Clipped from: https://www.business-standard.com/article/pf/taxpayers-should-file-belated-return-by-dec-31-to-avoid-notice-penalty-122121200921_1.html Meeting that deadline will allow you to claim refund on excess tax deducted Taxpayers who missed the July 31, 2022 deadline for filing their
Category: Income Tax
How to file ITR online among the biggest searches in 2022! Know how it’s done | The Financial Express*
lipped from: https://www.financialexpress.com/money/income-tax/how-to-file-itr-online-among-the-biggest-searches-in-2022-know-how-its-done/2909450/ ‘How to file ITR online’ was one of the biggest searches in 2022, according to Google’s ‘Year in Search 2022’ report. Know how
TDS on Rentals: Section 194I, Section 194IB and Section 194IC*
Clipped from: https://taxguru.in/income-tax/tds-rentals-section-194i-section-194ib-section-194ic.html Section 194I : Any person excluding Individual and HUF (However if they have 1 Cr. Turnover in case of Business and 50 Lacs in
Tax Talk – TDS on perks: Further clarity needed despite CBDT circular | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/tax-talk-tds-on-perks-further-clarity-needed-despite-cbdt-circular/2906818/ Several practical challenges in applying Section 194R remain With the objective to identify and tax such benefits, the Finance Bill 2022 introduced Section
Capital gains tax: A capital conundrum | Business Standard Column
Clipped from: https://www.business-standard.com/article/opinion/capital-gains-tax-a-capital-conundrum-122120801548_1.html Defenders of preferential tax treatment argue that capital gains tax is a form of “double taxation” as corporate profits are taxed as ordinary
Rate hike understandable, but growth is a concern –Courtesy BusinessLine
Editorial. Rate hike understandable, but growth is a concern: https://www.thehindubusinessline.com/opinion/editorial/time-to-taper/article66234886.ece
Regulating online gaming | The Financial Express
Clipped from: https://www.financialexpress.com/opinion/regulating-online-gaming/2901635/ Self-regulation is a great initial step, but better to house progressive policies on regulation under a nodal ministry rather than an SRO Growing
LTCG exemption claimed by one co-owner is eligible to another
Clipped from: https://taxguru.in/income-tax/ltcg-exemption-claimed-one-co-owner-eligible-another.html Rasilaben Yogeshbhai Patel Vs I.T.O (ITAT Ahmedabad) ITAT Ahmedabad held that once similar Long Term Capital Gain offered and exemption claimed by the
ITAT quashes Assessment Order passed in Violation of Time Limit u/s 153(1)
Clipped from: https://www.taxscan.in/itat-quashes-assessment-order-passed-in-violation-of-time-limit-u-s-1531/230999/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=ITAT%20quashes By Kalyani B Nair – On December 5, 2022 10:43 am A Division Bench of the Income Tax Appellate Tribunal (ITAT), Ahmedabad quashed assessment order passed in violation
Rethinking holding period for LTCG tax | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/your-money-rethinking-holding-period-for-ltcg-tax/2892869/ Prescribed holding period for long-term capital gains should be in tune with the nature of the asset class If the holding period for
Will you be taxed on the ESOPs received from a previous employer? | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/will-you-be-taxed-on-the-esops-received-from-a-previous-employer/2893423/ When ESOPs are exercised and shares are awarded after the employer-employee connection ends, the tax situation becomes murky. The discharge of taxes following
Capital Gains: The change needed in capital gains taxation – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/the-change-needed-in-capital-gains-taxation/articleshow/95780625.cms Synopsis When such a tax used to be there before 2005, it had an indexation facility. Now, all other long-term capital gains taxes
Exemption from TDS deduction: Who can apply, process – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/exemption-from-tds-deduction-who-can-apply-process/articleshow/95778908.cms Synopsis This application can be made by any person, corporate, HUF, individual, etc. An individual may also submit a self declaration in Form
Income Tax department reduces time for taxmen to decide on refund adjustment – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/income-tax-dept-reduces-time-for-taxmen-to-decide-on-refund-adjustment/articleshow/95981050.cms Synopsis According to the Directorate of Income Tax (Systems) notice, the time limit of 30 days made available to the assessing officers has
Amendments in Income Tax Act under Finance Act 2021 do not affect notices issued prior to April 1st, 2021: Orissa HC
Amendments in Income Tax Act under Finance Act 2021 do not affect notices issued prior to April 1st, 2021: Orissa HC [Read Order] Read More: https://www.taxscan.in/amendments-in-income-tax-act-under-finance-act-2021-do-not-affect-notices-issued-prior-to-april-1st-2021-orissa-hc/230265/
Reassessment Notice issued without following Provision u/s 148A is not valid: Kerala HC
Reassessment Notice issued without following Provision u/s 148A is not valid: Kerala HC [Read Order] Read More: https://www.taxscan.in/reassessment-notice-issued-without-following-provision-u-s-148a-is-not-valid-kerala-hc/229827/
Cash Gift of Rs. 39 Lakh from Husband during Assessment Proceedings was Mere Afterthought after Search: ITAT Upholds Addition
The Income Tax Appellate Tribunal (ITAT) Bench at Chennai has recently held that, the claim of the assessee, K Gomati that Rs. 39 Lakhs was
Supreme Court ends large tax evasion in land, property deals – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/services/property-/-cstruction/supreme-court-ends-large-tax-evasion-in-land-property-deals/articleshow/95943034.cms Synopsis The trick used till now was holding real estate assets in a partnership structure, revaluing the properties to current market price, bringing
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