Income Tax Articles

TDS On Sale Of Property For NRI

CA Ruby Bansal 23 January 2024 at 17:35

While selling a property, the buyer is required to deduct a certain percentage of the sale amount as TDS. TDS on property sale is a mechanism to ensure that taxes are deducted at the time of property transactions.

Deductibility of Interest on Loan Taken for Family Settlement against Capital Gains from Gifted Property

CA Divyajeet Singh Sabharwal 23 January 2024 at 08:50

This article delves into the intricacies of the case, analyzes the relevant legal provisions, and offers a critical perspective on the deductibility of such interest claims.

Section 43B(H) Impact on Outstanding MSME Creditors from FY 23-24 Onwards

CA Sohrabh Jindal 23 January 2024 at 08:50

Deduction and Disallowance in Income Tax on Outstanding creditors registered under MSME from FY 23-24 onwards- Section 43B(h) of Income Tax Act

Mutual Fund Transactions Treated as Investments, Not Business Activities

CA Kunal Jain 22 January 2024 at 13:26

The appeal in question pertains to the Assessment Year (AY) 2006-07, involving a second round of litigation after the Income Tax Appellate Tribunal (the Tribunal) passed an order dated 16.10.2018.

Ram Mandir Donations: Deduction Allowed under Section 80G?

CA Aman Rajput 22 January 2024 at 08:45

This article aims to guide you through this maze, shedding light on the tax implications of your Ram Mandir donations.

Bombay High Court dissects taxability on 'accrual' concept, when a dispute is under judicial purview

Vivek Jalan 20 January 2024 at 08:25

Mesne profits, which are yet to be determined, do not come within the purview of an accrued income for the purposes of Section 4 and 5 of the Income Tax Act till the judgment regarding civil dispute was rendered in this regard.

Analysing AO making additions on Peak Purchase Credit

CA Divyajeet Singh Sabharwal 20 January 2024 at 08:25

This judgment, with far-reaching implications for taxpayers and tax authorities, warrants a closer look through the lens of its implecations and detailed analysis.

Non-filing of ITR can lead to prosecution

Vivek Jalan 18 January 2024 at 14:05

Taxpayers are now witnessing a new era where economic offenses are no more taken with an attitude of "Letting things be". Tax Professionals should also change accordingly and ensure that tax compliances are in order.

Condonation of Delay in Filing ITR

CA.Sangam Aggarwal 18 January 2024 at 08:53

As we know that every assessee or taxpayer has to file their Income Tax Return within time prescribed i.e. 31st July/31st October under section 139(1)/139(4) of Income Tax Act, 1961.

Claiming Exemption Under Section 54F: When Religious Use turns Residential Intent

CA Aman Rajput 18 January 2024 at 08:53

This article delves into a specific case where the assessee's claim for exemption under Section 54F was denied due to the predominant use of the building for religious purposes, namely a mosque, orphanage school, and staff quarters.