Clipped from: https://taxguru.in/income-tax/sufficiency-correctness-material-relied-ao-re-opening-considered.html Pavan Kishanchand Tulsiani Vs Union of India (Gujarat High Court) Gujarat High Court held that when AO has reason to believe and have
Category: Income Tax
The corporate tax conundrum – The Hindu BusinessLine*****
Clipped from: https://www.thehindubusinessline.com/opinion/the-corporate-tax-conundrum/article66370606.ece Effective tax rate for large companies is falling, but collections are up As people or companies use tax cuts to consume more, it
Banks to report every penny paid as interest to depositor – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/banks-to-report-every-penny-earned-as-interest/article66365465.ece The move will help in widening the tax base and plug the leakages, said experts The limit earlier was set at ₹5,000 per
Presumptive Taxation Scheme under Income Tax Act, 1961*****
Clipped from: https://taxguru.in/income-tax/presumptive-taxation-scheme-income-tax-act-1961.html Details of Presumptive Taxation Scheme For small taxpayers the Income Tax Act has framed three presumptive taxation schemes as given below: Provisions of
Validity of Assessment order passed against dead person without brining on records his legal heirs*****
Clipped from: https://taxguru.in/income-tax/validity-assessment-order-passed-dead-person-brining-records-legal-heirs.html Legal Heirs of Late Sh Virendra Kumar Bhatnagar (Deceased) Vs ACIT (Delhi High Court) In the present case as admitted by the Respondent
Income Tax – Set-off long term loss only against LTCG | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/your-queries-income-tax-set-off-long-term-loss-only-against-ltcg/2940173/ Equity shares are classified as long term if they are held for a period more than 12 months. While no documentary evidence is
Read: Your queries: Income Tax – Set-off long term loss only against LTCG
https://www.financialexpress.com/money/income-tax/your-queries-income-tax-set-off-long-term-loss-only-against-ltcg/2940173/ Shared by Financial Express android app. Click here to download https://financialexpress.page.link/fjvstphpJimBzUur6
CBIC constitutes Customs, Central Excise & Service Tax Settlement Commission to Settle Tax Notices*******
lipped from: https://www.taxscan.in/cbic-constitutes-customs-central-excise-service-tax-settlement-commission-to-settle-tax-notices/237696/ The Central Board of Indirect Taxes and Customs (CBIC) has constituted the much-awaited Customs, Central Excise & Service Tax Settlement Commission to resolve and settle
Tax implications on sale of flat built under joint development agreement – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-implications-on-sale-of-flat-built-under-joint-development-agreement/article66320179.ece A lowdown on the GST implications for on each leg of the transaction GST shall not be applicable on the sale of immovable
Reopening of assessment without valid reason is bad in law
Clipped from: https://taxguru.in/income-tax/reopening-assessment-valid-reason-bad-law.html Amin Badruddin Keshwani Vs CIT (ITAT Mumbai) ITAT Mumbai held that reopening of assessment without valid reason or intangible material, merely on the
Claiming exemption under wrong section is rectifiable u/s 154 of the Income Tax Act
Clipped from: https://taxguru.in/income-tax/claiming-exemption-wrong-section-rectifiable-u-s-154-income-tax-act.html University of Burdwan C/o S. N. Ghosh & Associates Vs ACIT (ITAT Kolkata) ITAT Kolkata held that inadvertent mistake of claiming exemption under
Taxation of Gifts: An In Depth Analysis
Clipped from: https://taxguru.in/income-tax/taxation-gifts-depth-analysis.html In India, gifts are not just out of natural love and affection but also carry cultural aspects that our generations have followed. At
Section 54/54F exemption – Flat Booking Vs. Possession
Clipped from: https://taxguru.in/income-tax/section-54-54f-exemption-flat-booking-vs-possession.html Pradeep Kumar Sonthalia Vs DCIT (ITAT Kolkata) The assessee has claimed exemption under section 54 and 54F of the Income Tax Act. Such
Capital Gain Tax on Sale of Inherited Property
lipped from: https://taxguru.in/income-tax/capital-gain-tax-sale-inherited-property.html 1 Immovable property received under a will or by way of inheritance does not have any tax liability. [Proviso to Sec 56(x)(b)]. A
Deduction u/s 54 was allowable in case capital gains were utilized within time specified but sale deed was not registered
Clipped from: https://taxguru.in/income-tax/deduction-u-s-54-allowable-case-capital-gains-utilized-time-specified-sale-deed-registered.html Dr. Sheela Puttabuddi Vs ITO (ITAT Bangalore) Conclusion: Utilisation of capital gains within time specified would entitle assessee to claim deduction under section 54,
Section 54 of Income Tax Act, 1961
Clipped from: https://taxguru.in/income-tax/section-54-income-tax-act-1961.html Prior to Finance Act, 2019 there is a restriction in investment in one residential house under section 54 of Income Tax Act, 1961
Capital Gain Tax on Sale of Properties*******
Clipped from: https://taxguru.in/income-tax/capital-gain-tax-sale-properties.html Sale of Properties is one of the most common ways if one needs fund. But it becomes awful when one have to pay
High Court rules on Advance Payment to claim section 54 Exemption***
Clipped from: https://taxguru.in/income-tax/high-court-rules-advance-payment-claim-section-54-exemption.html Madras High Court in Moturi Lakshmi vs ITO in Tax Case Appeal No.181 Of 2019 on 17 August 2020 issued its decision that where an
Update Return under section 139(8A)
Clipped from: https://taxguru.in/income-tax/update-return-section-139-8a.html Updated Return Under Income Tax Act,1961 Q1. What was the main Objective of introduce the Updated Return & how its helps to the taxpayers?
Section 154 of Income Tax Act: Rectification of Mistake & Section 155: Other Amendments*******
Clipped from: https://taxguru.in/income-tax/section-154-rectification-mistake-section-155-amendments.html Apeksha Gupta Sometimes there may be a mistake in any order passed by the Assessing Officer. In such a situation, mistake which is “apparent
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