Clipped from: https://taxguru.in/income-tax/register-legal-heir-income-tax-portal.html Death is uncertain but sure. After demise if taxpayer, legal heir is the person who takes control over all the assets and liabilities.
Category: Income Tax
👍👍👍👍👍👍👍Exemptions from Capital Gain under Income Tax act, 1961
Clipped from: https://taxguru.in/income-tax/exemptions-capital-gain-income-tax-act-1961.html Gist of Section 45: Any Profit or gain arising from the transfer of Capital asset is taxable as a Capital Gain u/s 45
👍👍👍👍👍👍👍Reopening of Assessments Section 147 w.e.f. 01.04.2021
Clipped from: https://taxguru.in/income-tax/reopening-assessments-section-147-w-e-f-01-04-2021.html The Finance Act, 2021 had changed the law applicable to the reopening of assessments with effect from 1st April, 2021. Relevant sections are sections 147 to
👍Income Tax Dept releases JSON Schema for ITR-1 and ITR-4 for AY 23-24
Clipped from: https://www.taxscan.in/income-tax-dept-releases-json-schema-for-itr-1-and-itr-4-for-ay-23-24/268644/ The Income Tax Department has released the JSON Schema for ITR-1 and ITR-4 for the Financial Year 2022-23 or Assessment Year 2023-20424. ITR-1 is applicable
👍👍👍👍👍Sale of Property in India by an NRI – TDS provisions for Buyers & Sellers
Clipped from: https://taxguru.in/income-tax/sale-property-india-nri-tds-provisions-buyers-sellers.html When a person purchases immovable property from a Non-Resident in India, He or She is liable to deduct TDS on the entire Sale
Taxes on Cooperative Societies
Clipped from: https://taxguru.in/income-tax/taxes-cooperative-societies.html As per Budget announcement 2023-24, following income tax related benefits are being proposed for the Cooperative Societies: i. The new co-operative society formed
Non-application of mind without considering Relevant Documents: Bombay HC quashes Reassessment Notice [Read Order]
Read More: https://www.taxscan.in/non-application-of-mind-without-considering-relevant-documents-bombay-hc-quashes-reassessment-notice/266949/ Clipped from: https://www.taxscan.in/non-application-of-mind-without-considering-relevant-documents-bombay-hc-quashes-reassessment-notice/266949/?utm_campaign=Campaign+Name&utm_medium=email&utm_source=Newsletter The Bombay High Court quashed reassessment notice on the ground that there was non-application of mind by Assistant Commissioner of Income
👍👍👍👍👍👍👍Taxation of Income from Sale of Shares
Clipped from: https://taxguru.in/income-tax/taxation-income-sale-shares.html Income earned by the sale of shares and mutual funds is covered under the heading ‘Income from Capital Gain’. The capital gain can
👍👍👍👍👍Angel tax is draconian and unfair on start-ups – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/editorial/angel-tax-is-draconian-and-unfair-on-start-ups/article66676445.ece This tax is a relic from an era where the start-up scene was not vibrant There seems to be good reason for India’s
👍👍👍👍👍👍👍Blow to debt MFs | The Financial Express
Clipped from: https://www.financialexpress.com/opinion/blow-to-debt-mfs/3021670/ Bank deposits already enjoy a big advantage over competing products as they are perceived to be safer Among the key changes introduced in
👍👍👍👍👍👍👍Harvest tax on equity holdings by March 31 | The Financial Express
Clipped from: https://www.financialexpress.com/money/harvest-tax-on-equity-holdings-by-march-31/3022738/ Equity investors must look at tax harvesting before March 31 to reduce their long-term capital gains (LTCG) tax liability. As LTCG up to
👍👍👍👍👍Debt funds shorted – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/editorial/debt-funds-shorted/article66664260.ece The Centre should review capital gains taxation in totality Amendments to taxation rules regarding debt funds included in the Finance Bill 2023 have
👍👍👍👍Taxing capital: Withdrawal of debt LTCG benefits should have been debated | Business Standard Column
Clipped from: https://www.business-standard.com/article/opinion/taxing-capital-withdrawal-of-debt-ltcg-benefits-should-have-been-debated-123032401150_1.html The govt’s step could push investors to choose riskier equity, or to fall back on bank deposits, thereby negatively impacting the debt market
👍👍👍Credit card payments on foreign travels likely to attract tax at source | Business Standard News
Clipped from: https://www.business-standard.com/article/finance/govt-plans-to-bring-credit-card-payments-on-foreign-tour-under-tax-net-123032401109_1.html According to the LRS, which was introduced in 2004, all resident individuals, including minors, are allowed to freely remit up to $250,000 per
Importance of AIS Information to avoid E-verification Proceedings
Clipped from: https://taxguru.in/income-tax/importance-ais-information-avoid-e-verification-proceedings.html AIS Utility Under various provisions of Income Tax act, Income tax departments calls for the financial information from various sources/reporting entity such as
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