https://taxguru.in/income-tax/exemption-u-s-54-admissible-structure-putting-plywood-sheets-delhi-hc.html Clipped from: https://taxguru.in/income-tax/exemption-u-s-54-admissible-structure-putting-plywood-sheets-delhi-hc.html Sandeep Hooda Vs PCIT (Delhi High Court) Delhi High Court held that putting together a structure of plywood sheets cannot be construed
Category: Income Tax
Editorial-‘Personal’ trends in income tax – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/personal-trends-in-income-tax/article68924069.ece Agriculture income and the super-rich should be taxed The Income Tax Department of the Central Board of Direct Taxes (CBDT) released the Time
👌👌👌Personal Income tax collections bolster the overall tax revenue growth in H1 FY25 – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/data-stories/data-focus/personal-income-tax-collections-bolster-the-overall-tax-revenue-growth-in-h1-fy25/article68918562.ece Analysis of tax revenues during April-September 2024 from CGA shows that total tax revenue (gross) grew at 12 per cent year on year
👌👌👌👌👌👌👌Reassessment notice u/s. 148 being barred by limitation is liable to be quashed: ITAT Mumbai
Clipped from: https://taxguru.in/income-tax/reassessment-notice-u-s-148-barred-limitation-liable-quashed-itat-mumbai.html ITO Vs Pushpak Realities Pvt. Ltd. (ITAT Mumbai) ITAT Mumbai held that reassessment notice issued under section 148 of the Income Tax Act
👌👌👌👌👌👌👌ITAT Remands to CIT(A) for Assessee to Justify Rs. 51.20 Lacs Credit
lipped from: https://www.taxscan.in/itat-remands-case-to-cita-for-reassessment-allowing-assessee-another-opportunity-to-substantiate-rs-51-20-lacs-cash-credit/456231/ ITAT Remands Case to CIT(A) for Reassessment, Allowing Assessee Another Opportunity to Substantiate Rs. 51.20 Lacs Cash Credit [Read Order] The ITAT’s decision
👌👌👌👌👌👌👌Cost Inflation Index (CII): Meaning, Table, Calculation – IndiaFilings
Clipped from: https://www.indiafilings.com/learn/cost-inflation-index/ Last updated: September 16th, 2024 12:48 PM “The Cost Inflation Index (CII) in India for the financial year 2024-25 is 363.”The Cost Inflation
👌👌👌Interest Received on Delayed Gratuity Taxable as Other Income – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-interest-received-on-delayed-gratuity-taxable-as-other-income/article68844872.ece As per the Income Tax Act, 1961, the gratuity amount is exempt from income tax, while interest received on delayed payment of gratuity
👌👌👌What Taxpayers Need to Know About Foreign Income Schedules of ITR – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/what-taxpayers-need-to-know-about-foreign-income-schedules-of-itr/article68898609.ece There is time till December 31 to rectify lapse in furnishing details of foreign income/assets Having your feet up after filing tax returns
👌👌👌👌👌👌👌Reassessment notice under section 148 served after date of limitation is bad-in-law: ITAT Kolkata
Clipped from: https://taxguru.in/income-tax/reassessment-notice-section-148-served-date-limitation-bad-in-law-itat-kolkata.html Pradip Chandra Roy Vs ITO (ITAT Kolkata) ITAT Kolkata held that reassessment order quashed since notice issued under section 148 of the Income
👌👌👌👌👌👌👌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
👌👌👌👌👌👌👌Long-Term Capital Gains on Sale of Immovable Property in India
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 Gains’.
👌👌👌👌👌👌👌Budget 2024: I-T dept clarifies acquisition cost of real estate bought before 2001 for LTCG calculations – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/budget-2024-i-t-dept-clarifies-acquisition-cost-of-real-estate-bought-before-2001-for-ltcg-calculations-439025-2024-07-27 The Union government has reduced LTCG tax on real estate to 12.5 percent, from 20 percent previously in the Union Budget 2024-25. However,
आवश्यक 👌👌👌👌👌👌👌FMV, circle rates and capital gains: A guide for property sellers | Mint
Clipped from: https://www.livemint.com/money/personal-finance/fmv-circle-rates-and-capital-gains-a-guide-for-property-sellers-11725779712355.html It is advisable to obtain a valuation report from a registered valuer so that one can submit the same before the tax authorities,
👌👌👌👌👌Foreign assets in ITR: File a belated return to avoid Rs 10 lakh penalty. Know why it is crucial – BusinessToday
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
👌👌👌👌👌👌👌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
aniltikotekar4sme.com 