Income Tax : The new law treats gains from depreciable assets as short-term capital gains for all purposes, not merely for computation. This ef...
Income Tax : The case explains how salary income is computed on a gross basis with only specific deductions permitted. It clarifies the scope o...
Income Tax : The issue concerns when capital gains become taxable under the law. The framework clarifies that gains are taxed in the year of tr...
Income Tax : The Finance Act 2023 introduced a 12.5% LTCG tax without indexation as an alternative to 20% with indexation. Taxpayers must compa...
Income Tax : When a resident buys unlisted shares from a non-resident, TDS must be deducted on gross consideration under Section 195, subject t...
Income Tax : Govt rationalizes long-term capital gains tax, reducing rates to 12.5% and simplifying holding periods. Relief provided for pre-Ju...
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 : 4 Major Tax Exemptions to Startups includes Income Tax Exemption on profits under Section 80-IAC of Income Tax (IT) Act, Tax Exemp...
Income Tax : Schedule 112A and 115AD(1)(iii) of long term capital gain are provided in the Income Tax Return software as per the Instructions t...
Income Tax : Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introd...
Income Tax : ITAT Ahmedabad held that delivery-based share transactions shown as investments in books could not be treated as business income w...
Income Tax : ITAT Delhi ruled that the holding period for capital gains purposes began from the date of full payment and transfer of possession...
Income Tax : The ITAT Ahmedabad held that reassessment under Section 147 was invalid because the Assessing Officer reopened the case for fictit...
Income Tax : The ITAT Surat held that abnormal price rise in a penny stock and surrounding circumstances justified treating claimed LTCG as une...
Income Tax : The ITAT Ahmedabad held that a demolished and uninhabitable structure could not be treated as a residential house for Section 54F ...
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...
Income Tax : There was a report in certain section of media that stock traders/day traders are required to furnish scrip wise details in the re...
Income Tax : CBDT notifies Income Tax Cost Inflation Index for Financial Year 2020-21 or Assessment Year 2021-22 vide Notification No. 32/202...
Income Tax : Since the introduction of the Finance Bill, 2018 on 1st February, 2018, several queries have been raised in different fora on vari...
Where the assessee had clear intention of being an investor and had held shares by way of investment, assessee was to be treated as investor and any gain arising out of transfer of shares was to be treated as ‘capital gain’ and not ‘business income’.
Finance Act, 2018 inserted a new section 112A to provide for the rate of tax on long term capital gains arising on the transfer of certain assets. The capital assets on which the provisions of Section 112A applies include Equity Shares in a Company or unit of Equity oriented fund or units of a business […]
Chandra Prakash Jhunjhunwala Vs DCIT (ITAT Kolkata) FULL TEXT OF THE ITAT JUDGEMENT The captioned appeal filed by the Assessee, pertaining to assessment year 2014-15, is directed against the order passed by the Commissioner of Income Tax (Appeal)-21, Kolkata, which in turn arises out of an assessment order passed by the Assessing Officer u/s 143(3) […]
The Finance Bill 2018 reintroduced tax on LTCG made from listed shares and equity-oriented mutual funds. With Effective 1 April 2018, LTCG arising from the sale of these shares and equity oriented funds that are held for more than 12 months are taxable at the rate of 10% if such LTCG exceeds Rs.1 lakh in the given Financial […]
Unutilized capital gain amount under Section 54 F[4] had to be charged under Section 45 as income of the previous year, after the expiry of three years from the date of sale of the capital asset as per proviso appended to Section 54F[4] and withdrawal of amount was permitted subject to deduction of tax.
Where the documentary evidences furnished by assessee clearly supported the claim of exemption under section 10(38) on account of sale of securities that assessee entered into genuine transaction of sale of shares through recognized exchange upon which STT had also been paid and there was no other evidence available on record against assessee so as to make the impugned addition under section 68, accordingly, addition was to be deleted.
Where allotment as well as execution of the agreement did not vest two different capital assets in the hands of the assessee which got exchanged with each other upon execution of the agreement rather the event of allotment as well as execution of agreement was part & parcel of the same transaction and only an improvement in ownership rights held by assessee in the flat, therefore, period of holding had to be taken from the date of allotment and the resultant gains earned by assessee would be LTCG only.
Schedule 112A and 115AD(1)(iii) of long term capital gain are provided in the Income Tax Return software as per the Instructions to the Notified ITR form and based on taxpayer feedback. Taxpayers have an option to either enter the Scrip wise details of long term capital gains in Schedule 112A and 115AD(1)(iii) so that the […]
Where assessee placed sufficient documentary evidences before A.O. to prove genuineness of the transaction of sale of shares such as copies of bank statement, Demat account, share purchase documents and share certificate., etc., and no material had been brought on record against assessee to disprove the claim of assessee, addition made under section 68 on account of bogus long-term capital gain on sale of shares could not be sustained.
The Start-ups were having high expectations from the first budget of Modi Govt. 2.0 and the Finance Minister, Smt. Nirmala Sitharaman hasn’t let down their expectations. She proposed to start a television programme within the DD bouquet of channels exclusively for start-ups. Further, tax proposals made by Finance Minister were aimed to encourage start-ups by […]
