Category: Income Tax

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

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

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

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

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

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

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,

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

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

Clipped from: https://www.financialexpress.com/money/income-tax/taxation-of-vacant-property-rent-icai-budget-2023/2934815/ Budget 2023 expectations of homebuyers: Currently, even vacant properties are taxed as if they are let out, which leads to unnecessary litigations. Even

Clipped from: https://www.business-standard.com/article/economy-policy/corporate-tax-collection-to-gdp-ratio-exceeds-3-after-two-years-in-fy-22-123010100074_1.html However, the corporate tax collection is yet to surpass its five-year high of 3.51 per cent of GDP recorded in 2018-19 Corporate tax

Clipped from: https://www.thehindubusinessline.com/economy/income-tax-dept-reiterates-disallowing-expenses-given-to-doctors-by-pharma-companies/article66103098.ece Provisions of Finance Act 2022 explain that claim of any expense incurred in providing benefits is in violation of Indian Medical Council Regulations

Clipped from: https://www.business-standard.com/budget/article/govt-may-tighten-tds-disclosure-for-gaming-firms-rules-expected-in-budget-122122700881_1.html The move is aimed at improving reporting and transparency in these sectors The revenue department is preparing detailed guidelines on the taxability of

Clipped from: https://www.deccanherald.com/business/family-finance/migrating-from-india-heres-how-your-tax-obligations-will-change-1150250.html Emigrating and starting life afresh in a new land is not an easy task compounded by the stringent income tax rules across the