Category: Seven Star

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

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

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

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

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

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

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

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

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

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,

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

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

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

Clipped from: https://taxguru.in/corporate-law/faceless-reassessment-quashednotices-issued-section-151a-scope.html Navnidhi Infrastructure Private Limited Vs DCIT (Karnataka High Court) Karnataka HC quashes reassessment notices issued beyond Section 151A mandate — grants liberty to

Clipped from: https://taxguru.in/income-tax/precision-penalty-misreporting-pinpointed-section-270a.html 1. Introduction Section 270A of the Income Tax Act, 1961, introduced by the Finance Act, 2016, marked a paradigm shift in the penalty

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

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

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

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