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Section 87A tax rebate can be claimed for short term capital gains income under new tax regime, rules ITAT AhmedabadIn a significant win for taxpayers, the ITAT Ahmedabad has ruled that Section 87A tax rebate is applicable on short-term capital gains (STC...- Budget 2025 does not give Section 87A tax rebate benefit on capital gains, lotteries incomeBudget 2025 has clarified that the Rs 60,000 tax rebate will no longer apply to income from capital gains or other sources taxed at special...
- Budget 2025 provides relief to taxpayers in filing updated returns but with a penalty of up to 70%The deadline for filing updated tax returns has been extended from two to four years. This allows taxpayers more time to correct discrepanc...
- A major PAN card misuse scam likely unfolding across India; many cases already reportedPAN numbers of deceased people, illiterate people, people who do not frequently use the number, etc., are being misused to carry out proper...
- Moonlighting and ITR filing: Why moonlighters should file income tax return, form to use, other detailsMoonlighting, driven by side hustles and remote work opportunities post Covid-19, requires moonlighters to carefully choose the right ITR f...
- Received a tax notice seeking more details, or for not filing your ITR? Here's are some key things to knowThis particular notice, covered under Section 142(1), is sent to taxpayers who fails to file their income tax returns. This is also sent wh...
- ‘Need wider provisions for updated ITR’The Indian government introduced a new budget in April 2017 that increases the timeframe for filing tax returns from one year to two years....
- It’s taxing: Pay tax on long-term cap gains, even if your taxable income is below Rs. 5 lakhThe latter stand to benefit because of a rebate mechanism, that was introduced by the interim budget of 2019. A rebate is a deduction from ...
- ITR filing deadline for FY20-21 may have to be extended beyond Sept 30, 2021Chartered accountant society representatives are also saying that the deadline should be extended in view of the state of the newly launche...
- Tax consultants challenge constitutional validity of 'Faceless Appeal Scheme’ in Bombay HCOne of the oldest industry bodies of professionals has argued that there is a reasonable apprehension in the mind of the taxpayers that thi...
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