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KUNAL SAVANI
Homebuyer asked to pay penalty for not correctly calculating his tax exemption claim under Section 54F; ITAT Ahmedabad gives relief to himThe ITAT Ahmedabad has cleared Mr. Sanghvi from tax penalty by declaring it null and void. The penalty was based on allegations of misrepor...- Shinde wins Rs 1.4 lakh tax penalty case despite claiming false income tax deductions to reduce income by 50%; Know the detailsMr. Shinde faced a penalty for claiming false tax deductions. He blamed his consultant, Mr. Patil, for the error. Shinde promptly paid the ...
- Income tax dept notifies form ITR-B for taxpayers on whom search, or requisition operation has been initiatedITR-B: Income Tax Department has notified income tax return (ITR-B) form. This return of income is required to be furnished by any person u...
- Non-residents to get full income tax exemption on profits from OTC derivative contracts traded in IFSC due to this rule changeNo income tax: Incomes arising out of non-resident's income on Over-the-Counter (OTC) derivatives will be fully exempt from Income Tax unde...
- Alimony and Income Tax: Is ex-wife liable to pay income tax on settlement amount received from husband in a divorce case?Alimony tax: Did you ever wonder if alimony is taxable for the ex-wife. This is because the alimony is paid by husband after paying all the...
- Section 87A tax rebate on STCG income allowed by CIT (Appeals); Know how this legal battle was wonSection 87A: Tax rebate under Section 87A was not given on special rate income like STCG since July 5, 2024. Many taxpayers who could claim...
- Crypto assets to face more scrutiny: Transaction detail of to be reported to government by banks, others reporting entities, Budget 2025Budget 2025: Crypto transactions are now to be reported to the Income Tax Department through an method to be notified later. The G20 Leader...
- Income tax rules for assessment after search cases to apply to crypto income for up to 6 previous assessment years from February 1, 2025Budget 2025: The Finance Minister has announced that now assessment for search cases will include virtual digital assests (VDA) which inclu...
- Home loan interest advantage in new tax regime: You can reduce your income tax by claiming loss but only on this type of house propertyReduce tax: If you have any ongoing home loan for your house property then you can claim this interest as loss and set off this loss with o...
- Income tax refund delayed? These taxpayers won’t get refund unless they confirm it on ITR portalIncome tax refund: No tax refund for identified taxpayers because their income tax return (ITR) has been identified by the 'Risk Management...
- Family offices & LTCG tax; blue skies for startups in the redHappy Thursday! The budget proposals on capital gains tax and angel tax removal create a favourable situation for millionaire family office...
- I-T breather to help loss-making firms conserve working capitalLoss-making companies with high cash burn, including startups, would get a boost from a key amendment proposed to the Income Tax Act in the...
- Demand for luxury homes may rise in short termStartup founders and company promoters looking to save on taxes have emerged as the main buyers of super luxury real estate properties afte...
- Sovereign Gold Bonds saw maximum traction in COVID-hit years; next SGBs tranche opens MondayThe government in consultation with the Reserve Bank of India has offered a discount of Rs 50 per gram less than the nominal value to those...
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