lipped from: https://taxguru.in/income-tax/taxation-capital-gains-india-frequently-asked-questions-faqs.html Summary (Approx. 300 Words):A capital asset refers to any property owned by a taxpayer, whether or not related to business or profession, and
Category: Seven Star
*******From refunds to registrations: How GST changes will reshape compliance for MSMEs from Nov 2025 – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/from-refunds-to-registrations-how-gst-changes-will-reshape-compliance-for-msmes-from-nov-2025-500674-2025-11-03 The proposed and active changes aim to make GST filings faster, more transparent, and less cumbersome — particularly for small taxpayers and exporters.
*******Wife wins case against tax department after getting Rs 1.85 crore compensation from builder for construction delay; ITAT Mumbai rules in her favour – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/wife-wins-case-against-tax-department-after-getting-rs-1-85-crore-compensation-from-builder-for-construction-delay-itat-mumbai-rules-in-her-favour/articleshow/125075258.cms A husband-wife duo entered into a development agreement with a builder from Mumbai, which stated that they would receive a certain number of apartments
*******I built a house on inherited land, how will I be taxed if I sell it now? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/i-constructed-a-house-on-inherited-land-how-will-i-be-taxed-if-i-sell-it-now/articleshow/125082692.cms Capital gains taxation on property sale Our panel of experts will answer questions related to any aspect of personal finance. If you have
*******From refunds to registrations: How GST changes will reshape compliance for MSMEs from Nov 2025 – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/from-refunds-to-registrations-how-gst-changes-will-reshape-compliance-for-msmes-from-nov-2025-500674-2025-11-03 The proposed and active changes aim to make GST filings faster, more transparent, and less cumbersome — particularly for small taxpayers and exporters.
*******Homebuyers win MahaREAT case despite unregistered sale agreement; to get Rs 23 lakh with interest from builders for delay in possession – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/homebuyers-win-mahareat-case-despite-unregistered-sale-agreement-to-get-rs-23-lakh-with-interest-from-builders-for-delay-in-possession/articleshow/125055847.cms ET OnlineBuilder signed unregistered sale agreement and failed to give possession on time, homebuyer fights and wins Rs 23 lakh in MahaREAT (representative
*******Taxation of Capital Gain in India – FAQs
Clipped from: https://taxguru.in/income-tax/taxation-capital-gains-india-frequently-asked-questions-faqs.html Summary (Approx. 300 Words):A capital asset refers to any property owned by a taxpayer, whether or not related to business or profession, and
*******Bought Property Over ₹50 Lakh? Ensure your PAN-Aadhaar Link to Avoid High TDS Liability
Clipped from: https://www.taxscan.in/top-stories/bought-property-over-50-lakh-ensure-your-pan-aadhaar-link-to-avoid-high-tds-liability-1431542?TRN300=SvKGjlCUSADqkUiGCfJMsKgwAczDGdMbDiGcfJqhGJgMvdfciMCbJidPbMSAsx&LKD333=3125338 Buyers who had purchased property above ₹50 lakh from sellers whose PAN were inoperative were served with short-deduction notices. The Central Board of Direct
*******Man gets tax notice for depositing Rs 8 lakh in bank account, tax dept deems it as presumptive business income; he wins case in ITAT Delhi – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/man-gets-tax-notice-for-depositing-rs-8-lakh-in-bank-account-tax-dept-deems-it-as-presumptive-business-income-he-wins-case-in-itat-delhi/articleshow/124889465.cms Tax department treats Rs 8 lakh cash deposit as presumptive business income; ITAT Delhi gives relief to taxpayer When Mr. Kumar deposited Rs
*******Tax dept’s Rs 22-crore notice based on WhatsApp chat struck down by ITAT Delhi for lack of credible proof – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/tax-depts-rs-22-crore-notice-based-on-whatsapp-chat-struck-down-by-itat-delhi-for-lack-of-credible-proof/articleshow/124994878.cms Man gets tax notice for Rs 22 crore unexplained investment income because someone else’s WhatsApp chat said his name for this income, ITAT
*******Your income tax queries: Claim deductions on rental income in new tax regime – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/your-income-tax-queries-claim-deductions-on-rental-income-in-new-tax-regime-4028245/ Under the new tax regime (Section 115BAC), individuals can still claim the 30% standard deduction on the net annual value of a let-out
*******Educate seniors on digital arrest scams; urge them to seek timely help
Clipped from: https://www.business-standard.com/finance/personal-finance/educate-seniors-on-digital-arrest-scams-urge-them-to-seek-timely-help-125103101136_1.html Remind elders that genuine officials never demand money or threaten arrests over the phone or video call A digital arrest is a cyber
*******Can I gift mutual funds without attracting capital gains tax? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/can-i-gift-mutual-funds-without-attracting-capital-gains-tax/articleshow/124872551.cms Have a question for the experts? etwealth@timesgroup.com Our panel of experts will answer questions related to any aspect of personal finance. If you
*******FAQs on Annual Information System (AIS) & Taxpayer Information Summary (TIS)
Clipped from: https://taxguru.in/income-tax/faqs-annual-information-system-aistaxpayer-information-summary-tis.html The Annual Information Statement (AIS) is a comprehensive statement made available to the assessee under Section 285BB of the Income-tax Act. Its purpose is to
*******FAQs on Faceless Income-tax Proceedings
Clipped from: https://taxguru.in/income-tax/faqs-faceless-income-tax-proceedings.html The Income Tax Department has introduced ‘e-proceedings’ and ‘Faceless Assessments’ as part of an e-governance initiative to digitize and simplify taxpayer interaction. The e-proceedings functionality allows the assessing authority
*******FAQs on Penalty provisions under Income Tax Act, 1961
lipped from: https://taxguru.in/income-tax/faqs-penalty-provisions-income-tax-act-1961.html The Income Tax Act prescribes several penalties for non-compliance, defaults, or misreporting by taxpayers under various sections. Under Section 221, a penalty may be
*******FAQs on Disallowance of cash expenses or limit on cash transactions
lipped from: https://taxguru.in/income-tax/faqs-disallowance-cash-expenses-limit-cash-transactions.html Indian income tax law includes several provisions to restrict cash transactions and encourage digital payments, applying limits and imposing penalties on non-compliant expenditure,
*******Reassessment Quashed: AO Lacked Jurisdiction Under Faceless Regime Section 151A
Clipped from: https://taxguru.in/income-tax/reassessment-quashedao-lacked-jurisdiction-faceless-regime-section-151a.html Vanitha Govindappa Vs ITO (Karnataka High Court) Karnataka HC quashes reassessment for AY 2020-21 as AO acted beyond scope of Section 151A; Revenue
*******Insurance Company Reassessment Quashed: Notices Invalid for Section 151A Breach
Clipped from: https://taxguru.in/corporate-law/insurance-company-reassessment-quashed-notices-invalid-section-151a-breach.html PNB MetLife India Insurance Company Limited Vs ACIT (Karnataka High Court) Karnataka HC quashes reassessment notices issued to PNB MetLife – follows Ramachandra
*******Reassessment Quashed: Karnataka HC Rules AO Exceeded Jurisdiction Under Section 151A
Clipped from: https://taxguru.in/income-tax/reassessment-quashed-karnataka-hc-rules-ao-exceeded-jurisdiction-section-151a.html Muyeen Pasha Vs ITO (Karnataka High Court) Karnataka HC Strikes Down Reassessment for Exceeding Jurisdiction under 151A; Leaves Door Open for Revival if
