Income Tax : This article explores how taxpayers can save Long-Term Capital Gains (LTCG) arising from the sale of agricultural land. Relevant S...
Income Tax : Mumbai ITAT clarifies LTCG on property: Allotment date, not registration, determines holding period. Impact on tax, Sec 54/54F cla...
Income Tax : Understand income tax rebate u/s 87A and LTCG tax u/s 112A under the new tax regime for FY 2024-25 with calculation rules, limits,...
Income Tax : Understand the 2025 tax rules for capital gains on stocks and mutual funds in India. Learn about STCG, LTCG, exemptions, and tax-s...
Income Tax : Understand the new capital gains tax rules for Gold ETFs & MFs effective April 2025. Learn about holding periods, tax rates, and e...
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...
Corporate Law : Finance Ministry's new capital gains tax: Short-term gains at 20%, long-term at 12.5%. Exemption limit raised to ₹1.25 lakh for ...
Income Tax : Therefore, such interest partook the character of the compensation itself. The Court further observed that the statutory obligatio...
Income Tax : ITAT Mumbai held that as per circular no. 6 of 2016 dated 29th February 2016, it is clear that it is the assessee who decides whet...
Income Tax : ITAT Pune rules mere execution of a development agreement without transfer of possession doesn't trigger capital gains tax. Follow...
Income Tax : ITAT acknowledged the taxpayer's claim under Section 54F, despite its late submission, and instructed the AO to verify the claim a...
Income Tax : ITAT Mumbai allows pre-possession interior fit-out expenses as cost of improvement for capital gains, setting aside AO/CIT(A) disa...
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...
Income Tax : The Government of India in IEBR for FY 2022-23 have not mandated NHAI to raise funds from the market. Therefore. NHAI shall not is...
Income Tax : The Finance Act, 2021 amended clause (10D) of section 10 of the Act by inserting fourth to seventh provisos. Fourth proviso provid...
Income Tax : CBDT vide Notification No. 8/2022-Income tax notifies Rule 8AD Computation of capital gains for the purposes of sub-section (1B) o...
Income Tax : No tax demand shall be raised in future on the basis of the amendment to section 9 of the Income-tax Act made vide Finance Act, 20...
My objective is to brief on existing capital gain tax structure on short term and long term transactions and to give ‘To do list before March end’ which helps to minimize the tax.
Mahendrasingh Ramsingh Jadav Vs. ITO (ITAT Bangalore) Assessee gets a right to the impugned property on the date of allotment letter, i.e., on 22.02.2006 and payment of instalment as per the terms is only a follow up action and taking delivery of possession is only a formality. Therefore, reckoning the period from 22.02.2006, i.e. the […]
Under the Income-tax Act, 1961, Originally jewellery was treated as personal effects (you can simply understand personal effects as movable property of any kind for personal use of the assessee or any member of family of the assessee dependent on him) like other personal effects (e.g. cars, furnitures, wearing apparels, mobiles, televisions etc.) therefore there […]
Krishna Kumar Sharma Vs DCIT (ITAT Agra) It is clear that the land in question was acquired by National Highway Authority of India on 05.02.2013 under the National Highway Authority Act, 1856. When the award was passed acquiring the land, the Right to Fair Compensation and Transparency in Land Acquisition Rehabilitation and Resettlement Act, 2013 […]
If a taxpayer earns any profit on sale of assets then such gain is taxable at special rates prescribed under income tax act 1961. The Income Tax Act, however provides options to save taxes on these capital gain by making investments under specified sections of income tax act. In order to save taxes on profits […]
JCIT Vs United Spirits Limited (ITAT Bangalore) It is not in dispute that the shares of M/s. Lee Edges were purchased by the assessee in the Financial Year 2003-04 and those of M/s. Shaw Wallace Breveries Ltd., were purchased in the Financial Year 2001-02 were unlisted shares. These shares were sold in Financial Year 2004-05. […]
(i) Whether the gain on sale of stock options in USA that were given to the Indian employee by M/s.Google Inc., USA amounts to perquisites taxable under the Income Tax Act, 1961 or not?; (ii) Whether the amounts shown in Form-16 as Tax Deducted at Source on such perquisites would be the exclusive gain made by the Assessee on such stock options issued by the Holding Company in USA is sufficient to hold that it is taxable under the head ‘salary’ as ‘perquisites’ with reference to the provisions under Section 5(1) (c) and 6(6) (a) read with Section 17?;
Union Budget 2021 proposed to relax Section 234C interest on Dividend income along with capital gains if shortfall in the advance tax payments and tax due has been paid in the subsequent advance tax instalments. Advance tax instalment for dividend income, Capital Gain etc. Section 234C of the Act provides for payment of interest by […]
Swatiben Anilbhai Shah Vs DCIT (ITAT Ahmedabad) The solitary issue for adjudication on merits is whether gains arising on sale of certain quantity of shares of a company, namely, Pyramid Siamira Theatre Ltd. (PSTL) by the assessee in the relevant assessment order is required to be taxed under the head ‘capital gains’ as offered by […]
DCIT Vs Azalea Infrastructure Pvt. Ltd (ITAT Delhi) The facts clearly shows that on October 20, 2010, India Bulls Power Ltd pursuant to the provisions of Section 192A of the Companies Act, 1956 made a preferential allotment of 42 crore as fully convertible warrants to 4 different companies which are the entities promoted by the […]
