Can F&O loss be set off against capital gains?
Can F&O loss be set off against capital gains? Question: Whether loss incurred from trading in futures and options (F&O) on a recognized stock exchange, which qualifies as a non-speculative business loss under section 43(5), can be set off against capital gains and other income under section 71(2) of the Income Tax Act, 1961…. […]
Whether employees of Government PSUs can be treated as Government employees for the purpose of income-tax exemptions on retirement benefits?
Whether employees of Government PSUs can be treated as Government employees for the purpose of income-tax exemptions on retirement benefits? Whether employees of Government PSUs (Public Sector Undertakings) can be treated as Government employees for the purpose of income-tax exemptions on retirement benefits – such as gratuity, leave encashment, commutation of pension, etc. Basic Principle: Under the Income Tax Act, 1961, the term “Government employee” has a specific and… […]
When GST Turns Upside Down: The Tale of Inverted Duty and Twisted Logic
When GST Turns Upside Down: The Tale of Inverted Duty and Twisted Logic If taxes could talk, they’d probably say – “I’m not confusing, you just don’t understand me!” But when it comes to the Inverted Duty Structure (IDS) under GST, even tax officers might nod in sympathy. The term sounds academic, but its effect is… […]
It is mandatory to provide 1 month gap between ITR (audit) date and Tax Audit date: Gujarat HC on date extension petition
It is mandatory to provide 1 month gap between ITR (audit) date and Tax Audit date: Gujarat HC on date extension petition HUGE BREAKING: LIVE GUJARAT HIGH COURT JUDGEMENT: It is mandatory to provide 1 month gap between ITR (audit) date and Tax Audit date. We hereby order CBDT to extend the same and… […]
A Win for Real Estate: ITAT, Nagpur Confirms Retrospective Application of 10% Tolerance Band for Sec. 43CA
A Win for Real Estate: ITAT, Nagpur Confirms Retrospective Application of 10% Tolerance Band for Sec. 43CA In a significant case argued by me for Shree Maya Real Estate Pvt. Ltd, the Income Tax Appellate Tribunal (ITAT), Nagpur Bench has deleted an addition of ₹57,68,020 made under Section 43CA of the Income Tax Act, 1961, for the Assessment Year 2017-18…. […]
Samadhan Portal to be discontinued – Delayed payments cases of MSEs now to be filed on ODR portal
Samadhan Portal to be discontinued – Delayed payments cases of MSEs now to be filed on ODR portal All the delayed payments cases of MSEs should be filed on ODR portal and Samadhan portal has been discontinued wef 15th Oct 2025 Will exist only to act as a bridge between the old and new… […]
A Traveler’s Guide to Gold purchase and Import: Understanding Indian Customs Rules and Recent Court Relief
A Traveler’s Guide to Gold purchase and Import: Understanding Indian Customs Rules and Recent Court Relief For many Indians, purchasing gold jewellery abroad is a custom, a great deal, or a meaningful souvenir. However, returning to India with gold requires careful navigation of the Customs laws, especially the often-misunderstood “Baggage Rules, 2016.” This guide… […]
Short overview of key amendments in Form No. 3CD for AY 2025-26
Short overview of key amendments in Form No. 3CD for AY 2025-26 The most recent and significant amendments to Form 3CD were notified by the Central Board of Direct Taxes (CBDT) on March 28, 2025, through the Income-tax (Eighth Amendment) Rules, 2025. These changes are applicable for the financial year 2024–25 (Assessment Year 2025–26)… […]
TDS on salary under the New Income Tax Act, 2025:
TDS on salary under the New Income Tax Act, 2025: Effective from April 1, 2026, the TDS on salary will be governed by the New Income Tax Act, 2025, which simplifies and consolidates existing provisions. Key provisions for TDS on salary 1. TDS on salary: Section 392. This section details the rules for deducting… […]
Goodbye Office, Hello Taxman! A Cheerful Guide to Tax-Free Retirement Perks!
Goodbye Office, Hello Taxman! A Cheerful Guide to Tax-Free Retirement Perks! There comes a day in every salaried person’s life when the alarm clock becomes unemployed, the tie gets early retirement, and the word “target” finally means a golf score, not a boss’s demand. Yes, it’s called retirement – that golden phase where you finally get… […]
