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Income Tax : Finance Act, 2018 has withdrawn the exemption under clause (38) of section 10 of the Income-tax Act, 1961 (the Act) and has introd...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...
The issue was whether a Joint Development Agreement (JDA) constituted transfer triggering capital gains. The tribunal held no taxable transfer occurred as rights were unsettled due to partition disputes and lack of finality.
The Tribunal clarified that possession is not a mandatory condition for claiming Section 54 exemption. It held that investment within the prescribed timeline satisfies the legal requirement.
The Tribunal held that the sale of shares after holding them for nearly ten years could not be treated as a bogus penny stock transaction due to lack of evidence of manipulation.
The Tribunal ruled that admitting additional evidence without seeking a remand report from the Assessing Officer breaches Rule 46A. The matter was sent back to the AO for reconsideration after examining the evidence.
The Finance Act 2023 introduced a 12.5% LTCG tax without indexation as an alternative to 20% with indexation. Taxpayers must compare both options carefully before choosing the beneficial one.
Introduction The taxation of capital gains is one of the most significant components of India’s direct tax structure. Whenever a person sells shares, real estate, gold, mutual funds, or even digital assets at a profit, that gain is taxed under the Income Tax Act, 1961. However, the rate and method of taxation depend primarily on […]
The Calcutta High Court held that Section 263 cannot be invoked merely due to disagreement with the Assessing Officers view. Since the AO conducted proper inquiry and followed CBDT instructions, revision was quashed and LTCG treatment on unlisted shares was upheld.
The Tribunal held that the disallowance of share purchase cost under Section 115BBE, arising from alleged bogus LTCG, is interlinked with the quantum issue.
ITAT Lucknow held that additions under Section 68 in search cases cannot be made without incriminating material found during search. Penny stock LTCG additions were deleted and departmental appeals dismissed.
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.
