Learn how capital gains are calculated on property received by gift or will, using acquisition costs of previous owners and applying cost inflation index in India.
Learn the key changes in income tax slabs for AY 2024-25 & 2025-26 under section 115BAC, including standard deductions and new tax rates.
Assessees face 78% tax and 6% penalty for unexplained investments or expenditures under Sections 69 to 69C of Income Tax Act if details are not satisfactorily explained.
Section 50C: For property sales, if the sale price is lower than the value assessed by Stamp Valuation Authority, that value is considered full consideration for tax.
Section 40A(3) restricts cash payments exceeding ₹10,000 in business transactions. Exceptions apply for specific cases like transporters, government payments, etc.
Understand when to pay advance tax, the due dates, and the consequences of late payments, including interest charges under sections 234B and 234C.
The provisions of Income Tax Act, provide for mechanism of filling of appeals against orders passed under the proceedings of the Act, both by tax payer and the Department before respective appellate Authority, such as Joint Commissioner of Income Tax (Appeals), Commissioner of Income Tax (appeals), the Income Tax Appellate Tribunal, High Court and Supreme […]
Budget 2024 introduces significant amendments in trust-related provisions under the Income Tax Act, including registration timelines, condonation of delay, and regime merger.
Explore the journey of capital gains tax on listed equity under India’s Income Tax Act, from its inception to recent budget changes, including rates, exemptions, and holding periods.
Explore the key highlights and amendments in the Union Budget 2024 presented by Finance Minister Nirmala Sitharaman. Find out what’s new in direct and indirect taxes.
