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...
The Tribunal held that Section 87A rebate applies to STCG and LTCG taxed under Sections 111A and 112 when income is within ₹7 lakh. The denial based on system logic and future amendments was rejected.
The High Court held that the tax department cannot deny set-off of short-term capital loss when the same claim was accepted in factually identical connected cases. Consistency in tax treatment was upheld.
ITAT ruled that a resident individual, opting for new tax regime with income below ₹7 lakhs, is eligible for full S 87A rebate, even if their income includes STCG under S 111A3 Court held that no statutory bar existed for Assessment Year 2024-25, invalidating system-driven denial by CPC.
Overview of Capital Gains tax: definition of capital asset, distinction between short-term and long-term assets, meaning of transfer, list of exempt transactions, and the computation formula, including indexation rules and recent amendments.
Two CIT(A) rulings confirm the Section 87A tax rebate applies to total income up to Rs.7 lakh, even with Short-Term Capital Gains (STCG) u/s 111A, for taxpayers under the new 115BAC(1A) regime.
The Section 87A tax rebate controversy regarding Short-Term Capital Gains (STCG) and the ITAT Ahmedabad ruling. See the evolution of the rebate and the tax department’s handling.
The Income Tax Appellate Tribunal (ITAT) Pune has ruled in favor of an assessee, Sonal Ashish Shah, reversing an addition made by the Income Tax Officer (ITO) on the sale of shares in Blazon Marbles Limited, an alleged penny stock company.
ITAT Ahmedabad partially upholds PCIT’s revision in Torrent Investments case, focusing on Sec 14A disallowances while ruling on capital loss and CSR deductions.
The Ahmedabad ITAT has ruled that Section 87A rebate is applicable on STCG under Section 111A for taxpayers with income below ₹7,00,000. Learn how this decision impacts you.
Introduction When I wrote an article on this topic last year, for the very first time, I stated that rebate was not being allowed from 5th June 2024. After that, I received many mails and comments asking what happened to the writs or appeals on it. Later, we taxpayers won that appeal in the High […]
