Clipped from: https://www.businesstoday.in/personal-finance/tax/story/6-income-tax-changes-introduced-in-budget-2024-oct-1-aadhaar-card-stt-tds-rate-direct-tax-vivad-se-vishwas-scheme-2024-447621-2024-09-26 The STT applicable to futures and options (F&O) trading is set to increase from October 1, 2024. Specifically, the tax rates for Futures
Category: Income Tax
👌👌👌👌👌👌👌Decoding Complexities of Non-Resident Taxation
Clipped from: https://taxguru.in/corporate-law/decoding-complexities-non-resident-taxation.html Introduction Taxation for non-residents in India is shaped by specific provisions of the Income Tax Act, 1961 (‘the Act’). Non-residents, defined as individuals
No addition u/s 68 as taxpayer did not maintain books of accounts
Clipped from: https://taxguru.in/income-tax/addition-u-s-68-taxpayer-maintain-books-accounts.html Ishtiaq Ahmad Rather Vs ITO (ITAT Amritsar) Conclusion: Addition of cash deposit under section 68 was not justified as the same could only be
👌👌👌👌👌Vivaad Se Vishwas 2024: Assess strength of your case before settling | Personal Finance – Business Standard
Clipped from: https://www.business-standard.com/finance/personal-finance/vivaad-se-vishwas-2024-assess-strength-of-your-case-before-settling-124092501046_1.html “The scheme, which will be effective from October 1, 2024, aims to resolve pending income tax disputes under the Finance Act, 2024,” says
Deduction u/s. 80P(2)(d) admissible on interest earned from investment with Co-operative Banks: ITAT Mumbai
Clipped from: https://taxguru.in/income-tax/deduction-u-s-80p-2-d-admissible-interest-earned-investment-co-operative-banks-itat-mumbai.html Laburnum Mahindra Gardens Co. Op. Hsg. Limited Vs ITO (ITAT Mumbai) ITAT Mumbai held that deduction under section 80P(2)(d) of the Income Tax
Section 80P(2)(d) Deduction Allowed for Interest from Co-operative Bank Deposits
Clipped from: https://taxguru.in/income-tax/deduction-u-s-80p-2-d-admissible-interest-earned-deposits-co-operative-banks.html Salestax Employees Co- Operative Credit Society Ltd. Vs ACIT (ITAT Ahmedabad) ITAT Ahmedabad held that interest income earned from deposits with Cooperative Banks
👌👌👌👌👌👌👌Tax Benefits for NRIs on Income earned in India or Outside India
Clipped from: https://taxguru.in/income-tax/tax-benefits-nris-income-earned-india-outside-india.html Tax Benefits for NRIs on Income earned in India or Outside India : Key Exemptions and Insights from Renowned Tax Experts Let’s talk
👌👌👌👌👌FAQs on Vivad se Vishwas Scheme 2024
Clipped from: https://taxguru.in/income-tax/faqs-vivad-se-vishwas-scheme-2024.html Summary: The Vivad Se Vishwas Scheme, 2024 has been introduced to expedite the resolution of tax disputes and reduce litigation, following the success of
👌👌👌👌👌Capital Gain Tax Exemption on Property under Redevelopment
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, is
Tax Query: Tax Deduction for Perquisites – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-tax-deduction-for-perquisites/article68659946.ece Employer-provided benefits like rent-free accommodation, fuel, and electricity reimbursements are taxable perquisites, and employers must deduct tax at source accordingly I fall in
👌Finance ministry notifies direct tax Vivad Se Vishwas Scheme, 2024 | Economy & Policy News – Business Standard
Clipped from: https://www.business-standard.com/economy/news/finance-ministry-notifies-direct-tax-vivad-se-vishwas-scheme-2024-124092001239_1.html Though the scheme’s operational date has been announced, the final date for the scheme is yet to be determined The Union finance ministry
Issuance of single consolidate notice u/s. 73 for multiple assessment year contravenes CGST Act: Karnataka HC
lipped from: https://taxguru.in/goods-and-service-tax/issuance-single-consolidate-notice-u-s-73-multiple-assessment-year-contravenes-cgst-act-karnataka-hc.html Bangalore Golf Club Vs Assistant Commissioner of Commercial Taxes (Karnataka High Court) Karnataka High Court held that the practice of issuing a single,
Order passed against dead person liable to be set aside: Madras HC
Clipped from: https://taxguru.in/income-tax/order-passed-dead-person-liable-set-aside-madras-hc.html S. R. Steels Vs Deputy State Tax Officer (Madras High Court) Madras High Court held that order passed against the dead person, who
Vivad Se Vishwas 2.0: Govt Notifies Date For Direct Tax Dispute Resolution Scheme
https://www.msn.com/en-in/money/news/vivad-se-vishwas-2-0-govt-notifies-date-for-direct-tax-dispute-resolution-scheme/ar-AA1qT2hv?ocid=msedgntp&pc=DCTS&cvid=32f07824f8994a20acf19c49e890c4f6&ei=51The government has notified October 1 as the starting date for the direct tax dispute resolution scheme Vivad Se Vishwas 2.0.Vivad Se Vishwas…
How to calculate capital gains tax on sale of land? – Money News | The Financial Express
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
👌👌👌👌👌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