December, 2024 - My Tax Support

Complete Procedure for Filing Form 35 (Appeal): A complete Guide

When taxpayers disagree with an order passed by the Assessing Officer (AO) or other tax authorities, they have the right to challenge the decision by filing an appeal with the Commissioner of Income Tax (Appeals) (CIT(A)). The appeal process

What is the Significance of Form 35 in Appeal Filing? Complete Guide

When a taxpayer is aggrieved by an order passed by the Assessing Officer (AO) or other tax authorities under the Income Tax Act, 1961, they have the right to file an appeal to the Commissioner of Income Tax (Appeals)

“Section 45 and Unlisted Shares: What You Need to Know About Capital Gains Tax and Holding

The taxation of capital gains from the sale of unlisted shares is governed by Section 45 of the Income Tax Act, 1961. Unlike listed shares, which are traded on stock exchanges, unlisted shares are privately held and are not

Process for Condonation of Delay in Filing Appeals? Complete Guide

In the Income Tax Act, 1961, taxpayers have the right to challenge the decisions made by the Assessing Officer (AO) or other tax authorities through appeals. However, there may be circumstances where a taxpayer is unable to file an

What Are the Special Provisions for Taxing Capital Gains Arising from the Sale of Agricultural Land Under Section 54B?

Section 54B of the Income Tax Act, 1961 provides special provisions for the taxation of capital gains arising from the sale of agricultural land. The objective of Section 54B is to provide relief to farmers and individuals involved in

Capital Gains in Firm Reconstitution: The Role of Deemed Transfer Under Section 45(4)” A Complete Guide

When a business entity such as a firm or an Association of Persons (AOP) undergoes dissolution or reconstitution, the treatment of its capital assets becomes a critical area of tax concern. Under Section 45(4) of the Income Tax Act,

Impact of the dissolution or reconstitution of a firm or AOP on capital gains under Section 45(4)?

The Income Tax Act, 1961 provides specific provisions for taxing capital gains in the event of the dissolution or reconstitution of a firm or Association of Persons (AOP). Under Section 45(4), the tax treatment of capital gains arises when

“Section 45(2): What Happens When a Capital Asset is Converted to Stock-in-Trade?” Complete Guide

The Income Tax Act, 1961 contains provisions that help govern how various assets are taxed when they are transferred or converted. Section 45(2) specifically addresses the scenario where a capital asset is converted into stock-in-trade. This provision is crucial

“How to Reduce Capital Gains Tax Using Exemptions from Sections 54, 54B, 54EC, and 54F”

Capital gains tax can be a significant liability for taxpayers, especially when they sell capital assets such as property, land, or securities. However, the Income Tax Act, 1961 provides various exemptions to help taxpayers reduce their tax burden. The

“Timelines and Fees for Filing Income Tax Appeals: A Complete Guide”

Filing an appeal under the Income Tax Act, 1961 is a crucial process for taxpayers who wish to challenge the decisions of the Assessing Officer (AO) or other tax authorities. Whether it’s an assessment order, penalty order, or rectification

Month: December 2024