NEW DELHI: The Union Budget 2024 has introduced changes to the taxation of long-term capital gains (LTCG) arising from the sale of property. The indexation benefit, which allowed property owners to adjust their purchase price for inflation, has been removed. Instead, a new LTCG tax rate of 12.5% will be applied to the capital gains…
Investing in a Post Office Savings Scheme? It’s important to note that the post office will verify the accuracy of your Permanent Account Number (PAN) details by cross-referencing them with the Income Tax Department’s records. This process ensures that your PAN is linked to your Aadhaar and that the name and date of birth you…
MUMBAI: Money and politics go hand in hand. Among Lok Sabha contenders from Mumbai, three are from Sardar Vallabhbhai Patel Party (SVPP), a registered unrecognised political party that was investigated by the income-tax department two years ago along with 200 other such parties for indulging in tax evasion by collecting donations through banking channels from…
PAN, Aadhaar Card not linked? The income tax department has provided relief to those dealing with taxpayers who failed to link their PAN and Aadhaar by the June 30, 2023 deadline. The department has relaxed the deadline for imposing penalties on such cases.Individuals whose PAN became inoperative due to non-linkage faced higher tax deduction at…
HRA claims relief: The Central Board of Direct Taxes (CBDT) has clarified that there is no special drive to reopen cases related to House Rent Allowance (HRA) claims. The income tax department stated that there is no ongoing special drive to review mismatch cases. Concerns have emerged about potential retrospective taxation and reopening cases related…
NEW DELHI: Several Trinamool Congress (TMC) leaders on Monday decided to stage a 24-hour dharna outside the Election Commission’s office in Delhi, urging the immediate replacement of the heads of CBI, NIA, ED, and Income Tax Department. The police promptly detained the protesting leaders.The 10-member delegation, comprising Derek O’Brien, Dola Sen, Saket Gokhale, and Sagarika…
At the outset of the hearing on Congress’s appeal against a Delhi high court order, solicitor general Tushar Mehta told a bench of Justices B V Nagarathna and Augustine George Masih that he wanted to make a statement on behalf of I-T department. He said no further action would be taken against the opposition party…
NEW DELHI: The Delhi high court on Thursday rejected a plea by the Indian National Congress party, contesting an order from the Income Tax department regarding reassessment proceedings spanning four years. This follows the recent dismissal by the court of Congress’ plea regarding reassessment for the years 2014 to 2017.This is a developing story Source…
