Clipped from: https://www.taxscan.in/top-stories/breaking-itat-allows-income-tax-rebate-us-87a-on-stcg-under-new-regime-1430143 The revised computation resulted in a tax liability of ₹13,320 entirely on account of STCG under Section 111A, against which the assessee claimed
Category: Seven Star
*******Only Registered Sale Agreements Eligible of Capital Gain Exemption u/s 54: ITAT says Unregistered Agreement Lacks Evidentiary Value
Clipped from: https://www.taxscan.in/top-stories/only-registered-sale-agreements-eligible-of-capital-gain-exemption-us-54-itat-says-unregistered-agreement-lacks-evidentiary-value-1426518 The Tribunal ruled that an unregistered sale agreement for the purchase of property does not constitute a valid transfer for claiming exemption under
*******ITAT Mumbai Sends Back NRI Case Over Non-Service of Section 148 Notice
Clipped from: https://taxguru.in/income-tax/itat-mumbai-sends-nri-case-non-service-section-148-notice.html Juzer Saifuddin Boriyawala Vs ITO (ITAT Mumbai) NRI Never Served Notice – ITAT Mumbai Restores Case on Validity of Reopening; CIT(A) Erred in Treating
*******GST 2.0: Towards simpler and citizen-centric indirect tax regime | Expert Views – Business Standard
Clipped from: https://www.business-standard.com/opinion/columns/gst-2-0-towards-simpler-and-citizen-centric-indirect-tax-regime-125090801127_1.html The GST Council’s efforts at rationalisation have steadily lowered the system’s complexity while sustaining revenue buoyancy The 56th meeting of the Goods and
*******Ruling upholds stamp duty value under s.50C; directs proportional s.54 exemption and allows indexed improvements if proven
ITAT upheld the AO and CIT(A)’s adoption of the stamp duty value… https://www.taxtmi.com/highlights?id=92106 ITAT upheld the AO and CIT(A)’s adoption of the stamp duty value…
*******Time Limits for Income Tax Action: What Taxpayers Must Know
Clipped from: https://www.taxscan.in/top-stories/time-limits-for-income-tax-action-what-taxpayers-must-know-1431351 The Income Tax Department cannot keep past returns open for scrutiny indefinitely. The law prescribes strict timelines within which tax officers can initiate
*******Taxpayers flag AIS errors on social media as ITR deadline nears; I T dept responds – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/taxpayers-flag-ais-errors-on-social-media-as-itr-deadline-nears-i-t-dept-responds-491441-2025-08-28 With the ITR filing deadline 2025 fast approaching, taxpayers are flagging errors in their Annual Information Statement (AIS) on social media, raising concerns
*******My wife bought a flat with money that I transferred to her, how should we show it in our ITR? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/my-wife-bought-a-flat-with-money-that-i-transferred-to-her-how-should-we-show-it-in-our-itr/articleshow/123521289.cms etwealth@timesgroup.com Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to
*******Tax Query: Tax Implications As Per Finance Bill 2025 – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-tax-implications-as-per-finance-bill-2025/article69774244.ece Section 87A of the Income-Tax Act, 1961 (‘the Act’) provides a rebate to resident individual taxpayers whose total taxable income does not exceed
*******Credit report: Check quarterly to spot repayment lapses, errors, and fraud
Clipped from: https://www.business-standard.com/finance/personal-finance/credit-report-check-quarterly-to-spot-repayment-lapses-errors-and-fraud-125082200807_1.html In case of inaccuracies and fraud, report both to the lender and credit bureaus A score of 750–800 or higher indicates a strong
*******Owning two houses but no rental income: Can you still file ITR 1, or is ITR 2 mandatory? – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/owning-two-houses-but-no-rental-income-can-you-still-file-itr-1-or-is-itr-2-mandatory-490808-2025-08-23 Many taxpayers are confused about whether owning more than one house, without rental income, disqualifies them from filing ITR-1. Tax experts clarify that
*******Chartered Accountants caution joint bank account holders about this critical issue with tax rules that can lead to tax notices – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/cas-caution-joint-bank-account-holders-about-this-critical-issue-with-tax-rules-that-can-lead-to-tax-notices/articleshow/123423767.cms CAs highlight this critical issue with tax rules on joint bank a/c holders that can lead to unnecessary tax notices (representative image) O.P.
*******Making these common mistakes with ITR-2 and ITR-3 while using excel based utilities? Here’s how you can fix it – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/doing-these-common-mistakes-with-itr-2-and-itr-3-while-using-excel-based-utilities-heres-how-you-can-fix-it/articleshow/122389389.cms Follow these four solutions to prevent corruption and other tax calculation mistakes with ITR-2 and ITR-3 excel based ITR filing utilities Now that
Building a better GST: New reforms mark progress, but more is needed
Clipped from: https://www.business-standard.com/opinion/columns/building-a-better-gst-new-reforms-mark-progress-but-more-is-needed-125081700838_1.html The call for a single rate correctly identifies this multiplicity as a central problem IGST collections come to the Union, and are then
Comprehensive*******FORM 3CD: Applicability, Format and Key Tax Audit Clauses
Clipped from: https://cleartax.in/s/form-3cd Form 3CD is the annexure provided with the tax audit reports Form 3CA and Form 3CB furnished by the Chartered Accountant under section
*******Tax Audit Forms 3CA, 3CB, 3CD & 3CE Explained – Tax2win
Clipped from: https://tax2win.in/guide/tax-audit-forms-3ca-3cb-3cd-3ce A tax audit is a detailed review of a taxpayer’s financial records conducted by a Chartered Accountant to verify compliance with income tax
*******Comprehensive Analysis of Tax Audit : Forms 3CA, 3CB, 3CD and 3CE
Clipped from: https://cleartax.in/s/tax-audit-form-3ca-3cb-3cd-3ce A tax audit means a Chartered Accountant reviews the business’s accounts and checks their compliance with income tax laws. Under Section 44AB, the accountant
*******‘Can I just show rent paid to parents and claim HRA?’: Why this tax hack can attract I T notice – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/can-i-just-show-rent-paid-to-parents-and-claim-hra-why-this-tax-hack-can-attract-i-t-notice-487948-2025-08-05 As tax season peaks, many salaried individuals are exploring ways to save — one popular tactic being to claim HRA by showing rent
*******Filing ITR for AY 2025-26? Apply THIS smart trick to save big on taxes legally – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/filing-itr-for-ay-2025-26-apply-this-smart-trick-to-save-big-on-taxes-legally-3936301/ The government has made the new tax regime the default from the financial year 2023-24, that is, if you do not choose anything,
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