Income Tax : Union Budget 2024 proposes revised holding periods, increased short-term capital gains tax rates, and uniform long-term capital ga...
Income Tax : Explore FAQs on latest capital gains tax changes effective from July 23, 2024. Simplified holding periods, updated rates, and roll...
Income Tax : Understand Income Tax Act rates: Short Term Capital Gains @15% with STT, exceptions to 36-month rule, Long Term Capital Gains, and...
Income Tax : Explore the changes in taxation of debt mutual funds pre and post April 2023. Learn about impacts, benefits, and strategies. Inves...
Income Tax : Learn about short term capital gains tax under Section 111A: rates, exemptions, rebates, and conditions for applicability. Maximiz...
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 : The Supreme Court will hear on September 10 the impleadment petition filed by the Forex Derivatives Consumers Forum along with the...
Income Tax : DTC Billproposes to tax short-term capital gains arising from stocks and mutual funds at half the marginal rate.So, if your margin...
Income Tax : The Income Tax department is all set to move the Supreme Court for a final judgement on its tax claims of around Rs 2,000 crore (R...
Finance : The decision to make half-yearly internal audits obligatory for stock broking houses spells doom for smaller firms that are alread...
Income Tax : Explore the detailed analysis of JS Capital LLC Vs ACIT (ITAT Mumbai) regarding the offsetting of Short Term Capital Loss (STCL) a...
Income Tax : Explore how DCIT vs. Claris Lifesciences Limited case sets precedent for setting off deemed short-term capital gain on sale of dep...
Income Tax : Explore the DCIT vs K.E. Faizal case where the ITAT Cochin ruled on taxation of mutual fund gains, analyzing the application of In...
Income Tax : Assessee has appealed against an order passed by CIT(A) and subsequent addition. Learn more about Capital Gain cannot be treated a...
Income Tax : Delve into the Prem Naraindas Raney Vs DCIT (ITAT Mumbai) case to understand the complexities surrounding the set-off of short-ter...
Income Tax : CIRCULAR NO. 6/2015, Dated: April 9, 2015 no capital gains will arise at the time of exercise of the option in the case of Fixed M...
12. We have heard both the parties. The first contention of the learned AR is that section 195 is not applicable because the deductee is a tax resident of India and is being assessed in India. This ground of appeal has been decided by the learned CIT (A) against the deductor and the deductor has not filed any cross objection. Therefore, it cannot be held that section 195 will not be applicable
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
In every case in which tax is to be deducted at the rates in force under the provisions of sections 193, 194, 194A, 194B, 194BB, 194D and 195 of the Income tax Act, the rates for deduction of income-tax at source during the financial year 2008-09 have been specified in Part II of the First […]
The Income Tax department is all set to move the Supreme Court for a final judgement on its tax claims of around Rs 2,000 crore (Rs 20 billion) in cases involving dividend stripping prior to 2002-03. The taxman had lost the case in the Bombay high court last year. Though the government in 2005 put […]
The decision to make half-yearly internal audits obligatory for stock broking houses spells doom for smaller firms that are already burdened with low-trading turnover, dipping revenues and increased policy levies. According to a section of brokers, half-yearly internal audits will not only be difficult to implement, but also make a dent in their earnings kitty.
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.
With the boom in the economy witnessed over the past five years, many salaried individuals and businessmen are left with surplus cash. It is not uncommon for people to invest in properties and to dispose them off when the value appreciates significantly. One has to pay short-term or long-term capital gains tax on the profits made on the sale of a house, depending on how long the property was owned before the sale. A house refers to a residential property and does not include commercial property and plots of land.
IT all started with search and seizure operation conducted at the premises of Friends Portfolio. In the course of the search, statements of Shri Manoj Agarwal and other persons were recorded and thereafter assessment was completed in their cases. It was found that all the transactions undertaken by Shri Manoj Agarwal through Friends Portfolio and his other concerns were bogus transactions, in the nature of merely providing entries without any real physical transactions relatable to those entries. Such entries were taken by a number of persons, namely, S/Shri C.P. Khanna, Puneet Khanna, Rajiv Aggarwal, Dhanraj Singh, Harjoot Singh, M/s Ramco Steel (P) Ltd. etc. The last named company filed petition to the Settlement Commission for settlement of its case in respect of entries taken from Shri Manoj Agarwal. In the statement Shri Manoj Agarwal admitted that all the entries given by him through Friends Portfolio and his other companies were in the nature of accommodation entries, which could be grouped into six categories as under:-
