Category: Income Tax

lipped from: https://www.businesstoday.in/personal-finance/tax/story/claiming-hra-deduction-dont-make-these-common-mistakes-to-ensure-your-claim-is-not-rejected-367135-2023-01-23 To help you get the maximum tax advantage, Neeraj Agarwala, Partner, Nangia Andersen India, walks us through some of the common mistakes people

Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-tax-implications-on-gift-towards-investment/article66368091.ece Gifts given by your son to his wife and daughter are not taxable in their hands under Section 56 of the Income Tax

Clipped from: https://economictimes.indiatimes.com/markets/expert-view/etmarkets-smart-talk-we-expect-some-rationalization-in-capital-gains-tax-structure-in-budget-2023-reshma-banda/articleshow/97077969.cms Synopsis The Indian economy is relatively better placed than its peers and other advanced economies. In the near-term, returns would be moderate in

Clipped from: https://www.taxscan.in/s-50c-not-applicable-to-buyer-of-property-itat-directs-re-do-addition-u-s-562vii-read-order/247560/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=S.%2050C%20Not%20Applica Pune Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer (AO) to re-do the addition under section 56(2)(vii) of Income Tax Act, 1961 as Section

Clipped from: https://www.business-standard.com/article/pf/deadline-for-sec-54-54gb-investments-extended-but-there-s-a-catch-123011701120_1.html Taxpayers may not be able to avail of it unless last date for filing revised ITR is extended Individuals who have earned long-term

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

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

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

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