What is Financial Year A financial year, also known as fiscal year, is a period of 12 months used for accounting and financial purposes. It is used by businesses, governments, and organizations to keep track of their financial performance and prepare financial statements. The financial year can begin on any date, but it usually starts …
Filing income tax returns is an important responsibility for every individual or business owner who earns an income. It is a legal obligation mandated by the government, and failure to comply with it can result in penalties and legal action. In this article, we will discuss the importance of filing income tax returns for the …
Real estate is a lucrative investment avenue that has been popular among investors for decades. In India, real estate is a major contributor to the country’s GDP and has shown significant growth in the past few years. However, with the growth of the real estate sector, the government has also introduced various tax regulations, including …
Continue reading “Capital Gain Tax on Real Estate Property in Gurgaon”
Income tax returns (ITR) are a crucial part of any individual’s financial planning. It is mandatory to file ITR if you have earned any capital gains during the financial year. Capital gains can be earned from various sources such as shares, mutual funds, properties, etc. In this article, we will focus on ITR filing in …
Continue reading “Provisions of Income Tax on Capital Gain Income and Due Dates of Filing ITR”
The Finance Bill, 2020 contains a provision that deems an Indian citizen to be a resident in India if they are not liable to be taxed in any country or jurisdiction. This provision is aimed at preventing the abuse of tax laws by Indian citizens who move to low or no tax jurisdictions to avoid …
Continue reading “Understand The Tax Residency and Income Tax implication on Person Living in UAE”
As the new financial year has begun, the Income Tax Return (ITR) filing season has started. Businesses in Gurgaon and Faridabad need to be prepared to file their ITR and gather all the necessary documents required for the process. Businesses in Gurgaon and Faridabad are required to file their ITR irrespective of whether they have …
Continue reading “ITR filing for Businesses in Gurgaon and Faridabad for FY 2022-23 (AY 2023-24)”
As the financial year comes to an end, it’s time for the salaried employees in Gurgaon and Faridabad to gear up for the ITR filing season. Income Tax Return (ITR) is a crucial document that every taxpayer has to file annually, declaring their income and the tax paid on it. This is mandatory for every …
In a recent case before the Income Tax Appellate Tribunal (ITAT) Delhi, the controversy was centered around the residential status of the assessee for the relevant assessment year of 2017-18. The Assessing Officer had held the non-residential status of the assessee against him on the basis that his stay abroad for more than 180 days …
Continue reading “Passport needs to be considered to determine Residential Status of Assessee”
Introduction:In a recent case, the Income Tax Appellate Tribunal (ITAT) has quashed the penalty levied on an assessee for accepting sale proceeds in cash on different dates while selling her flat. The assessee had put forth various reasons to establish that the transaction was bona fide and genuine, and not intended to evade taxes. Background …
Continue reading “ITAT Quashes Penalty Imposed on Assessee for Accepting Cash on Sale of Flat”
The Karnataka High Court has recently granted an interim stay on the reassessment proceedings in a capital gains case, where the sale consideration exceeds Rs. 50 Lacs but the capital gains amount is below Rs. 50 Lacs. The notice in question pertains to the Assessment Year 2016-17, which was issued in March 2023. The petitioner, …
