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
Category: Income Tax
👌👌👌👌👌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
👌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
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