Income Tax : Learn how recent amendments to Section 112 of the Income Tax Act impact capital gains tax, including indexation rollback and new t...
Income Tax : In Respect of exemptions, deduction etc Income Tax Act, 1961 imposes various threshold limit. Like in respect of Tax Rates or in r...
Income Tax : Income-tax Act contains provisions for taxability of various allowances received by a taxpayer. These allowances are either in the...
Income Tax : Treatment of income from different sources Each income has different source of earning and so the provisions for its taxability. I...
Income Tax : Learn about the key exemptions available for capital gains under different sections like 54, 54B, 54D, 54EC, and more. Understand ...
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 : ITAT Jodhpur ruled in favor of Arun Agarwal, allowing exemption under Section 54B for agricultural land sale, emphasizing that par...
Income Tax : ITAT Bangalore sets aside CIT(A) order in Section 54 exemption case due to lack of documents. The case is remanded for fresh revie...
Income Tax : PCIT observed that no agricultural activity was carried out from the year 2014 till 2018 in both the lands i.e. the agricultural l...
Income Tax : ITAT Delhi held that denial of exemption under section 54B of the Income Tax Act for purchase of agricultural land in the name wif...
Income Tax : Tribunal was justified in declining capital gain exemption under Section 54F with respect to a property described as “makaan...
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...
ITAT Jodhpur ruled in favor of Arun Agarwal, allowing exemption under Section 54B for agricultural land sale, emphasizing that partial agricultural use is sufficient.
ITAT Bangalore sets aside CIT(A) order in Section 54 exemption case due to lack of documents. The case is remanded for fresh review.
PCIT observed that no agricultural activity was carried out from the year 2014 till 2018 in both the lands i.e. the agricultural land which was transferred by the assessee and also the land which was purchased by the assessee.
ITAT Delhi held that denial of exemption under section 54B of the Income Tax Act for purchase of agricultural land in the name wife of the assessee is not justifiable. Accordingly, denial of benefit of deduction set aside.
Learn how recent amendments to Section 112 of the Income Tax Act impact capital gains tax, including indexation rollback and new tax calculation options.
Tribunal was justified in declining capital gain exemption under Section 54F with respect to a property described as “makaan” (house) in the registered sale deed but in reality having a brick kiln construction.
ITAT Ahmedabad held that the entire proceedings under Section 263 of the Act were initiated and completed by the PCIT within a period of only 12 days without pointing out reason for lack of enquiry unjustified. Accordingly, matter restored back.
ITAT Pune held that exemption under section 54F of the Income Tax Act entirely allowed as entire amount re-invested by the assessee and name of the son taken only as a proforma purchaser.
In Respect of exemptions, deduction etc Income Tax Act, 1961 imposes various threshold limit. Like in respect of Tax Rates or in respect of deduction under section 80C, 80D, 80U etc. Some of the Popular Limits are Tax Rates, Conveyance Allowance, HRA, Home Loan Interest, Deduction Under Section 80C, Leave Encashment, Gratuity, Medical Reimbursement etc. […]
Income-tax Act contains provisions for taxability of various allowances received by a taxpayer. These allowances are either in the nature of income which is exempt from tax or is an expenditure which provides weighted deductions to the taxpayer. This list gives a glimpse of tax treatment of various allowances available to a taxpayer. Allowances available […]
