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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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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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: 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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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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Representation for taking corrective measure to offer capital gain exemption for FY 2021-22
Representation for taking corrective measure to offer capital gain exemption for FY 2021-22
To
Smt. Nirmala Sitharaman Ji
The Finance Minister
Government of India
New Delhi
Reference: CBDT Circular No. 1/2023 Dated 06.01.2023
Respected Madam,
Vidarbha Industries Association is the premier industry association of Central India working ...
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Hello CBDT, Why did you extend the capital gain exemption date when the relief cannot be enjoyed?
Hello CBDT, Why did you extend the capital gain exemption date when the relief cannot be enjoyed?
The Covid-19 pandemic and resultant restrictions have resulted in genuine hardship to certain taxpayers who could not avail the benefits or failed to ...
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Loss on account of purchase of distribution rights of the film ‘Arakshan’ is a capital loss: ITAT
Loss on account of purchase of distribution rights of the film ‘Arakshan’ is a capital loss: ITAT
M/s Nadiadwala Entertainment & Technologies 9 ITA No. 5663/M/2019 & CO NO. 23/M/2021
Facts:
The assessee advanced a sum of Rs.8.9 crores to “Prakash ...
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Fruit you cannot Eat: Extension of the date of claiming capital gain exemption by CBDT
Fruit you cannot Eat: Extension of the date of claiming capital gain exemption by CBDT
There are often the announcements and notification which though issued for the benefit of the taxpayers end up with zero value. The recent one is ...
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Extension of the period of claiming Capital Gain Exemption: An Eyewash
Extension of the period of claiming Capital Gain Exemption: An Eyewash
The Covid-19 pandemic and resultant restrictions have resulted in genuine hardship to certain taxpayers who could not avail the benefits or failed to comply with the statutory requirements within ...
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Capital Gain Exemption u/s 54F allowable If Property in Question Found to be Commercial Nature: ITAT
Capital Gain Exemption u/s 54F allowable If Property in Question Found to be Commercial Nature: ITAT
The Income Tax Appellate Tribunal ‘B’ Bench, Chennai, has while allowing an appeal filed by the Revenue, held that capital gain exemption u/s 54F ...
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Capital Gain exemption admissible if the taxpayers acquired substantial domain over the house property and has paid the entire cost
Capital Gain exemption admissible if the taxpayers acquired substantial domain over the house property and has paid the entire cost.
Here is a landmark order by Bombay HC wherein it has been held that Capital Gain exemption admissible if the taxpayers ...
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