approach e-DRC to resolve your tax disputes – BusinessToday
https://www.businesstoday.in/personal-finance/tax/story/cbdts-dispute-resolution-scheme-know-how-you-can-approach-e-drc-to-resolve-your-tax-disputes-443801-2024-08-31 Clipped from: https://www.businesstoday.in/personal-finance/tax/story/cbdts-dispute-resolution-scheme-know-how-you-can-approach-e-drc-to-resolve-your-tax-disputes-443801-2024-08-31 Under this scheme, taxpayers meeting specific criteria outlined in section 245MA of the Act can electronically submit an application to the designated
Gift from parents exempt from tax – Money News | The Financial Express
https://www.financialexpress.com/money/gift-from-parents-exempt-from-tax-3591157/ Clipped from: https://www.financialexpress.com/money/gift-from-parents-exempt-from-tax-3591157/ Gifts from parents to their children are exempt from tax under Indian income tax law, as they are classified as gifts from
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