Can I claim Section 89 relief even if the previous year’s ITR is not filed?
The Income Tax Department does not mandate the filing of ITR for previous years to claim Section 89(1) relief. Even if a taxpayer did not file an ITR for the...
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Income Tax Act 1961
Comprehensive Guide on Capital Gains Tax in India
Introduction to Capital Gains Tax Capital Gains Tax is levied on the profit earned from the sale of a capital asset during a financial year. The taxability of such gains falls under the head “Capital Gains” in...
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Income Tax Act 1961
Supreme Court: Offence Before Show-Cause Notice is ‘First Offence’ Under Income Tax Compounding Guidelines
In a landmark ruling, the Supreme Court of India has overturned the Gujarat High Court’s 2017 judgment, which had upheld the rejection of a compounding application for Assessment Year (AY) 2013-14 due to the late...
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Capital Gain
Tax Planning Within Law Is Not Tax Evasion – Offsetting STCL Against LTCG Is Legal – ITAT Mumbai
ITAT Allows Taxpayer to Offset STCL Against LTCG, Rejecting Tax Evasion Claims The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has upheld the right of taxpayers to offset...
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BLACK MONEY ACT
The Taxman Knows: Why and How to Disclose Your Foreign Assets in India
The Indian Income Tax Department has intensified its focus on foreign assets held by resident taxpayers. With advanced data-sharing mechanisms and stringent laws like the Black Money (Undisclosed Foreign Income and...
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Bogus Transactions
Admit Bogus Transactions, Face Reassessment – Gauhati HC Ruling
Notice Under Section 148A(b): Gauhati High Court Upholds Validity in Case of Bogus Transactions The Gauhati High Court recently addressed the validity of notices issued under Section 148A(b) of the...
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Allahabad High Court
Indirect Fund Transfers Not ‘Unexplained Money,’ Rules High Court
Funds Temporarily Held in One Account Before Transfer to Another Doesn’t Qualify as Unexplained Money: Allahabad High Court The Allahabad High Court has clarified that funds temporarily placed in one...
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Income Tax Act 1961
Celebrating the Spirit of the Constitution: ‘Hamara Samvidhan, Hamara Samman’
To mark the 75th anniversary of India as a Republic and the adoption of its Constitution, the Department of Justice has launched a transformative, year-long, nationwide campaign titled ‘Hamara Samvidhan, Hamara...
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Advance Tax
Time to negotiate your Tax Bills with Income Tax department – Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV 2024)
The Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV 2024): Simplifying Tax Dispute Resolution The Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV 2024) is a transformative government initiative designed to address...
Read MoreAccounting Standard (AS) 1: Disclosure of Accounting Policies
Introduction of AS1 – Disclosure of Accounting Policies Accounting Standard (AS) 1, introduced in 1979, underscores the importance of disclosing significant accounting policies used in preparing and presenting financial statements....
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