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ITAT Half Yearly Digest: January To June 2024 - PART I
5 months, 1 week ago

ITAT Half Yearly Digest: January To June 2024 - PART I

Live Law  

S. 54F Exemption Not Available On Property Predominantly Being Used For Religious Purposes: ITAT Case Title: Asstt. Explanation 3 To Sec 147 Can't Be Resorted To Make Addition On Any Other Issue Which Is Not Included In Reasons For Reopening: New Delhi ITAT Case Title: Vishram Sahakari Awas Samiti Limited verses ITO On finding that no addition is made based …

India Delhi Kolkata Tax Indian Income Tax Title
Decoding crypto reporting requirements in new income tax return forms
1 year, 6 months ago

Decoding crypto reporting requirements in new income tax return forms

Live Mint  

The government has finally, via the Finance Act of 2022, included taxation of cryptocurrencies or virtual digital assets in the Income Tax Act and laid out some key aspects around how much tax one has to pay on the gains, whether losses can be set off and which expenses to claim as deduction from gains arising from the sale of …

Tax Sale Income Itr Return Taxpayer Reporting
Income Tax: Do you need to disclose property sale in ITR even in case of no capital gain? Find out here
2 years, 1 month ago

Income Tax: Do you need to disclose property sale in ITR even in case of no capital gain? Find out here

Firstpost  

According to the provisions of the law, Section 54EC and Section 54EE are not mutually exclusive. Where capital gain arises from the transfer of a long-term capital asset, the taxpayer is able to claim deduction under Section 54EC While filing income tax returns, you have to disclose income from all sources irrespective of the amount, otherwise, at the time of …

Tax Income Capital Gain Business Income Capital Gain
ITR filing for FY 2021-22: How to calculate capital gain tax on sale of property
2 years, 4 months ago

ITR filing for FY 2021-22: How to calculate capital gain tax on sale of property

Live Mint  

ITR filing for FY 2021-22: Due date for income tax return filing for the assessment year 2022-23 for financial year 2021-22 is just 3 days away. On how to calculate capital gain on property sale, Hemal Mehta, Partner at Deloitte India said, "Property i.e., land and building qualify as a ‘capital asset’, capital gains tax is levied at the time …

Tax Property Sale Capital Capital Gains Cost Clear
What are the income tax rules on sale of property bought in name of wife?
3 years, 8 months ago

What are the income tax rules on sale of property bought in name of wife?

Live Mint  

Q: My wife is owner of a shop for which full payment was made by me. She has now sold the shop after 5 years resulting into long term capital gains of Rs. My question is whether she should file her IT return and pay income tax on the long term capital gains or whether I have to include this …

Income Tax Income Capital Shop Itr Gains This Shop
Income Tax Rules Are Changing from April 1, Here's All You Need to Know
3 years, 8 months ago

Income Tax Rules Are Changing from April 1, Here's All You Need to Know

News 18  

April 1 will mark the beginning of a new financial year and will bring a slew of income tax changes. EPF tax rules Finance Minister Nirmala Sitharaman in Budget 2021 proposed that the interest on employee contribution towards provident fund be exempt up to the maximum of Rs 2.5 lakh, and any interest income from the contribution above this limit …

Tax Income Itr Last Date Tds 2021
Income Tax Rules Are Changing from April 1, Here's a Look at New Norms
3 years, 8 months ago

Income Tax Rules Are Changing from April 1, Here's a Look at New Norms

News 18  

April 1 will mark the beginning of a new financial year and will bring a slew of income tax changes. EPF tax rules Finance Minister Nirmala Sitharaman in Budget 2021 proposed that the interest on employee contribution towards provident fund be exempt up to the maximum of Rs 2.5 lakh, and any interest income from the contribution above this limit …

Tax Income Itr Last Date Tds 2021
Income Tax Refund: Govt Not Considering Modifications in ITR Form, Say Sources
4 years, 4 months ago

Income Tax Refund: Govt Not Considering Modifications in ITR Form, Say Sources

News 18  

Taxpayers will not have to mention their high-value transactions in their income tax return and the government is not considering any modification in the form, according to sources. Any expansion in reporting under the statement of financial transactions will mean that such reporting of high-value transactions to the income tax department will be done by financial institutions, the sources said. …

Tax Income Form Pan Sources Transactions Sft