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 : The article explains how Short-Term Capital Gains are classified, computed, and taxed under the Income-tax Act, 1961, as amended b...
Income Tax : The updated provisions explain how long-term capital gains are classified, computed, and taxed following amendments introduced by ...
Income Tax : Section 54B grants capital gains tax exemption when proceeds from the sale of agricultural land are reinvested in another agricult...
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 : ITAT held that Section 87A rebate cannot be denied on tax payable under Section 111A where the assessee qualifies under the prescr...
Income Tax : The Tribunal ruled that an Investigation Wing report alone cannot justify an addition under Section 68 without independent verific...
Income Tax : The Hyderabad Bench emphasized that penalty under Section 271(1)(c) cannot be imposed solely because an addition survives appellat...
Income Tax : The assessee had fully disclosed the share transactions and claimed exemption under Section 10(38) in the original return. The ITA...
Income Tax : ITAT Delhi ruled that the holding period for capital gains purposes began from the date of full payment and transfer of possession...
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...
ITAT Ahmedabad held that depreciation on goodwill arising from amalgamation was allowable for assessment years prior to AY 2021-22. The Tribunal ruled that amendments excluding goodwill from depreciable assets operate prospectively.
The Tribunal ruled that a genuine share transaction resulting in a short-term loss cannot automatically be treated as a make-believe or accommodation entry transaction. The assessee’s regular trading history supported the genuineness of the transactions.
The new law treats gains from depreciable assets as short-term capital gains for all purposes, not merely for computation. This effectively removes exemption benefits previously allowed through judicial interpretation under the old regime.
The Tribunal held that long-term capital gains cannot be disallowed solely on investigation reports and assumptions. It found that documentary evidence and investment history supported genuineness, leading to deletion of additions under Section 68.
Rebate under Section 87A includes STCG for eligibility but cannot be applied to such income. This creates a limitation in tax benefit for taxpayers earning capital gains.
The dispute involved incorrect invocation of valuation provisions by the AO. The Tribunal ruled that using Section 142A instead of 55A vitiated the assessment.
The case explains how salary income is computed on a gross basis with only specific deductions permitted. It clarifies the scope of taxable components and highlights the restrictive nature of allowable deductions under the Income-tax Act.
The issue concerns when capital gains become taxable under the law. The framework clarifies that gains are taxed in the year of transfer, with exceptions for specific cases like compensation and conversions. The key takeaway is that timing of transfer is central to determining tax liability.
The Tribunal held reopening valid as tangible material showed undisclosed capital gains. It ruled that execution of a registered sale deed triggers tax liability even if consideration is disputed.
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 […]
