The New Capital Gain Formula: More Choice, More Confusion
The New Capital Gain Formula: More Choice, More Confusion [Query 1] I have read in your earlier column regarding the computation of capital gains where an old property (acquired before 23rd July 2024) is sold. In such a case, the capital gain tax cannot exceed the lower of tax computed at 12.50% without indexation &… […]
Section 115BBE Controversy Nearing Closure: Rajasthan High Court Joins the Taxpayer Camp
Section 115BBE Controversy Nearing Closure: Rajasthan High Court Joins the Taxpayer Camp Enhanced 60% Tax Rate Cannot Be Applied Retrospectively, Says Rajasthan High Court Few provisions introduced in the aftermath of demonetisation have generated as much litigation as Section 115BBE. The provision, which taxes unexplained income covered under Sections 68, 69, 69A, 69B, 69C… […]
ITAT Delhi Clarifies: Once Form 10-IE Is Filed, New Tax Regime Option Continues Unless Withdrawn
ITAT Delhi Clarifies: Once Form 10-IE Is Filed, New Tax Regime Option Continues Unless Withdrawn Relief for Taxpayers Opting for Section 115BAC The transition from the old tax regime to the new tax regime has generated numerous disputes, particularly regarding procedural requirements and the filing of Form 10-IE. In a taxpayer-friendly ruling, the Delhi… […]
Demonetisation Tax Shock Gets a Reality Check: Rajasthan HC Rules 60% Tax Under Section 115BBE Not Applicable for AY 2017-18
Demonetisation Tax Shock Gets a Reality Check: Rajasthan HC Rules 60% Tax Under Section 115BBE Not Applicable for AY 2017-18 Rajasthan High Court Holds Enhanced Tax Rate Cannot Be Applied Retrospectively One of the most litigated consequences of the 2016 demonetisation exercise has been the tax treatment of unexplained cash deposits. While the… […]
Foreign Assets, Reassessment & Non-Residents: ITAT Special Bench Clarifies the 16-Year Rule
Foreign Assets, Reassessment & Non-Residents: ITAT Special Bench Clarifies the 16-Year Rule The reassessment provisions under the Income Tax Act have always been a fertile ground for litigation. One recurring question has been whether the extended limitation period available for reopening assessments involving foreign assets applies equally to non-residents. In a landmark ruling, the Mumbai… […]
Presumptive Taxation vs. Stamp Duty Valuation: ITAT Draws the Line Against Double Taxation
Presumptive Taxation vs. Stamp Duty Valuation: ITAT Draws the Line Against Double Taxation The Income Tax Act contains several deeming provisions. Individually, they serve a specific purpose. However, when two deeming provisions intersect, disputes often arise regarding their simultaneous application. One such controversy concerns the interaction between Section 44AD, which provides for presumptive taxation of… […]
Section 234C’s Hidden Cushion: The Lesser-Known 12% and 36% Advance Tax Rule
Section 234C’s Hidden Cushion: The Lesser-Known 12% and 36% Advance Tax Rule When discussing advance tax, most taxpayers and even many tax professionals instinctively recall the familiar payment schedule . 15% by 15 June ·45% by 15 September ·75% by 15 December ·100% by 15 March These percentages are so deeply ingrained in tax practice… […]
Presumptive Taxation vs. Stamp Duty Valuation: ITAT Draws the Line Against Double Taxation
Presumptive Taxation vs. Stamp Duty Valuation: ITAT Draws the Line Against Double Taxation The Income Tax Act contains several deeming provisions. Individually, they serve a specific purpose. However, when two deeming provisions intersect, disputes often arise regarding their simultaneous application. One such controversy concerns the interaction between Section 44AD, which provides for presumptive… […]
No GST Expense Claimed? Then No Section 43B Disallowance, Rules ITAT
No GST Expense Claimed? Then No Section 43B Disallowance, Rules ITAT Unpaid GST Shown as Liability Cannot Be Added Back If It Was Never Claimed as a Deduction Section 43B is one of the most frequently invoked provisions in income-tax assessments. It requires certain statutory liabilities, including GST, to be actually paid before… […]
Before You Click ‘Submit’… What Every Taxpayer Should Check in the ITR
Before You Click ‘Submit’… What Every Taxpayer Should Check in the ITR Every year, millions of taxpayers file their income tax returns in just a few minutes. Many even proudly remark, “Done in ten minutes!” Ironically, filing the return is the easiest part of tax compliance; filing it correctly is the real challenge. Those… […]
