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Guide to New Tax Regime with Marginal Relief

Section 115BAC of the Income Tax Act, 1961 New Tax Regime was introduced by the Finance Act, 2020 and became effective from the assessment year 2021-2022 (financial year 2020-2021). This section provides an optional tax regime for individuals and Hindu Undivided Families(now also made applicable to Societies, AOP, BOI Artificial Juridical person by finance Act … Read more

Exemption of LTCG cannot be denied on residential property acquired by other than sale deed

The ITAT, New Delhi in ACIT v. Sh. Sanjay Choudhary [ITA No.1274/Del/2020 dated January 23, 2023] has affirmed the decision of the Appellate Authority holding that the exemption claimed under Section 54F of the Income Tax Act, 1961 (“the IT Act”) would be granted to the assessee on its residential properties and assessee cannot be said to have not ‘Purchased’ the … Read more

ITR Filing

The Central Board of Direct Taxes (“CBDT”) vide Notification No. 04/2023 dated February 10, 2023 notified the Income Tax Return (“ITR”) Forms ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4 SUGAM, ITR-5, ITR-6, ITR-V and Indian Income Tax Return Acknowledgement for the Assessment Year (“AY”) 2023-24 with effect from April 01, 2023. The Complete Notification along with the Forms can be accessed at: https://egazette.nic.in/WriteReadData/2023/243558.pdf