Tax Connect
madhuvridhi
Tag: income tax
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Cost of Real Estate bought before 2001 – Capital Gain Calculation – Budget 2024
I-T dept clarifies acquisition cost of real estate bought before 2001 for LTCG calculations
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Making exaggerated, bogus claims to get refunds punishable offence: I-T Department
The I-T Department has asked income tax return filers to not make bogus claims for expenses
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Tax certificate not mandatory for all travelling abroad: Finance Ministry
The Union finance ministry on Sunday said a tax certificate was mandatory for Indians involved in serious financial irregularities or having substantial tax dues.
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Changes in TDS Rates Budget 2024
There are various provisions of Tax Deduction at Source (TDS) with different thresholds and multiple rates between 0.1%, 1%, 2%, 5%, 10%, 20%, 30% and above. To improve ease of doing business and better compliance by taxpayers, the TDS rates are proposed to be reduced.
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Reporting of income from letting out of house property under ‘Income from House Property’ – Budget 2024
Reporting of income from letting out of house property under ‘Income from House Property’
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New Capital gains Taxation regime – Budget2024
What are the major changes brought about in the taxation of capital gains by the Finance (No.2) Bill, 2024
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TDS on payment of salary, remuneration, interest, bonus or commission by partnership firm to partners
TDS section 194T may be inserted to bring payments such as salary, remuneration, commission, bonus and interest to any account (including capital account) of the partner of the firm under the purview of TDS for aggregate amounts more than Rs 20,000 in the financial year.
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Date of possession must be considered to determine the eligibility of a tax benefit under section 54 of the Income-tax (I-T) Act – ITAT
in case of an under-construction property, it is the date of possession that must be considered to determine the eligibility of a tax benefit under section 54 of the Income-tax (I-T) Act.
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Capital Gain Tax – Gifting Shares
The High Court referred to Section 47 (iii) of the Income Tax Act 1961 which mandates that the transfer of shares under a gift is expressly exempted from the purview of taxation (except in the case of ESOPs). The High Court also held that a ‘profit’ or ‘gain’ is an essential precondition for the levy…
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Key Points to Remember for Tax Regime from AY 2024-25 Onwards
Choosing between old and new regime