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 : Understand the key differences between Section 54 and Section 54F for LTCG exemption through investment in residential property. E...
Income Tax : Explore exemptions under capital gain with sections 54, 54B, 54D, 54EC, 54F, 54G, and 54GA. Eligibility, assets, limits, and lock-...
Income Tax : Introduction: The financial year 2023-24, corresponding to the assessment year 2024-25, introduces significant amendments that imp...
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 : Detailed analysis of the ACIT vs Himanshu Garg case at ITAT Delhi regarding capital gains, section 54F exemption, and land sale co...
Income Tax : ITAT Jaipur directs AO to quash Assessment Order under section 143(3) of Income Tax Act as notice to deceased assessee is deemed i...
Income Tax : Section 54F amendment restricting exemption to one residential house was prospective, applying only from April 1, 2015 and Violat...
Income Tax : Discover how the Madras High Court ruled on treating multiple flats as a single residential unit under Section 54F. Detailed analy...
Income Tax : Explore Arun K Thiagarajan Vs CIT, a case on Section 54 of the Income Tax Act, 1961. Detailed analysis, implications, and the cour...
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...
Once an appeal is lodged with CIT(A), the PCIT’s authority to revise assessment under Section 263 is circumscribed – Kathiravan Ananthalakshmi Vs ACIT (ITAT Chennai)
Delhi ITAT addresses Pr.CIT’s revisional order on Section 54F deduction misuse for AY 2017-18 in Anju Ahuja vs PCIT, clarifying legal interpretations.
Chennai ITAT finds revisionary authority’s exercise of jurisdiction under section 263 invalid when a larger issue is pending before CIT(A), upholding legal precedents.
Introduction: The financial year 2023-24, corresponding to the assessment year 2024-25, introduces significant amendments that impact taxability, exemptions, and deductions. These changes are pivotal for taxpayers aiming to navigate the altered fiscal landscape effectively. Understanding these amendments is crucial for optimizing tax planning and compliance. Applicable Sec Particulars Taxability Sec 50AA Taxability of Debt Fund […]
Explore the case of Ramprasad Nigam vs ITO under Section 271(1)(c) for disallowed exemption claim under Section 54. The penalty is quashed based on accurate disclosure.
Explore ACIT Vs Iqbal Ali Khan case at ITAT Hyderabad, challenging disallowance of Section 54F claim on a property used for religious purposes. Detailed analysis and outcome.
Central issue revolved around assessee’s claim for deduction under Section 54F for investing sale proceeds of shares in a residential flat purchased in the name of his minor daughter.
ITAT Delhi rules in favor of taxpayer Simran Bagga, allowing deduction under section 54 for property registered in spouse’s name. Full text and analysis here.
Read ITAT Delhi’s order on Rajiv Ghai vs. ACIT case. Deduction under section 54F allowed for house registered in parents’ name. Detailed analysis and conclusion.
In this article, we will delve into the taxability of such transactions, specifically focusing on the provisions outlined in Section 45(5A) of the Income Tax Act.
