How to Update Permanent Account Number Resident Status to NRI / PIO From 1 July 2023, the Income Tax Department (ITD) deactivated Permanent Account Numbers not linked to Aadhaar — this included many NRIs and PIOs because their PAN residential status was not updated. Impact if not updated Trading blocked on NSE and BSE, Higher …
How indexation affects LTCG & Aet-offs post Budget 2024 comprehensive explanation of how indexation affects capital gains tax and set-offs—especially in light of the Budget 2024 changes. Key Capital Gains Tax Changes in Budget 2024 Explained Indexation removed for property sales after 23 July 2024. Grandfathering applies to properties purchased before 23 July 2024. LTCG …
Update on Income Tax Return Processing Transparency Just two days ago, during our live session, we highlighted that only 95k ITRs had been processed—despite over 55 lakh filings already being recorded. Now, the Income Tax Department has removed the Income tax return processed count from its official website. This move raises serious concerns. As Income …
Capital Gains Exemptions—Financial Year 2024-25/ Assessment Year 2025-26 Here is a summary of various exemptions available under the Income Tax Act in respect of capital gains for FY 2024-25/AY 2025-26: Section Eligible Assessee Asset Transferred New Asset to be Acquired Conditions & Time Limit Max. Exemption 54 Individual / HUF Residential House (Long-Term Capital Asset) One …
Senior tax officials can access various digital platforms during investigations into suspected tax evasion The Income Tax Bill, 2025, proposes significant changes that expand the scope of tax investigations to include digital assets and virtual spaces starting from April 1, 2026. Starting April 1, 2026, India’s Income Tax Department will have expanded powers under the …
Overview of Leave Travel Allowance & its tax benefits Overview of Leave Travel Allowance (LTA) and its tax benefits. However, some aspects may need updates or clarifications based on recent tax regulations. Here are a few key points to consider: Block Period Update – The current block period is 2022-2025, not 2014-2017. Employees should ensure …
Bogus political donations & fraudulent claims u/s 80GGC & 80GGB This issue highlights a major concern regarding bogus political donations and fraudulent deduction claims under Section 80GGC (for individuals) and Section 80GGB (for companies) of the Income Tax Act. These sections allow 100% tax deduction for donations made to registered political parties. However, since political …
Public Interest Litigation filed to challenge Sec 87A rebate denial & unfair demand raised by Govt A Public Interest Litigation was recently filed before Gujarat High Court on October 16, 2024, by Chartered Accountant Chintan N. Patel, represented by Advocate Chartered Accountant Rutvij Patel, challenging income tax demands raised by Tax Dept in relation to …
Golden rules for Setting off losses & Carry Forward of Losses The Income Tax Act provides provisions for setting off and carrying forward losses, helping taxpayers minimize taxable income in the current year and future years. The golden rules for setting off losses based on various provisions of the Income Tax Act. Definition and Distinction …
Frequently asked questions on Section 43B(h) of the Income Tax Act Q: When will the amendment on on Payments for Goods or Services Provided by MSEs U/s 43B(h) of the Income Tax Act come into effect? Ans. The amendment on on Payments for Goods or Services Provided by MSEs U/s 43B(h) has taken effect from …