The updated provisions explain how long-term capital gains are classified, computed, and taxed following amendments introduced by the Finance (No. 2) Act, 2024 and reflected in the Finance Act, 2026.
Section 54B grants capital gains tax exemption when proceeds from the sale of agricultural land are reinvested in another agricultural property within the prescribed period. The provision also outlines conditions relating to agricultural use, Capital Gains Account Scheme deposits, and withdrawal of exemption on early transfer or non-utilisation of funds.
Learn what TAN is, who must obtain it, how to apply, and where it must be quoted under the Income-tax Act. The guide also explains exemptions, duplicate TAN rules, penalties, and compliance requirements.
The article analyses whether declaring profits below presumptive rates automatically triggers tax audit under the Income-tax Act, 2025. It concludes that the law’s ambiguity could support a narrower interpretation limiting audit requirements.
ITAT Lucknow held that derivative losses incurred by a spouse using funds gifted by the assessee can be clubbed and set off under Section 64(1)(iv). The matter was remanded to verify the actual quantum of eligible losses.
ITAT Delhi confirmed disallowance of a Section 80GGC claim after relying on investigation findings that the political party operated as an accommodation entry provider. The ruling emphasizes substance over form in tax deduction claims.
The article argues that the daily backup requirement under Rule 46(8) applies only to books maintained in electronic mode, not merely because accounting software is used on local computers.
This guide explains how unexplained cash credits under Section 68 and related provisions can attract steep taxation under Section 115BBE. It highlights the conditions for invoking these provisions and the consequences of failing to satisfactorily explain the nature and source of funds.
The document outlines how MAT and AMT ensure that companies and eligible non-corporate taxpayers pay a minimum level of income tax despite claiming deductions and exemptions. It explains the applicability, computation methods, credit mechanisms, exceptions, and compliance requirements governing these alternative tax provisions under the Income-tax Act.
The document outlines the categories of income exempt from taxation under Section 10 of the Income-tax Act and the conditions attached to such exemptions. It highlights that tax-free treatment extends to specified personal receipts, retirement benefits, allowances, investment incomes, and eligible institutions only when statutory requirements are satisfied.
