Income Tax
Selling or transferring a capital asset like property, capital gains arise which are taxable in the hands of the assessee/ taxpayer. Under Section 54 of the Income Tax Act, an…
Income Tax
There is a dispute whether exemption under section 54 or 54F to be allowed in regard to the amount invested in purchase or construction of the Residential House till the date of filing of…
For the old tax regime, an individual, who is resident in India, is allowed a tax rebate under section 87A if the total income of such individual does not exceed…
The Mumbai Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the services rendered by Indian commission agents to foreign principals will qualify as “export…
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that income derived from the sale of agricultural land is not a capital asset. The bench of Saktijit…
Co-op societies are eligible for a deduction under Section 80P(2)(d) for interest income from investments in co-op banks. section 80P(2)(d) of the Act specifically exempts interest earned from funds invested…
Faceless Assessment Scheme is one of the biggest Direct Tax reform in India which aims to provide Efficiency, Transparency and Accountability. Important feature of this scheme is No human interface…
Income Tax Appellate Tribunal (ITAT) of Mumbai Bench has allowed the deduction under Section 54F of the Income Tax Act on the grounds that the assessee is not the exclusive…
New tax regime will be the default tax regime. However, taxpayers can opt for the old regime. A tax rebate has been introduced under the new tax regime on income up…