Income Tax : The Income-tax Act, 2025 replaces the dividend-based taxation of buy-backs with capital gains taxation for ordinary shareholders, ...
Income Tax : Explore the latest exemptions, deductions and allowances available under the Income-tax Act for AY 2026-27. The guide covers salar...
Income Tax : ITAT held that Section 54 exemption must be examined separately for each residential house sold. Aggregating gains from multiple t...
Income Tax : The document provides a detailed summary of the special tax provisions applicable to different securities and classes of taxpayers...
Income Tax : Learn the exemptions available under Sections 54 to 54GB of the Income-tax Act, including eligible investments, timelines, exempti...
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 held ₹33 crore settled rights over the entire land, allowing full indexed acquisition cost and rejecting proportionate rest...
Income Tax : The ITAT held that Section 54 exemption must be examined separately for each residential house sold. The benefit cannot be restric...
Income Tax : ITAT held that Section 54F deduction cannot be denied where capital gains are invested in a residential house within the prescribe...
Income Tax : ITAT held that agricultural land within the prescribed municipal distance is a capital asset and restricted the on-money addition ...
Income Tax : The ITAT held that a penalty under Section 271AAB cannot survive where the show cause notice fails to specify the exact statutory ...
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...
In section 9 of the Income-tax Act, 1961, in sub-section (1), in clause (i), in Explanation 5, after the third proviso, the following provisos shall be inserted, namely:— “Provided also that nothing contained in this Explanation shall apply to— (i) an assessment or reassessment to be made under section 143, section 144, section 147 or section 153A or section 153C; or (ii) an order to be passed enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154; or
Taxation Laws (Amendment) Bill, 2021 Key Features of Taxation Laws (Amendment) Bill, 2021 1. Provides that no tax demand shall be raised in the future based on the retrospective amendment made through Finance Act, 2012, for any indirect transfer of Indian assets if the transaction was undertaken before 28th May 2012. 2. Provides that the […]
The government introduced the Taxation Laws (Amendment) Bill, 2021, which seeks to withdraw tax demands made under the Finance Act, 2012 retrospective legislation to tax the indirect transfer of Indian assets. The Taxation Laws (Amendment) Bill, 2021 inserted three provisos (Fourth, Fifth, and Sixth Proviso) in Explanation 5 to Section 9(1)(i) to give relief to […]
Under the Smallcase concept, since rebalancing happens weekly or monthly, stocks in your basket are bought and sold in a short term period (i.e. within one year). Therefore, you pay 15% tax under section 111A on the net gain made during the year. Read on to understand more with a practical situation. For Example: You […]
‘THE TAXATION LAWS (AMENDMENT) BILL, 2021‘ introduced in Lok Sabha on 05th August 2021 (passed on 06th August 2021) proposes to amend the Income Tax Act, 1961 and the Finance Act, 2012 to scrap the effect of RETRO TAX amendment which took place in the year 2012 after Supreme Court judgement dated 20th January 2012 […]
Apropos, the move to retracts retrospective taxation by the Indian government by Taxation Laws (Amendment) Bill, 2021 is undoubtedly a welcome move that is likely to attract the interest of numerous foreign investors besides several business conglomerates world over. Retrospective taxation, an evil strongly deprecated and denounced even by the Indian Supreme Court in many […]
The Government has introduced the Taxation Laws (Amendment) Bill, 2021 (no. 120 of 2021), which seeks to provide relief in respect of income deemed to accrue or arise to a non-resident due to direct and indirect transfer of capital assets by non-residents. Below is a brief overview of the same. Amendment to Explanation 5 to section […]
The Economy of our country is at a point when quick recovery is necessary and foreign Investment can play one of the most important roles in this. Foreign Investment is necessary for faster economic growth and employment. We all are pretty much aware of the fact that how China has grown in these past years […]
Taxation Laws (Amendment) Bill, 2021 is introduced in Lok Sabha on 05th August 2021. Bill is further to amend the Income-tax Act, 1961 and the Finance Act, 2012. Bill will benefit Vodafone, Cairn UK who are having capital Gain Tax Disputes. The Bill proposes to amend the Income-tax Act, 1961 so as to provide that […]
ITAT- Held that, benefit of deduction under Section 54F of the IT Act cannot be denied to the Respondent merely on the ground that conveyance deed has not yet been got registered particularly when the Respondent is proved to be in possession of the property in question out of which the Respondent was already owner in possession of 1/3rd share since 2008 after making a complete payment of the sale consideration to the vendors and has duly proved possession over the property by way of electricity and water charges bills.
