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Income Tax : Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introd...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...
When a resident buys unlisted shares from a non-resident, TDS must be deducted on gross consideration under Section 195, subject to DTAA and surcharge rules.
The Tribunal upheld deletion of addition under Section 68, holding that reliance on an investigation report without independent verification and without disproving documentary evidence cannot sustain bogus LTCG allegations.
The assessees long-term capital gains claim was upheld as genuine. In absence of direct evidence linking the assessee to manipulation, the Section 68 addition was deleted.
The Tribunal held that revision under Section 263 is invalid where the Assessing Officer examined records and adopted a plausible view. Mere disagreement or desire for further enquiry is insufficient.
ITAT condoned a 106-day delay considering the assessees senior citizen status and bona fide reasons. On merits, it restored the capital gains issue to the Assessing Officer for de novo verification.
Learn how Section 87A rebate works with LTCG u/s 112A under the new tax regime for FY 2025–26. Eligibility, limits, and tax calculation explained simply.
The Tribunal found that indexation was wrongly applied from a later year. It held that long-term capital gains must be computed from the first year the property was held.
ITAT held that execution of a registered joint development agreement amounts to transfer of land. Capital gains timing must be determined from that date, not a later year chosen by the assessee.
The Tribunal held that Section 87A rebate applies to STCG and LTCG taxed under Sections 111A and 112 when income is within ₹7 lakh. The denial based on system logic and future amendments was rejected.
The Tribunal held that once reassessment is validly initiated, the Assessing Officer can tax any escaped income discovered later. Additions need not relate to the original reopening reason.
