Exemption on Sale of Agricultural Land Under Section 54B

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Introduction Section 54B of the Income Tax Act, 1961, provides an exemption on capital gains arising from the transfer/sale of agricultural land. This exemption is available to individuals and Hindu Undivided Families (HUFs) who sell a piece of agricultural land and invest the proceeds in another agricultural land. Basic Conditions To claim the benefit of section 54B, the […]

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Capital Gains on Sale of Agricultural Land

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Introduction Agricultural land is a significant asset in India, providing employment to many people and producing food to feed the nation. From an income tax perspective, agricultural land is classified into two types: Rural Agricultural Land and Urban Agricultural Land. Rural Agricultural Land Rural Agricultural Land in India is not considered a capital asset. Therefore, any gains

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Section 132: Search And Seizure Under Income Tax Act, 1961.

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The authority vested in officers for search and seizure is a crucial aspect of upholding tax laws and ensuring compliance within a jurisdiction. Understanding the framework of this authority, who wields it, and under what circumstances it is invoked is essential for both tax authorities and taxpayers. In this article, we delve into the intricacies

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CBDT issues clarification in respect of Income-tax clearance certificate (ITCC)-Press Release by PIB

PIB Press Release /

Ministry of Finance CBDT issues clarification in respect of Income-tax clearance certificate (ITCC) It is being erroneously reported that all Indian citizens must obtain income-tax clearance certificate (ITCC) before leaving the country – a position that is factually incorrect Posted On: 20 AUG 2024 9:19PM by PIB Delhi Section 230 (1A) of the Income-tax Act, 1961(the

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CBDT relaxes provisions of TDS/TCS in the event of death of deductee/collectee before linkage of PAN and Aadhaar-(Press Release by PIB)

PIB Press Release /

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 7th August, 2024 Press Release CBDT relaxes provisions of TDS/TCS in the event of death of deductee/collectee before linkage of PAN and Aadhaar The Central Board of Direct Taxes (CBDT), has issued Circular no. 8 of 2024 dated 05.08.2024, in view

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FAQs issued by CBDT on the new Capital Gains Tax Regime proposed in the Union Budget 2024-25 – (Press Release by PIB)

PIB Press Release

Ministry of Finance FAQs issued by CBDT on the new Capital Gains Tax Regime proposed in the Union Budget 2024-25 Posted On: 23 JUL 2024 1:14PM by PIB Delhi FREQUENTLY ASKED QUESTIONS (FAQs) Q1. What are the major changes brought about in the taxation of capital gains by the Finance (No.2) Bill, 2024? Ans. The taxation of

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Government Makes New Tax Regime More Attractive Under Budget 2024-25 (Press Release by PIB)

PIB Press Release

Ministry of Finance GOVERNMENT MAKES NEW TAX REGIME MORE ATTRACTIVE STANDARD REDUCTION INCREASED FROM Rs. 50,000 TO Rs. 75,000 SALARIED EMPLOYEE STANDS TO SAVE UP TO Rs. 17,500 Posted On: 23 JUL 2024 1:14PM by PIB Delhi Several attractive benefits to provide tax relief to salaried individuals and pensioners opting for the new tax regime

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Capital Gains Taxation Simplified and Rationalised under Budget 2024-25-Press Release by PIB

PIB Press Release

Ministry of Finance CAPITAL GAINS TAXATION SIMPLIFIED AND RATIONALISED SHORT TERM GAINS TO ATTRACT A TAX RATE OF 20 PER CENT AND LONG TERM GAINS TO ATTRACT A TAX RATE OF 12.5 PER CENT LIMIT OF EXEMPTION OF LONG TERM CAPITAL GAINS ON FINANCIAL ASSETS INCREASED FROM Rs. 1 LAKH TO Rs. 1.25 LAKH PER

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Highlights of The Union Budget 2024-25 – Press Release by PIB

PIB Press Release

Ministry of Finance HIGHLIGHTS OF THE UNION BUDGET 2024-25 Posted On: 23 JUL 2024 1:17PM by PIB Delhi The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget 2024-25 in Parliament today. The highlights of the budget are as follows: Part-A : Budget Estimates 2024-25: Total receipts other than borrowings:

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CBDT extends due date for filing Form 10A/10AB-Press Release by PIB

PIB Press Release /

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** New Delhi, 25th April, 2024 Press Release The Central Board of Direct Taxes (CBDT), has issued Circular No. 07/2024 dated 25.04.2024 further extending the due date for filing Form 10A/ Form 10AB under the Income-tax Act, 1961 (the `Act`) upto

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