Goods and Services Tax : Discover the significant GST budget amendments for 2024, including changes in levy provisions, demand recovery, ITC availment, and...
Income Tax : Learn about capital gains exemption on the sale of residential houses under Section 54 of the Income Tax Act, including conditions...
Income Tax : Stay updated with key changes and precautions in filing your Income Tax Return for FY 2023-24 to avoid penalties and ensure accura...
Income Tax : Discover how Section 54 & 54F exemptions extend beyond property owners to include spouses and legal heirs. Explore recent ITAT rul...
Income Tax : Understanding the tax implications of society redevelopment under the Indian Income Tax Act, covering aspects like capital gains, ...
Income Tax : Representation against Extension of time limit under section 54 to 54GB without extension of Income Tax Return due date Vidarbha I...
CA, CS, CMA, Income Tax : We have not noticed any heed being extended towards various issues and possible solutions we have proposed through those represent...
Income Tax : KSCAA has requested to Hon’ble Minister of Finance to extend various time limits under section 54 to 54GB of the Income-tax Act,...
Income Tax : All India Federation of Tax Practitioners (CZ) has requested CBDT that due date of filing return of income u/s 139(1) for all the ...
Income Tax : Direct Taxes Committee of ICAI has Request(s) for extension of various due dates under Income-tax Act, 1961 especially Tax Audit R...
Income Tax : ITAT Bangalore held that imposition of penalty under section 271D of the Income Tax Act unwarranted as reasonable cause shown for ...
Income Tax : ITAT Mumbai states holding period for capital gains should be computed from the allotment letter date, not the sale agreement regi...
Income Tax : Tribunal ruled that the relevant date for acquisition should be when the possession is handed over, not merely the agreement date....
Income Tax : ITAT held that agreement to sell coupled with possession constituted a valid transfer for the purposes of claiming deduction under...
Income Tax : ITAT Kolkata held that loss on sale of shares on recognized stock exchange with STT paid, is eligible to be set off against the lo...
Income Tax : For claiming exemption Section 54 to 54 GB of the Act, for which last date falls between 01st April. 2021 to 28th February, 2022 m...
Income Tax : Vide Income Tax Notification No. 35/2020 dated 24.06.2020 govt extends Due date for ITR for FY 2018-19 upto 31.07.2020, Last...
Income Tax : Notification No. 44/2012-Income Tax In exercise of the powers conferred by sub-section (2) of section 54, sub-section (2) of secti...
Learn how to save income tax on sale of a residential house in India under Section 54 of Income-tax Act, 1961. Complete guide and practical scenarios.
CESTAT Delhi held that goods imported are snow goggles and not sunglasses. Accordingly, the goods i.e. snow goggles are classifiable under residual CTH 90049090 as others and cannot fall under CTH 90041000 as sun glasses.
CESTAT Chennai held that site formation activity done after obtaining General Power of Attorney (GPA) but before selling the land is leviable to service tax under the category of ‘Site formation and clearance service’.
ITAT Ahmedabad rules deduction under Section 54 of the Income Tax Act not allowable in current year. Orders reexamination for Previous A.Y. Details here.
Insights on the JEM Exporter vs Union of India case, where the Bombay HC overturned the denial of input tax credit due to procedural errors.
ITAT Mumbai held that as per Section 56(2)(ix) of the Act money received as advance would be treated as income liable to tax in the hands of recipients under the head ‘Income from Other Sources’ provided such advance is forfeited and the negotiations do not resulted in transfer of the capital assets.
Section 54 of the Income Tax Act prescribes that an individual selling property can avail of tax exemption if the Capital gain amount is invested in the purchase or construction of residential property.
Delhi High Court rules in favour of a woman denied Section 54 tax exemption without hearing. Court mandates fairness and compliance with law.
Gauhati High Court held that Petitioner would be entitled to reimbursement of GST on differential amount of price variation of steel and GST paid by the Petitioner from the electronic credit ledger has to be taken into consideration while computing the Price Variation Clause (PVC) Claims of the Petitioner.
Learn about the conditions and benefits of claiming exemption under Section 54 of Income Tax Act when selling a residential house and acquiring another one.
