Income Tax : Section 50AA overrides the normal holding period rules and deems gains from specified assets as short-term capital gains, even if ...
Income Tax : This guide explains the taxation of capital gains, computation methods, capital assets, and transfer provisions under the Income-t...
Income Tax : Learn the eligibility, investment conditions, exemption limits, timelines, and withdrawal provisions for capital gains exemptions ...
Income Tax : The article explains how different interpretations of Section 112 may produce either nil tax or a positive tax liability for the s...
Income Tax : Learn how the increased Rs. 1.25 lakh exemption and 12.5% LTCG tax rate apply to listed shares and equity mutual funds. The guide ...
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Income Tax : Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introd...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 Kolkata condoned appeal delay, set aside the CIT(A)'s order, and remanded the assessment for fresh adjudication after grantin...
Income Tax : ITAT Chennai held that penalty under Section 271(1)(c) cannot survive when the AO accepts the income declared in the return filed ...
Income Tax : ITAT held ₹33 crore settled rights over the entire land, allowing full indexed acquisition cost and rejecting proportionate rest...
Income Tax : ITAT Chennai held that inclusion of taxable long-term capital gains in total income does not disentitle an assessee from claiming ...
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 : 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...
21. In view of the above submissions of the assessee and in view of the fact that M/s.Sky Blue Trading & Investment Pvt. Ltd. is sister concern of the assessee, we find no merit in the contentions of the assessee that the transaction between the assessee and M/s.Sky Blue Trading & Investment Pvt. Ltd. fell through because of the non-compliance of the conditions stipulated in the Memorandum of Understanding
The merger of Reliance Pertroleum (RPL) with Reliance Industries (RIL) is the latest in a long string of amalgamations and mergers that have taken place over time in the Reliance group. As per the arrangement announced by RIL, RPL shareholders of RPL will get one share of RIL for every 16 RPL shares held by […]
ACIT vs. Bright Star Investment (ITAT Mumbai) – Where the assessee had converted stock-in-trade into investments at their book value and later sold them and offered to tax the difference between the indexed book value and the sale proceeds as capital gains and the AO took the view that the difference between the book value and the FMV on the date of conversion had to be assessed as business income, Held:
The Securities Transaction Tax (STT) was introduced into the income-tax code by the Finance (No. 2) Act, 2004, taking effect from April 1, 2005. It was expected to give a major boost to both the income-tax department in terms of revenue and the equity market. When STT was paid on share transactions, no liability for long-term capital gains tax arose. Short-term capital gains were taxed at 10 per cent if STT was paid. This was the position till March 31, 2008.
One Vivek Bansal, Liberty House, Karnal had originally purchased deep discount bonds 1997 of Industrial Development Bank of India (I.D.B.I) @ of Rs. 5500/- each (the original purchaser). From him the assessee-respondent purchased those bonds @ Rs.9700/- each on 01.01.2001 for total value of Rs.19,40,000/ – (the assessee secondary purchaser). The original purchaser filed his return for the assessment year 2001-02 and reflected the difference in amount of purchase and the sale. Thus, a sum of Rs. 9,40,000/- became long term capital gain in respect of the original assessee. It is undisputed that the bonds were subject to accruing of interest year to year although, no income was received annually by the bond holder. The condition was modified by issuance of a press note later. The assessee-secondary purchaser received a draft of Rs. 19,08,200/-. This amount has been accounted for by the assessee-secondary purchaser.
Individuals will have to start reporting their income from all sources in due course, including tax-free income.The government is vetting a proposal to shift from an exemption to a deduction-based regime for reporting income, a government official said. This means while computing the tax outgo, an individual has to include income from all sources and then claim a deduction on tax-free income. The objective of the proposal, set to feature in the new income-tax code, is to establish an audit trail.
ASSETS RECEIVED UNDER GIFT – Where A acquired agricultural lands in 1961, and after converting them into non-agricultural use in 1962 gifted the lands to B in 1966, and later B sold them, the cost of acquisition under section 49(1)(ii) would be the amount originally paid by A, and not the value on the date of conversion or on the date of gift
