Donating to charitable causes not only contributes to social good but can also offer significant tax benefits under the Indian Income Tax Act. For the financial year 2024–25, taxpayers opting for the old tax regime can claim deductions on eligible donations under Section …
When a resident Indian enters into an immovable property transaction with a Non-Resident Indian (NRI) — such as buying property from or selling property to an NRI — the tax implications are significantly different from regular resident-to-resident transactions. Here’s what resident Indians should definitely know: 🧾 …
In a significant ruling, the Calcutta High Court has held that non-production of a physical copy of the GST challan during the movement of goods cannot be a ground for imposing penalty under the GST law, especially when the digital copy …
In a significant ruling, the Karnataka High Court clarified that short payment of GST by a government contractor, due to non-receipt of the GST component from the Public Works Department (PWD), cannot be construed as suppression of facts or fraudulent intent. The Court held that …
On July 19, 2025, the Ministry of Finance published the GSTAT e‑Filing Portal User Manual (v2.6), offering a detailed, user‑friendly walkthrough for taxpayers, practitioners, and officials to file GST appeals, applications, and objections online fully paperlessly. This marks a milestone …
The Income Tax Appellate Tribunal (ITAT), Mumbai, in the case of Kavita Manoj Damani vs. AO, held that the exemption under Section 54 of the Income‑tax Act applies even when long-term capital gains are re-invested in property purchased from a relative, …
Capital gain taxation in India refers to the tax levied on profits earned from the sale of capital assets such as property, stocks, mutual funds, gold, and bonds. The gain is categorized as either Short-Term Capital Gain (STCG) or Long-Term Capital Gain (LTCG) based …
Under the Income Tax Act, 1961, the residency status of an individual is determined based on the number of days an individual stays in India during a financial year (1st April to 31st March) and the preceding years. ✅ Section 6 of the Income Tax …
The Income Tax Bill, 2025 has undergone several crucial amendments after review by the Select Committee, making the legislation more aligned with current business practices, taxpayer convenience, and judicial clarity. This article provides a comparative analysis of the original provisions and the …
Filing an appeal before the Income Tax Appellate Tribunal (ITAT) is a crucial step for taxpayers who are dissatisfied with the appellate order passed by the Commissioner of Income Tax (Appeals) [CIT(A)]. The ITAT, being the final fact-finding authority in …
In a major relief to GST taxpayers, the Goods and Services Tax Network (GSTN) has enabled a new functionality on the GST portal allowing taxpayers to file online appeals against GST Amnesty Scheme rejection orders issued in Form SPL-07. This move empowers taxpayers whose …
Dividend income in India refers to the earnings received by shareholders from their investments in shares of domestic or foreign companies. As per the current tax regime (effective from FY 2020–21), dividend income is fully taxable in the hands of …
A time deposit, such as a fixed deposit or post office time deposit, is a popular investment option that offers guaranteed returns over a fixed tenure. While there is no tax at the time of investment, the interest earned on …
Foreign remittances to India have become increasingly common with the rise in global employment, freelancing, and cross-border family connections. For Indian residents, receiving money from abroad may have income tax implications depending on the nature and source of the remittance. …
Section 195 of the Income Tax Act, 1961 deals with the deduction of tax at source (TDS) on payments made to non-residents, including foreign companies. It ensures that tax is collected on income that is chargeable to tax in India, even when payments are …
When purchasing immovable property, it’s not just the negotiated price that matters — the Income Tax Department also looks at the property’s stamp duty value (SDV). If the SDV significantly exceeds the purchase price, the difference may be treated as …
If a charitable or religious institution is penalised by the Income Tax Department for under-utilisation of funds (i.e. not applying 85% of its income towards its charitable/religious purposes as required under Section 11(1) of the Income Tax Act), it may appeal the penalty …
In India, charitable institutions enjoy tax exemption under Section 11 and 12 of the Income Tax Act, 1961, provided they comply with certain conditions, including the utilisation of income for charitable or religious purposes. If they under-utilise funds, i.e., do not spend the required percentage …
An assessee can appeal against a penalty order under Section 270A of the Income Tax Act, 1961—Penalty for under-reporting and misreporting of income—before the Commissioner of Income Tax (Appeals) [CIT(A)] or the Income Tax Appellate Tribunal (ITAT), depending on the stage and scope. Below …
Short-Term Capital Gains (STCG) in India refer to profits earned from the sale of a capital asset held for a short duration—typically less than 12 months for listed equity shares and mutual funds, and less than 24 or 36 months …