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The Income Tax Appellate Tribunal (ITAT) Bangalore, ruled that the profit on selling the land comes beneath the capital gain and thus liable for all the deductions permitted while calculating the income beneath the capital gain. The taxpayer is the owner of Shri Babulal is the proprietor of M/s. Bangalore sales and marketing is said […]
The Income Tax Appellate Tribunal (ITAT), Jaipur, has ruled that the previous water and electricity bills can not be provided as proof of construction of a house to claim deductions under capital gains under section 54F of the Income Tax Act, 1961 “Get to know complete guide of TDS provisions under income tax act 1961 […]
The New Delhi ITAT after determining that the taxpayer does not file either of the conditions specified in section 54 of the income tax, ruled that no infirmity in the IT authority’s order in refusing the advantage of the deduction of the long-term capital gains to the taxpayer under section 54. The Division Bench of […]
The tax benefits cannot be refused to the taxpayer because of an error made by the builder in assigning the apartment, the Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled. The bench of Rahul Chaudhary (Judicial Member) and Om Prakash Kant (Accountant Member) noted that the petitioner cannot be penalized for the mistake executed […]
In the case of Shree Avani Pharma [Advance Ruling No. GUJ/GAAR/R/2023/32 dated November 03, 2023], the AAR, Gujarat, ruled that the job work services offered by the applicant fall under Sr. No. 26(id) of Notification No. 11/2017-Center Tax (Rate) dated June 28, 2017. The services are classified under Heading SAC 9988, making the applicant liable […]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) ruled in favour of granting the capital gain exemption, stating that the transfer of property is considered complete only after the owners’ rights have been extinguished. In the relevant financial year 2005-06, which pertains to the assessment year 2006-07, the assessee Rajamanikam Meerabai sold a […]
The Income Tax Appellate Tribunal (ITAT) in Ahmedabad, in a recent ruling, determined that Tax Deduction at Source (TDS) under Section 194C of the Income Tax Act, 1961, should not be applicable to purchase expenses that were categorized as “contract expenses.” The taxpayer in question, Shubh Infra JV, operates as an Association of Persons (AOP) […]
Overview of the Direct and Indirect Tax Proposals in Budget 2023 (Finance Bill 2023) presented by Smt. Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs. Key Highlights of Finance Bill 2023 for Direct Tax In Budget 2023, the Finance Minister announced a number of changes to personal income tax, including a rise in the […]
Under section 115BAC of the Income-tax Act, 1961, the concessional/New Tax Regime (NTR), which was introduced in the Union Budget 2020, gives individuals and HUF taxpayers the opportunity to pay income tax at reduced rates in exchange for giving up some exemptions and deductions. The NTR was developed to streamline the filing of income tax […]
