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
Category: Income Tax
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
Income Tax on rent: Even vacant property is taxed as let out. Will Budget 2023 change this for homebuyers? | The Financial Express
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
TDS credit cannot be denied to Assessee for Non-Compliance by Deductor***
Clipped from: https://taxguru.in/income-tax/tds-credit-denied-assessee-non-compliance-deductor.html Bulldog Media & Entertainment Pvt. Ltd. Vs CIT (Appeals) (ITAT Mumbai) We observed that assessee has disclosed the total figure of income in
Corporate tax collection to GDP ratio exceeds 3% after two years in FY’22 | Business Standard News*
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
Income Tax Dept reiterates disallowing expenses given to doctors by pharma companies – The Hindu BusinessLine***
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
Tax dept cuts wait for adjustment-related refunds to 21 days – The Hindu BusinessLine*****
Clipped from: https://www.thehindubusinessline.com/economy/tax-dept-cuts-wait-for-adjustment-related-refunds-to-21-days/article66208754.ece Tax dept holds assessing officer responsible for delay in adjustment-related refund claims Taxpayers will get income tax refund sooner in case of adjustment.
Guidelines to ensure TDS disclosure by gaming firms expected in Budget | Business Standard News
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
Migrating from India? Here’s how your tax obligations will change | Deccan Herald
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
Delay in filing of TDS Return due to Lack of Professional Assistance is Mere ‘Technical Breach’: ITAT deletes Income Tax Penalty
Clipped from: https://www.taxscan.in/delay-in-filing-of-tds-return-due-to-lack-of-professional-assistance-is-mere-technical-breach-itat-deletes-income-tax-penalty/237566/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Delay%20in%20filing By Rasheela Basheer – On December 23, 2022 11:47 am The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the delay in the filing
Is it fair to ask you to pay Income Tax for Rs 2.5 lakh when Rs 8 lakh makes one poor? Govt responds | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/is-it-fair-to-ask-you-to-pay-income-tax-for-rs-2-5-lakh-when-rs-8-lakh-makes-one-poor-govt-responds/2920588/ The basic exemption limit provided under the Income Tax Act and income threshold for EWS categorisation are not comparable, says Govt Income Tax
File revised income-tax return to correct errors in original ITR by Dec 31 | Business Standard News
Clipped from: https://www.business-standard.com/article/pf/file-revised-income-tax-return-to-correct-errors-in-original-itr-122122200823_1.html Any refund you are eligible for won’t be processed unless you correct the mistakes in your return After filing your income-tax return (ITR), you
Supreme Court holds Education Cess not Allowable as Expenditure u/s 40(a)(ii) as amended retrospectively in Budget 2022
Clipped from: https://www.taxscan.in/supreme-court-holds-education-cess-not-allowable-as-expenditure-u-s-40aii-as-amended-retrospectively-in-budget-2022/234991/?utm_source=izooto&utm_medium=push_notifications&utm_campaign=Supreme%20Court By Manu Sharma A S – On December 17, 2022 6:36 am The Supreme Court has held the education cess paid to be not allowable as
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