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Archive: 24 July 2024

Posts in 24 July 2024

Himachal Pradesh State Load Despatch Centre: Section 10(46) Tax Exemption

July 24, 2024 213 Views 0 comment Print

Notification 95/2024 exempts Himachal Pradesh State Load Despatch Centre specified income from tax, effective for AY 2021-2024, with specific conditions.

Punjab Skill Development Mission Society: Section 10(46) Tax Exemption

July 24, 2024 315 Views 0 comment Print

Explore Income Tax Notification No. 94/2024 dated 24th July, 2024, detailing tax exemptions for Punjab Skill Development Mission Society under Income-tax Act, 1961.

Date of electronic filing of appeal is date of filing of an appeal: Karnataka HC

July 24, 2024 339 Views 0 comment Print

Karnataka High Court held that date of electronic filing of appeal is to be taken as date of filing of an appeal. Thus, date of physical filing of an appeal cannot be taken as date of actual filing of an appeal.

Refund granted as State authorities cannot retain excess amount: Bombay HC

July 24, 2024 258 Views 0 comment Print

Bombay High Court held that liability for year 2010-2011 duly discharged by the petitioner. Hence, adjustment of refund for year 2011-2012 against liability for 2010-2011 unjustified. State authorities cannot retain the excess amount which is not in accordance with law

Set off of loss on sale of recognised shares against LTCG from sale of unlisted shares allowable: ITAT Kolkata

July 24, 2024 450 Views 0 comment Print

ITAT Kolkata held that loss on sale of shares on recognized stock exchange with STT paid, is eligible to be set off against the long-term capital gain (LTCG) earned from sale of unlisted shares.

Date of receipt of seized documents relevant for reckoning block period of six AYs u/s. 153C: ITAT Delhi

July 24, 2024 264 Views 0 comment Print

ITAT Delhi held that in respect of assessment proceedings u/s. 153C of the Income Tax Act, block period of six assessment years has to be reckoned from date of receipt of seized documents.

Directorship in Over 10 public limited companies (Section 165 Violation): MCA imposes Penalty

July 24, 2024 306 Views 0 comment Print

MCA imposes Rs. 2,00,000 penalty on Mr. Purushothaman for holding directorships in over 10 public limited companies, violating Section 165 of the Companies Act, 2013.

Budget 2024: Section 55 amendment- Cost of Acquisition for Unlisted Shares

July 24, 2024 4815 Views 0 comment Print

Finance Bill 2024 amends Section 55 to include fair market value for unlisted shares in IPOs. Changes apply retroactively from April 1, 2018.

Budget 2024: Lower Sections 194D & 194DA TDS Rates for Insurance Payments

July 24, 2024 1086 Views 0 comment Print

Budget 2024 reduces TDS rates for insurance commission (section 194D) and life insurance payouts (section 194DA) from 5% to 2%, effective from 2024.

Section 194G: TDS Rate on Lottery Ticket Sales proposed to Cut to 2% from October 1, 2024

July 24, 2024 378 Views 0 comment Print

Explore section 194G amendment reducing TDS from 5% to 2% on commission from lottery ticket sales, effective from October 2024. Understand its impact here.

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