Income reflected in 26AS after I filed my Income Tax Return - How to rectify it now?
Query]
I have, at the advice of the team of a broker regarding the bifurcation of the portfolio, agreed to the sale of 115 ...
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The Blogs
Tax evasion in Penny Stocks: C&AG Report in public domain suggesting that the hype could not generate the revenue it had hoped
Tax evasion in Penny Stocks: C&AG Report in public domain suggesting that the hype could not generate the revenue it had hoped
Chapter VI: Long Term Capital Gain on Penny Stocks
6.1 Introduction
Penny stocks95 are stocks, listed on stock exchange that ...
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Rs. 10 Cr ceiling proposed for capital gain exemption in Union Budget – 2023: An overview
Rs. 10 Cr ceiling proposed for capital gain exemption in Union Budget – 2023: An overview
"I propose to cap deduction from capital gains on investment in residential homes under Sections 54 and 54F to Rs 10 crore to target ...
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Ensuring Timely payment to Micro & Small Enterprises through Income Tax Law: Pros & Cons
Ensuring Timely payment to Micro & Small Enterprises through Income Tax Law: Pros & Cons
MSME are growth engines of our economy. Micro, Small and Medium Enterprises Development Act (MSMED) was enacted to take care of the MSME by creating ...
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Taxation & TDS provision on Sale of Agricultural land:
Taxation & TDS provision on Sale of Agricultural land:
Normally, all income & gain arising on sale of property is taxable. However, income arising on sale of agricultural land is totally tax free provided that
(a) it is rural agricultural land & ...
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Merely because some shares were rigged, it does not imply that the capital gains claim of assessee is bogus: ITAT
Merely because some shares were rigged, it does not imply that the capital gains claim of assessee is bogus: ITAT
Ronak Iqbal Lakhani (ITA 835 MUM 2022)
Facts:
AO noted that the assessee has traded in the scrip of M/s. VAS ...
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Expenses incurred to make the newly purchased house habitable can be claimed as a deduction U/S 54: ITAT Mumbai
Expenses incurred to make the newly purchased house habitable can be claimed as a deduction U/S 54: ITAT Mumbai
Renu Ratnakar Bhattacharya Vs Commissioner of Income Tax (Appeals) (ITAT Mumbai) (ITA No. 2146/M/2022)
Facts:
The Assessee had sold an immovable property ...
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Union Budget 2023: Extension of date of incorporation for eligible start-up for exemption
Union Budget 2023: Extension of date of incorporation for eligible start-up for exemption
The existing provisions of the section 80-IAC of the Act, inter alia, provides for a deduction of an amount equal to hundred percent of the profits ...
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Union Budget 2023: Restricting the benefit of capital gain Exemption to Rs. 10 Cr
Union Budget 2023: Restricting the benefit of capital gain Exemption to Rs. 10 Cr
Limiting the roll over benefit claimed under section 54 and section 54F
The existing provisions of section 54 and section 54F of the Income-tax, 1961 (the ...
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Union Budget 2023- Ensuring Payment to MSME within due date
Union Budget 2023- Ensuring Payment to MSME within due date
Section 43B of the Act provides for certain deductions to be allowed only on actual payment. Further, the proviso of this section allows deduction on accrual basis, if the ...
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Union Budget – 2023: Prevention of double deduction claimed on interest on borrowed capital for acquiring, renewing or reconstructing a property
Union Budget – 2023: Prevention of double deduction claimed on interest on borrowed capital for acquiring, renewing or reconstructing a property
Under the existing provisions of the Act, the amount of any interest payable on borrowed capital for acquiring, ...
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Union Budget 2023: Maturity proceeds of Life Insurance Policies of premium exceeding Rs. 5 Lakh made taxable
Union Budget 2023: Maturity proceeds of Life Insurance Policies of premium exceeding Rs. 5 Lakh made taxable
The budget 2023 has placed a restriction on the tax exempt income receivable from life insurance policies.
Let us know more about it:
Clause ...
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Interest earned by cooperative society from a cooperative bank is eligible for deduction: ITAT Mumbai
Interest earned by cooperative society from a cooperative bank is eligible for deduction: ITAT Mumbai
Amore Commercial Premises Co-Op Society Ltd. (ITA No.2873/ and 2874/M/2022)
Facts:
Assessee Society has invested is surplus funds with Co-Operative banks and earned the interest income ...
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Budget 2023: Proposal on Set off and withholding of refunds in certain cases
Budget 2023: Proposal on Set off and withholding of refunds in certain cases
Section 241A of the Act deals with withholding of refund in certain cases. As per the said section, where a refund becomes due to an assessee under ...
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No kitchen-Whether property can be considered as house property?
No kitchen-Whether property can be considered as house property?
In this case, Assessee argued that the impunged property is a one room tenement and the same is a guest accommodation of 500- s.ft for use by occasional guests. No income ...
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Section 80P does not make a distinction between the long term investments and short term investments: Interest income or dividend income should be earned by a co-operative society from another cooperative society is eligible for deduction U/s 80P
Section 80P does not make a distinction between the long term investments and short term investments: Interest income or dividend income should be earned by a co-operative society from another cooperative society is eligible for deduction U/s 80P
Here is ...
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Capital Gain Exemption: Section 54F The fact that income is assessable under the Head “House Property” is not determinative of the nature of properties as residential or not.
Capital Gain Exemption: Section 54F The fact that income is assessable under the Head "House Property" is not determinative of the nature of properties as residential or not.
Recently, Ahmedabad ITAT with regard to Capital Gain Exemption under Section 54F ...
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Systematic Investment Plan (SIP) of Mutual fund vs. Taxation on withdrawals
Systematic Investment Plan (SIP) of Mutual fund vs. Taxation on withdrawals
Systematic Investment Plan (SIP) is considered as one of the best modes of investment in the mutual fund. Lot of investors prefer SIP as it is an easy & comfortable ...
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