Capital Gains under the Income Tax Act, 1961: A Comprehensive Guide I. Introduction Capital gains refer to the profits arising from the sale of capital assets. The Income Tax Act, 1961, classifies capital gains into two categories: short-term capital gains (STCG) and long-term capital gains (LTCG). II. Classification of Capital Gains Short-Term Capital Gains (STCG): ...
Income Tax Department enabled the “Discard ITR” option for unverified original/belated/revised Income Tax Returns (ITRs) starting from Assessment Year 2023-24. Discard Return FAQs Question 1:I filed my Original ITR u/s 139(1) on 30th July 2023 but not yet verified. Can I Discard it? Response:Yes, user can avail the option of “Discard” for the ITRs being ...
CBDT signs six Advance Pricing Agreements (APAs) with taxpayers in the last thirty days. Source link
Toll Tax Exemption in India Driving on Indian roads requires adherence to traffic rules and regulations set by the transport department. One such rule that often comes up is toll tax, which must be paid by four-wheeler and larger vehicles to continue their journey. However, there are 21 individuals in India who are exempt from ...
Form 10bb in excel format Form 10BB (A.Y. 2023-24 onwards) FAQs Question 1: From which Assessment Year re-notified Form 10BB is applicable? Resolution: Form 10BB notified vide Notification No. 7/2023 dated 21st February 2023 is applicable from Assessment Year 2023-24 onwards. Question 2: Is Form 10BB which was being filed prior to issuance of Notification No. ...
Income Tax CPC – One Assessee having income Rs. 30 Lakhs and withdrawal from Bank is Rs.3 Lakhs on which Bank deducted TDS Since it has nothing to do with income hence Assessee filed the return and claimed the deduction of TDS.CPC issued notice under section 139(9) – defective return. Income Tax CPC – One ...
Important for a customer to know whether there is any tax liability on the amount deposited in a bank and whether his account will be debited with a TDS amount for withdrawals from his bank account. Taxability Cash Deposits/Withdrawals – Specified Financial Transactions According to Income Tax Act, some of the transactions are treated as specified financial ...
Income Tax Department has issued a reminder to taxpayers about the imminent deadline for filing the Updated Income Tax Return (ITR) for the Assessment Year 2021-2022. This revised return is applicable in cases where the taxpayer has not previously submitted an income tax return or if the initially filed return contains errors or omissions. The ...
the recent Supreme Court decision regarding the applicability of the changes made in the Income Tax Act. Title: Supreme Court Ruling: Changes in Income Tax Act Applicable to Earlier Search Cases The Supreme Court of the country recently made a significant decision regarding the applicability of changes made in the Income Tax Act. The apex ...
TDS Meaning and TDS full form: TDS full form is Tax deducted at source and it is a tax collection process of the Government of India to collect tax at source of income only. Under this system, a specific percentage is deducted when the payer makes the payment. And then, this deducted amount is paid ...