Income Tax Department identify cases where capital gain tax has not been paid by land owners : The Income Tax Department’s recent focus on capital gains tax compliance under Section 45(5A) of the Income Tax Act emphasizes the importance for landowners (individuals and HUFs) involved in Joint Development Agreements to meet their tax obligations. Here’s …
Complete Overview Analysis of its scope, applicability, & Importance of Section 50D Section 50D of the Income Tax Act is a key provision that deals with the valuation of capital assets in situations where the consideration for the transfer is either not ascertainable or inadequate. Sec 50D of the Income Tax Act applies when the …
Taxation Concept & distinction between of Real Income vs. Deemed Income: The distinction between real income and deemed income is a fundamental concept in income tax law. It determines when and how income becomes taxable. Here’s an overview of the relevance of real income vis-à-vis deemed income, along with the legal framework supporting this distinction: Real …
Navigating Complex Taxation of Rental Income for Indian Landlords Rental income can be a significant source of revenue for property owners in India. However, understanding the tax implications associated with rental income is crucial for effective financial management. This article will guide you through the complexities of rental income taxation, including ITR filing, income tax …
Annual Information Statement feedback process The new AIS (Annual Information Statement) feedback process enhances taxpayer services and compliance ease by allowing users to review their transactions and submit feedback. Here is how it works: Taxpayers can now review their transactions and submit feedback directly in the AIS system. Feedback Confirmation: Submitted feedback is taken up …
How to delinking your Aadhaar from the wrong PAN. Taxpayers submit a request to your Jurisdictional Assessing Officer (JAO) for delinking your Aadhaar from the wrong PAN. And after D-Link & Visit the e-filing website and follow the instructions to link your PAN and Aadhaar again with 1000/- fee. And during this time your payment …
CBDT : Allowed HRA Exemption who pay rent to their parents, spouses/ family Members For individuals that pay rent and live in rented housing, the Income Tax Act of 1961 provides the House Rent Allowance (HRA) as a way to reduce taxes. This clause also applies for individuals who rent to their parents, spouses, or …
CBDT Update that a record of 8.18 Cr ITR have been file till 31 Dec 2023 Unique landmark for the Income-tax Department! The Central Board of Direct Taxes update that A record of 8.18 Cr Income Tax returns have been submitted until 31 Dec 2023 this Financial Year against 7.51 Cr Income Tax returns (I-T) …
Which is a better option: Stock or Mutual Fund ? Over 1 crore of new Demat accounts was opened in the previous year. Just 49 lakh demat accounts were opened in 2019 in order to bring that into perspective. There is no doubt that interest in equities has spiked with the financial markets back to …
No need to Form 10-IE for exercise/withdrawal of option u/s 115BAC in ITR 1 & ITR 2 Each individual and Hindu Undivided Family who exercises the option under section 115 AC (The New Tax Regime) is required by Rule 21 AG to submit an application in Form 10-IE via electronic means on their income. The …