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SOLD TAX TAX LAW
Sold land for Rs 7.24 crore, paid no tax, received income tax notice; Know how Google Earth photos and revenue records helped taxpayer to win this case in ITAT AhmedabadFamily member sold his 1/3rd share of agricultural land for Rs 7.24 crore, pays no tax, tax dept sent notice, he wins case in ITAT Ahmedaba...- Sold property for Rs 94 lakh despite a stamp value of Rs 1.93 crore, received an income tax notice under Section 50C; ITAT Chennai grants relief for this reasonChennai man sold property for Rs 94 lakh despite Rs 1.93 crore stamp duty value; so tax dept sent notice u/s Section 50C to tax the differe...
- REITs set to gain tax flexibility, cash flow boost under new BillIndian REITs could gain greater tax flexibility under the Taxation and Other Laws (Amendment) Bill, 2026, which allows SPVs to opt for conc...
- Rajya Sabha to take up Taxation, Bankers’ Books bills on MondayThe Rajya Sabha will consider two important bills on Monday. The Taxation and Other Laws (Amendment) Bill proposes significant tax changes....
- IRS tax credit could mean up to $8,231 for eligible workers: Who qualifies for the Earned Income Tax Credit, how much you could receive and what you should check before filingThe IRS Earned Income Tax Credit (EITC) can provide significant tax relief to eligible low- and moderate-income workers. For tax year 2025,...
- 6 reasons you may get income tax notice even after meeting July 31 ITR filing deadlineFiling your income tax returns punctually doesn't guarantee immunity from tax department notices. Often, discrepancies arise between report...
- Gratuity tax deduction denied due to ITR filing error? ITAT Chennai says genuine claims can't be rejectedDue to incorrect schedule in original ITR gratuity tax deduction under Section 43B denied; ITAT Chennai gives relief and says a genuine ded...
- Rs 1.33 crore cash deposit, no ITR filing, yet senior citizen wins income tax case; ITAT Bangalore explains whyRetired teacher from Mysore deposits Rs 1.33 crore cash in bank, files no ITR; tax dept issues notice; he wins case in ITAT Bangalore as ta...
- NPS for NRIs: Who can invest, tax benefits, eligibility, withdrawal rules explainedNon-Resident Indians have the opportunity to secure their retirement through investment in the National Pension System (NPS). This program ...
- Lok Sabha passes Taxation and Other Laws (Amendment) Bill to boost foreign investment, electronics manufacturingThe Lok Sabha passed a bill to attract foreign investment and promote domestic manufacturing. This legislation aims to provide greater tax ...
- Raising a child with a disability? You can save up to Rs 1,25,000 in taxes every year
- HC seeks govt reply on auto TDS refund pleaThe Delhi High Court has asked the government for its response on a plea. This plea seeks automatic tax deducted at source refunds for indi...
- US to expand incentives for employers offering paid family leaveThe US Treasury Department will announce new guidance expanding employer paid family leave incentives. This policy centers on an expansion ...
- Wife paid husband Rs 7.5 crore after selling her shares and bought his Mumbai property, filed ITR claiming 54F tax exemption, got tax notice; she fought and won the case in ITAT MumbaiWife got tax notice as she claimed Section 54F tax exemption by purchasing her husband’s own Mumbai property for Rs 7.5 crore; ITAT Mumbai ...
- Govt tables tax amendment Bill with FII relief, electronics manufacturing pushThe Taxation and Other Laws (Amendment) Bill, 2026, was tabled, proposing significant changes to tax laws. Banks and payment providers will...
- India proposes extending tax breaks for contract manufacturing in a boost for AppleIndia has proposed extending tax exemptions until 2041 for foreign companies supplying machinery and components to contract manufacturers, ...
- Rs 22.94 lakh LTCG for land sale of Rs 92 lakh invited tax notice; Gujarat HC ruled in her favour after 9 years fight; Know whyLady got tax notice after selling land for Rs 92 lakh and reporting Rs 22.94 lakh LTCG in ITR; Know how Section 55A(a) helped her win case ...
- ITAT Mumbai cancels income tax notice over Rs 8 crore compensation to tenants without their consent; rejects I-T department's contingent liability claimBuilder's hired firm wanted to pay 56 tenants additional Rs 8 crore to vacate land; Tax Dept sent notice citing this payment as contingent ...
- Reporting perquisite as capital gain in ITR by mistake resulted in Rs 6.63 crore penalty for a salaried employee; ITAT Mumbai granted him relief for this reasonRs 6.63 crore penalty imposed on salaried employee for reporting perquisite as capital gains in ITR; ITAT Mumbai grants relief, says salari...
- Are you an NRI who sold an under-construction property? Here's what actually counts as your “Date of Purchase” for capital gains calculationNRIs selling under-construction property must use the allotment date for capital gains. This date determines long-term versus short-term ca...
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