What are Forms 15G and 15H? These are self-declaration forms submitted by individuals to prevent TDS on interest income and other eligible incomes if their total taxable income is below the basic exemption limit. Form 15G and Form 15H are self-declaration forms used to request non-deduction of TDS (Tax Deducted at Source) on certain incomes (usually …
Taxation of Gains from Equity Shares Short-Term Capital Gains (STCG) : Gains from selling equity shares listed on a stock exchange within 12 months of purchase. Tax Rate on STCG is @ 15% Long-Term Capital Gains : Long-Term Investor is holding shares for over a year before selling. Capital Gains. LTCG taxed at 10% on …
CBDT extended the deadline for filing Form No. 56F for AY 2024-25 to March 31, 2025. CBDT has extended the deadline for filing Form No. 56F for the AY 2024-25 to March 31, 2025. This extension provides additional time for taxpayers to submit the required accountant’s report necessary to claim exemptions u/s 10A & 10AA …
Differences Between Updated Return (ITR-U) and Application for Condonation of Delay u/s 119(2)(b): Amendments in Budget 2025 for ITR-U Previously, taxpayers had 2 years from the end of the relevant assessment year to file an updated return (ITR-U). Budget 2025 extends this period to 4 years, providing more time for taxpayers to correct omissions and …
Updated Return (ITR-U) Can sometimes be costlier than a reassessment. Can updating ITR cost you more than a reassessment? Yes, updating an Income Tax Return (ITR) using ITR-U (Updated Return) can sometimes be costlier than a reassessment initiated by the Income Tax Department. The proposed extension of the ITR-U (Updated Return) filing window from two …
No More 54EC benefits for depreciable assets under Income Tax Bill 2025 The proposed changes in the new Income Tax Bill 2025 regarding Section 54EC deductions reflect a significant shift in how capital gains reinvestment exemptions will be treated, particularly concerning depreciable assets. Old Interpretation on 54EC Benefits under Pre-2025 Bill U/s 54EC of the …
Taxation on Sale of Property under Income Tax Bill, 2025 The New Income Tax Bill, 2025, introduced in the Lok Sabha on February 13, 2025, aims to simplify and modernize India’s tax laws. While the bill largely aligns with the existing provisions of the Income-tax Act, 1961, it introduces certain changes concerning the taxation of …
The viral claim that senior citizens above 75 years old are exempt from paying taxes is false. Fact Check: What is the Truth? No Tax Exemption for Senior Citizens Above 75 Years : The Government of India has not announced any such exemption for senior citizens. Section 194P – Exemption from Filing ITR, Not Paying …
Overview on Capital Gains Taxation under Section 54F ITAT Chandigarh Ruling: Deduction u/s 54F allowed on flat constructed on land owned by mother Key Takeaways from ITAT Chandigarh Ruling on Section 54F Deduction in the matter of: Sher Singh Vs ITO (ITAT Chandigarh) – ITA No. 647/CHD/2023 Facts of the Case: The Commissioner of Income …
How long does it take to receive a PAN card after applying? A PAN card is a vital document for Indian citizens, as it links all the financial transactions made by an individual or an entity. By doing so, it curbs tax evasion as every transaction made is linked and recorded. PAN stands for Permanent …