https://taxguru.in/income-tax/taxability-gifts-income-tax-act-1961.html Clipped from: https://taxguru.in/income-tax/taxability-gifts-income-tax-act-1961.html Gifts are taxed in India under the Income Tax Act, as there is no separate gift tax in India since the abolishment
Category: Income Tax
👍👍👍👍👍New Income Tax portal: CBDT launches revamped website of I-T department | The Financial Express
https://www.financialexpress.com/money/income-tax-new-income-tax-portal-cbdt-launches-revamped-website-of-i-t-department-3223439/ Clipped from: https://www.financialexpress.com/money/income-tax-new-income-tax-portal-cbdt-launches-revamped-website-of-i-t-department-3223439/ The newly revamped website was launched by the Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta at the ‘Chintan Shivir’, organised
👍👍👍👍👍👍👍Positive Tax Relief for Employees on Rent-Free Accommodation Perquisites – The Hindu BusinessLine
https://www.thehindubusinessline.com/portfolio/personal-finance/tax-relief-for-employees-residing-in-accommodation-provided-by-employer/article67234343.ece Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-relief-for-employees-residing-in-accommodation-provided-by-employer/article67234343.ece A ‘perquisite’ signifies a non-monetary benefit extended by employers to their employees. The value of such perquisites is taxable in the hands
👍👍👍👍👍What Are the Tax Implications on Capital Gains from Selling HDFC Limited Shares After Merger with HDFC Bank? – The Hindu BusinessLine
https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-tax-implications-on-capital-gains-from-selling-hdfc-ltd-shares-after-merger-with-hdfc-bank/article67205386.ece Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-tax-implications-on-capital-gains-from-selling-hdfc-ltd-shares-after-merger-with-hdfc-bank/article67205386.ece I had bought 200 shares of HDFC Ltd on February 10, 2010, at the average price of ₹550. The market price of these
CBDT issues guidelines for re-opening cases post Supreme Court judgement – The Hindu BusinessLine
https://www.thehindubusinessline.com/news/cbdt-issues-guidelines-for-re-opening-cases-post-supreme-court-judgement/article67234001.ece Clipped from: https://www.thehindubusinessline.com/news/cbdt-issues-guidelines-for-re-opening-cases-post-supreme-court-judgement/article67234001.ece No action is required to be taken under Section 147/148 of the Income Tax Act in cases, where decision of appellate authorities
31 lakh ITR filers are not yet eligible for Income Tax Refund and they have themselves to blame! | The Financial Express
https://www.financialexpress.com/money/31-lakh-itr-filers-are-not-yet-eligible-for-income-tax-refund-and-they-have-themselves-to-blame-3220865/ Clipped from: https://www.financialexpress.com/money/31-lakh-itr-filers-are-not-yet-eligible-for-income-tax-refund-and-they-have-themselves-to-blame-3220865/ Income Tax Return Verification and Refund News (August 24): Many taxpayers submit their returns on the e-filing portal of the Income Tax
👍The way to analyse I-T returns data – The Hindu BusinessLine
https://www.thehindubusinessline.com/opinion/the-way-to-analyse-i-t-returns-data/article67220491.ece lipped from: https://www.thehindubusinessline.com/opinion/the-way-to-analyse-i-t-returns-data/article67220491.ece Number of tax filers should not be looked at in isolation. Income tax revenue has shown a satisfying trend in the last
Tax concept: How is residential status determined for taxation by Income Tax Department in India? | The Financial Express
https://www.financialexpress.com/money/tax-concept-how-is-residential-status-determined-for-taxation-by-income-tax-department-in-india/3216656/ Clipped from: https://www.financialexpress.com/money/tax-concept-how-is-residential-status-determined-for-taxation-by-income-tax-department-in-india/3216656/ Income which is accruing or arising or deemed to accrue or arise in India is also taxable in the hands of all
लोकसत्कता रावे करसमाधान: प्राप्तिकर कायद्यातील लेखापरीक्षणाच्या तरतुदी |लोकसत्ता
https://www.loksatta.com/business/market/income-tax-audit-in-india-income-tax-audit-audit-provisions-in-income-tax-act-print-eco-news-zws-70-3849565/ Clipped from: https://www.loksatta.com/business/market/income-tax-audit-in-india-income-tax-audit-audit-provisions-in-income-tax-act-print-eco-news-zws-70-3849565/ करावे करसमाधान: प्राप्तिकर कायद्यातील लेखापरीक्षणाच्या तरतुदी ज्या करदात्यांचे एकूण उत्पन्न कमाल करमुक्त मर्यादेपेक्षा कमी असेल त्यांच्यासाठी अनुमानित कराच्या तरतुदी लागू होत नाहीत.
👍Received Income Tax Refund or intimation? You can still file revised ITR to rectify mistakes – Know how
https://www.financialexpress.com/money/received-income-tax-refund-or-intimation-you-can-still-file-revised-itr-to-rectify-mistakes-know-how/3215505/ The deadline to fill out original income tax returns (ITR) concluded on July 31. While it is crucial to submit your ITR on time,
👍Income Tax; Income from gift by relative taxable in hands of receiver
https://www.financialexpress.com/money/your-queries-income-tax-income-from-gift-by-relative-taxable-in-hands-of-receiver/3215271/ By Chirag Nangia —Mangalaprasad Patnaik There are no provisions for deductions / exemptions for the person giving a gift to mother and sister as
Develop expertise in carbon accounting, ESG: FM urges CAs
https://www.financialexpress.com/economy/develop-expertise-in-carbon-accounting-esg-fm-urges-cas/3214162/ The traditional image of accounting as a tedious and manual process is rapidly evolving. Finance Minister Nirmala Sitharaman on Thursday asked Chartered Accountants (CAs)
Tax Talk: Key data points to compute capital gains on property sale; you can claim deduction for interest paid during the construction phase
https://www.financialexpress.com/money/tax-talk-key-data-points-to-compute-capital-gains-on-property-sale-you-can-claim-deduction-for-interest-paid-during-the-construction-phase/3214099/ Receipts for direct sale-related expenses Expenses directly incurred in relation to the purchase and sale are allowed as a deduction when calculating capital gains.
Draft tax form for firms to report inventory valuation out
https://www.financialexpress.com/industry/draft-tax-form-for-firms-to-report-inventory-valuation-out/3214201/ To prevent the deferral of taxes through undervaluation of inventory, the income tax department has come out with a draft form for various categories
CBDT issues detailed guidelines on taxation of traditional policies
https://www.business-standard.com/economy/news/cbdt-issues-detailed-guidelines-on-taxation-of-traditional-policies-123081600836_1.html The Central Board of Direct Taxes (CBDT) has released detailed guidelines concerning the alterations in the taxation of life insurance policies under clause (10D)
CBDT issues guidelines on ‘life insurance policy’ related taxation tweak of Finance Act 2023
https://www.thehindubusinessline.com/economy/cbdt-issues-guidelines-on-life-insurance-policy-related-taxation-tweak-of-finance-act-2023/article67202672.ece The Central Board of Direct Taxes (CDT) has issued guidelines on the recent Finance Act 2023 which introduced changes in taxation of life insurance
Tax Talk: Omitting additional income in ITR may get you tax notice
https://www.financialexpress.com/money/tax-talk-omitting-additional-income-in-itr-may-get-you-tax-notice/3211488/ By Neeraj Agarwala Recent reports of the income tax department issuing notices to salaried employees have sparked concerns in all individual taxpayers’ minds. These
What to do about income tax notices on under-reporting/misreporting of income
Read more at: https://www.deccanherald.com/business/explained-what-to-do-about-income-tax-notices-on-under-reportingmisreporting-of-income-2648092 https://www.deccanherald.com/business/explained-what-to-do-about-income-tax-notices-on-under-reportingmisreporting-of-income-2648092 Credit: There is much celebration about the widening taxpayer base. Out of the 6.77 crore income tax returns (ITRs) filed for
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