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 …
TAX GUIDE FOR SALARIED INDIVIDUALS AY 2025-26 Under this blog outlines the tax guide for salaried individuals for AY 2025–26. Tax Regimes for FY 2024-25 (AY 2025-26): New Tax Regime: Default regime under Section 115BAC (1A). Taxpayers can opt for Old Tax Regime if preferred. Business Income: Option to switch regimes is limited to once …
Analysis of Issues in India’s New Tax Regime & Proposed Taxation system India’s tax system offers two personal tax regimes: Old Tax Regime: Higher rates, numerous exemptions and deductions. New Tax Regime : Lower rates, fewer deductions, now the default option. Both regimes allow a INR 50,000 standard deduction for salaried individuals, ensuring some parity …
Taxation of property transactions where the consideration is less than stamp duty value Section 56(2)(x) of the Income Tax Act was introduced to address the taxation of gifts or property received without adequate consideration. It replaced the earlier provisions under Section 56(2)(vii) and (viia) and widened the scope to include all categories of taxpayers (individuals, …
Section 87A Rebate Restored- utility update disallowed rebate on Special Rate Income The Income Tax Department’s announcement about the updated utilities for ITR-2 and ITR-3 incorporating Section 87A rebate provisions is a notable development, especially for taxpayers dealing with income taxed at special rates such as Short-Term Capital Gains u/s 111A and Long-term capital gains …
PAN 2.0 Project- Aims, benefits & who should apply? PAN 2.0 Project, approved by the Cabinet Committee on Economic Affairs on November 25, 2024, is a key e-governance initiative aimed at modernizing the taxpayer registration system in India. In essence, PAN 2.0 is a crucial step towards digital transformation, designed to improve taxpayer services, make …
Filing a Belated Income Tax Return: Key Details If you’ve missed the deadline to file your Income Tax Return (ITR), you can still file it as a belated return under Section 139(4). While filing the belated return, you must select Section 139(4) of the Income Tax Act. What is a Belated Return? A belated return …