Clipped from: https://www.financialexpress.com/money/the-taxman-can-take-away-your-gold-gains-4014250/ Gold inherited under a Will or otherwise is exempt from tax. However, when you sell such gold later, the capital gains tax applies.
Category: Income Tax
*******How Much Gold and Silver Can You Keep at Home in India without Paying Tax or Getting Income Tax Notice
Clipped from: https://www.taxscan.in/top-stories/how-much-gold-and-silver-can-you-keep-at-home-in-india-without-paying-tax-or-getting-income-tax-notice-1435119?transaction_id=CEkWJlsuCadPkDhEaDkMckGgACjuGuMBdhVadKlxGJwMVDFCYMsBJYDlbMCaSX&link_id=3069763 In India, there is no fixed limit on how much gold or silver you can keep at home, as long as you can
*ITR portal update: Now see when tax officers review your submissions | Personal Finance – Business Standard
Clipped from: https://www.business-standard.com/finance/personal-finance/itr-portal-update-now-see-when-tax-officers-review-your-submissions-125101600896_1.html The Income Tax Department’s new feature brings transparency and accountability to faceless assessments, helping taxpayers track official action and reduce uncertainty. The Income Tax
*ITR portal update: Now view if and when an I-T official saw or reviewed your tax notice submissions, know how it benefits taxpayers – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/now-view-if-and-when-an-i-t-official-saw-or-reviewed-your-tax-notice-submissions-this-is-how-it-will-benefit-taxpayers/articleshow/124576092.cms The new feature also identifies delays and uses analytics to evaluate performance and improves efficiency in faceless assessments and appeals, says Bimal Jain,
*******Case of Afterthought Evidence in Income Tax Litigation and its Contemporary Relevance
lipped from: https://www.taxscan.in/top-stories/case-of-afterthought-evidence-in-income-tax-litigation-and-its-contemporary-relevance-1434684?transaction_id=cVbwJRcusAuRbuxAJwVMCbwgACzUgUMKuHAjWEnXwZGMEufciMSbzIUPKMCACX&link_id=3059338 Afterthought evidence refers to documents, affidavits, or pleas introduced late in the proceedings. In a recent development, the High Court of Kerala gave
*****ITAT Allows Gifts from Sisters, Rules Tax Dept Can’t Reject Them Merely for ‘Lack of Scrutiny’ on Donors [Read Order]
Clipped from: https://www.taxscan.in/top-stories/itat-allows-gifts-from-sisters-rules-tax-dept-cant-reject-them-merely-for-lack-of-scrutiny-on-donors-1434589?transaction_id=cVbwJRcusAuRbuxAJwVMCbwgACzUgUMKuHAjWEnXwZGMEufciMSbzIUPKMCACX&link_id=3059331 The tribunal held that the assessee had satisfactorily discharged his initial burden by providing documents that established three crucial aspects: the identity of
*NITI Aayog proposes sharp cut in tax offences — only 6 to remain under criminal provisions – BusinessToday
lipped from: https://www.businesstoday.in/personal-finance/tax/story/niti-aayog-proposes-sharp-cut-in-tax-offences-only-6-to-remain-under-criminal-provisions-497794-2025-10-10 NITI Aayog has proposed a major overhaul of India’s tax enforcement framework, calling for the decriminalisation of most offences under the Income Tax
Cash retains 50% share in India despite booming digital payments and UPI growth – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/money-and-banking/cash-still-king-in-india-accounts-for-50-of-payments-even-as-digital-transactions-soar/article70161485.ece Digital payments dominate retail transactions at 99.8%, driven by policy support, fintech growth, and rising internet and smartphone penetration Despite the rapid surge
*Diwali gifts and shopping: What you can claim and what is taxable | Personal Finance – Business Standard
Clipped from: https://www.business-standard.com/finance/personal-finance/diwali-gifts-and-shopping-what-you-can-claim-and-what-is-taxable-125101300741_1.html Diwali Gifts Taxable: Here’s a guide on which Diwali gifts and shopping expenses qualify for deductions and which don’t Is Diwali Gift Taxable?
*Income tax disputes stuck in endless loop: Faceless CIT (A)s are issuing repeated notices but no final judgement, preventing taxpayers from taking further action – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/income-tax-disputes-stuck-in-endless-loop-faceless-cit-as-are-issuing-repeated-notices-but-no-final-judgement-preventing-taxpayers-from-taking-further-action/articleshow/124544337.cms Endless Notices, No Orders: Taxpayers Trapped in Faceless Appeal Limbo The launch of the Faceless Appeal Scheme by Prime Minister, Shri Narendra Modi, in September
*******Karnataka HC quashes Income Tax Reassessment Notices Issued by Jurisdictional Officers Physically, says Faceless Regime Mandatory [Read Order]
Clipped from: https://www.taxscan.in/top-stories/karnataka-hc-quashes-income-tax-reassessment-notices-issued-by-jurisdictional-officers-physically-says-faceless-regime-mandatory-1434522 The Court pointed out that once Parliament, through the Finance Act, 2021, laid down a clear procedure for issuing reassessment notices, the tax
*******Income tax Reopening Notice Issued within Limitation: Supreme Court Refuses to Interfere with Patna HC Order Dismissing Petition [Read Judgement]
Clipped from: https://www.taxscan.in/top-stories/income-tax-reopening-notice-issued-within-limitation-supreme-court-refuses-to-interfere-with-patna-hc-order-dismissing-petition-1434519 The high court observed that the petitioner’s reliance on Rajeev Bansal was misplaced since that decision dealt with Section 149(1)(b), whereas the present
*******Books of Accounts Under Section 44AA of Income Tax Act
Clipped from: https://cleartax.in/s/books-of-accounts-and-audit-requirements-for-freelancers The Income Tax Act has specified the books of accounts that are required to be maintained for the purpose of Income Tax. These have
*******Presumptive Taxation, Book-Keeping & Audit: Sections 44AB, 44AD, 44ADA
Clipped from: https://taxguru.in/income-tax/practical-guide-presumptive-taxation-book-keeping-audit-sections-44aa-44ab-44ad-44ada.html For India’s small and medium enterprises (SMEs) and professionals, mastering the provisions of Sections 44AA, 44AB, 44AD, and 44ADA is fundamental to ensuring
Tax audit deadline moved to Oct 31: Who needs to follow process, why | Personal Finance – Business Standard
Clipped from: https://www.business-standard.com/finance/personal-finance/tax-audit-deadline-moved-to-oct-31-who-needs-to-follow-process-why-125092600558_1.html Tax audit deadline: One month more give to businesses and professionals after representations from industry groups When Tax audit Last Date Listen to
Thinking of withdrawing large amount of cash? Here’s when taxes can kick in | Personal Finance – Business Standard
Clipped from: https://www.business-standard.com/finance/personal-finance/thinking-of-withdrawing-large-amount-of-cash-here-s-when-taxes-can-kick-in-125100700845_1.html If you’re planning large cash withdrawals, be mindful of the TDS rules under Section 194N – your bank could deduct tax once your
Section 54F: The little-known route to saving big on capital gains tax | Personal Finance – Business Standard
Clipped from: https://www.business-standard.com/finance/personal-finance/section-54f-the-little-known-route-to-saving-big-on-capital-gains-tax-125100700864_1.html A closer look at Section 54F, the legal tax strategy letting Indians cut capital gains tax by reinvesting sale proceeds into residential property
Asset split in divorce: Courts presume equal ownership of joint assets | Personal Finance – Business Standard
Clipped from: https://www.business-standard.com/finance/personal-finance/asset-split-in-divorce-courts-presume-equal-ownership-of-joint-assets-125100900949_1.html They increasingly recognise the wife’s non-monetary contributions such as homemaking and childcare when dividing assets Delhi HC rules husband cannot claim sole ownership
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