Income Tax : Explains Sections 54, 54F and 54EC, 12.5% LTCG tax, CGAS, transition relief and 1% TDS on eligible property sales under the Income...
Income Tax : Explains FY 2025-26 tax rates for equity STCG and LTCG, ₹1.25 lakh LTCG exemption, Section 87A position, dividend tax and SIP FI...
Income Tax : Explains Section 50AA taxation of specified Debt Mutual Funds acquired from 1 April 2023 and why broker Capital Gain Reports shoul...
Income Tax : AMFI's Budget 2026–27 proposals seek mutual fund tax reforms, compliance simplification, tax neutrality and rationalisation of k...
Income Tax : Analysis explains why Section 50C is a computation provision, discusses the First Proviso to Section 50C(1), and examines its stat...
Income Tax : India and France have signed a protocol granting full taxing rights on capital gains from share sales to the country of company re...
Income Tax : Govt rationalizes long-term capital gains tax, reducing rates to 12.5% and simplifying holding periods. Relief provided for pre-Ju...
Income Tax : Finance Bill 2024 amends Section 55 to include fair market value for unlisted shares in IPOs. Changes apply retroactively from Apr...
Income Tax : The Finance Bill 2024 proposes a streamlined and rationalized taxation system for capital gains, with changes including reduced ho...
Income Tax : From April 1, 2025, Section 47 will exclude transfers of capital assets under gifts or wills from capital gains tax, with specific...
Income Tax : ITAT Pune deleted capital gains holding no transfer occurred under Sections 2(47)(v) or 2(47)(vi) as no possession or consideratio...
Income Tax : Gains arising from sale of strategic investments, promoter holdings, unlisted shares and similar long-term capital assets held by ...
Income Tax : Hyderabad ITAT upheld capital gains on a registered sale deed but remanded LTCG computation for fresh verification of the cost of ...
Income Tax : Chennai ITAT held Section 50C provisos applicable to oral agreements backed by bank payments and deleted related additions, remand...
Income Tax : ITAT Chennai allowed Section 10(37) exemption and deleted capital gains addition after finding revenue records and statutory notif...
Income Tax : The government has authorised all non-rural branches of 19 banks to operate Capital Gains Account Scheme accounts, enhancing taxpa...
Income Tax : The amendment introduces electronic payment modes for capital gains deposits and clarifies the effective date of deposit. It enhan...
Income Tax : Ministry of Finance notifies IREDA bonds issued post-July 9, 2025, as long-term specified assets under Section 54EC for income tax...
Income Tax : Ministry of Finance announces amendment to Section 48 of the Income-tax Act, 1961, introducing a new cost inflation index effectiv...
Income Tax : The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), issued Notification No. 44/2024-Income-Tax on May 24, 2...
Buying and selling mutual funds units on the recently opened trading facility on stock exchanges will not be tax-free. While equity schemes would attract securities transaction tax, debt and liquid funds would face capital gains tax. Capital gains in respect of transfer of units of ‘equity-oriented mutual fund’ held for a period of more than 12 months (long-term) would not be liable to income tax provided the transfer of unit is subject to STT. If the units are held for 12 months or less (short-term), the same would be liable to tax at the rate of 15% plus cess.
The Direct Taxes Code Bill, 2009 breaks away from its predecessor in many significant ways when it comes to treatment of losses. While losses from the head capital gains remain a taboo and will have to be set off only against positive income under the same head of income, long-term capital losses do not come for a harsher treatment vis-à-vis the short-term capital losses for the simple reason that no such distinction is contemplated in the entire discussion on capital gains except in the context of allowing the benefit of indexed cost on assets held for more than one year.
Special Bench of the Income Tax Appellate Tribunal, New Delhi holds that expenditure relating to exempt income to be disallowed even if assessee has not earned any tax-free income.
The Government has been rightly concerned about the component of black money in real estate transactions and consequent evasion of tax. With a view to curb the said menace and to tax the unaccounted money, the Government has time and again made amendments in the Income-tax Act (Act) by introducing different provisions to tackle the issue.
The applicant, a USA company, held shares in an Indian company. As part of a bankruptcy reorganization process, the shares in the Indian company together with other non-Indian assets & liabilities were transferred to other USA companies. The liabilities taken over were more than the assets. The agreement provided that the transfer of the shares was without consideration. The AAR had to consider (i) whether the liabilities of the transferor taken over by the transferee could be said to be “consideration” for transfer of the Indian shares so as to make it chargeable to capital gains and (ii) whether even if there was no chargeable ‘capital gains’, the applicant could be assessed on an ‘arms length” basis under the transfer pricing provisions.
DBOD.No.BL. 63 /22.01.009/2009-10 – Banks are permitted to appoint the following entities as BCs, in addition to the entities presently permitted: (i) Individual kirana/medical /fair price shop owners (ii) Individual Public Call Office (PCO) operators (iii) Agents of Small Savings schemes of Government of India/Insurance Companies (iv) Individuals who own Petrol Pumps (v) Retired teachers and (vi) Authorised functionaries of well run Self Help Groups (SHGs) linked to banks.
In respect of shares acquired under stock option scheme, the difference between the price of shares at the time of exercise of option and the predetermined price is liable to tax as perquisite under s. 17(2)(iii) up to 31st March, 2000.
This article summarizes a recent ruling of the Mumbai Income Tax Appellate Tribunal (ITAT) [2009-TIOL-707-ITAT-MUM] in the case of Cipla Investments Ltd. (Taxpayer) on taxability of waiver of loan. The ITAT held that since the loan received was on capital account, its subsequent waiver too was on capital account. Hence, the loan waived was not liable to be taxed as profits and gains from its business (business income) under the provisions of the Indian Tax Law (ITL). The ITAT also held that waiver would not be taxable as business income if a taxpayer was not allowed deduction of the loan amount earlier.
Section 46(2) provides that when a shareholder receives money or any other asset from a company on its liquidation, then such shareholder shall be charged to capital gains tax. This capital gain is on account of transfer of shares effected by extinguishment of rights in the shares. The section further provides
The Supreme Court today dismissed the Income Tax department’s (I-T) plea challenging the decision of the Authority of Advanced Rulings (AAR) that allowed French firm Timken France SAS to claim capital gains tax benefits.
