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Impact of tax on long-term capital gains, grandfathering & assessment of revised / concessional tax rate

Impact of tax on long-term capital gains (LTCGs) , grandfathering & assessment of revised / concessional tax rate The article illustrates taxation on long term capital gains of equity shares under the grandfathering provisions aligned with change in tax rate under the Taxation (Amendment) Ordinance, 2019: I. Tax on Long-term capital g...

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Posted Under: Income Tax |

What Taxes shall you pay for Financial Year 2019-20 – Complete guide for income tax computation

What Taxes shall you pay for Financial Year 2019-2020 – A complete tax guide for income tax computation In India, every year, the Finance Minister announces an annual Union Budget for the up-coming financial year. According to Article 112 of the Indian Constitution, the Union Budget of a year (referred to as the annual financial [&h...

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Posted Under: Income Tax |

Income Tax on dividend received from company WEF 01.04.2020

Up to Assessment Year 2020-21, if a shareholder gets dividend from a domestic company then he shall not be liable to pay any tax on such dividend as it is exempt from tax under section 10(34) of the Act. However, in such cases, the domestic company is liable to pay a Dividend Distribution Tax (DDT) […]...

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Posted Under: Income Tax |

All about Appeal to Income Tax Appellate Tribunal (ITAT)

rticle discusses about Appealable orders in case of appeal by the taxpayer, Appealable orders in case of appeal by the Commissioner, Appeal not to be filed by the department in certain cases, Time- limit for presenting appeal, Form and signature, Memorandum of cross objection, Documents to be submitted with appeal, Fees for filing the app...

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Posted Under: Income Tax |

Rectification of Mistake under Section 154 of Income Act, 1961

Article discusses about Order which can be rectified under section 154 of Income Tax Act, 1961, Rectification of Income Tax order which is subject to appeal or revision, Initiation of rectification by whom, Time-limit for rectification, The procedure to be followed for making an application for rectification, etc....

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Posted Under: Income Tax |

Income Tax Advance Ruling Provisions

A resident taxpayer may have some taxation issues in respect of a transaction which has been undertaken or proposed to be undertaken with a non-resident. Similarly, a non-­resident may have some taxation issues in respect of transaction which has been undertaken or proposed to be undertaken by him in India....

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Posted Under: Income Tax |

Filing belated Return of Income u/s 139(4) Vs. Prosecution U/s 276CC

In practice in spite of reminders, many of our clients do not file Return of Income within the time specified u/s 139 (1) or before the end of relevant assessment year. Provisions of section 139(4) allow to file Return of Income, before the expiry of the relevant assessment year. Considering the provisions of section 139(1)/139(4), [&hell...

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Posted Under: Income Tax |

Withdrawal from Provident Fund before Completion of 5 years taxable?

Withdrawal of Provident Fund may attract Income Tax. The Income Tax Department recently told EPFO (Employees Provident Fund Organisation) to deduct Tax (TDS) from the withdrawal amount, if the withdrawal happened before completing five years of subscription. Tax officials have cited a rule in the 1961 Income-Tax Act that taxes PF withdraw...

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Posted Under: Income Tax |

TDS on Rent under section 194I of Income Tax Act, 1961

All you need to know about TDS on Rent under section 194I of Income Tax Act, 1961. What is rent according to the section 194-I and the time limit within which tax is to be deposited?...

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HUF with only Female Members and HUF without Females

A Hindu widow being the sole surviving member, cannot constitute a HUF. Gangamma Vs. Agl. ITO (1991) 188 ITR 1 (Ker.) After the Amendment in the Hindu Succession Act, in 2005, a Hindu Widow and her unmarried daughter can constitute a HUF, even when the widow had not adopted a son since, daughter is also a coparcener. ...

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