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Capital Gain on Agricultural Land in India: Tax Rules, Exemptions & Section 54B Is Capital Gain on Agricultural Land Taxable? It depends on whether the agricultural land qualifies as a “capital asset” under the Income-tax law. Agricultural land in India that qualifies as rural agricultural land is generally excluded from the definition of a capital […]
Read MoreSection 54 vs Section 54F: Key Differences, Eligibility, Exemption & Rules What Is the Difference Between Section 54 and Section 54F? Section 54 primarily applies when an eligible Individual or HUF sells a long-term residential house and invests the capital gain in another residential house. Section 54F applies when an eligible Individual or HUF transfers […]
Read MoreHow to Save Capital Gain Tax Legally in India: 10+ Tax-Saving Strategies How Can You Save Capital Gain Tax Legally? Capital gain tax can be reduced legally by using exemptions and deductions specifically provided under the Income-tax law, correctly claiming eligible acquisition/improvement and transfer expenses, utilising eligible capital losses, and planning qualifying reinvestments within the […]
Read MoreCapital Gain Tax on Sale of Property in India: Rates, Calculation, Exemptions & Rules Is Capital Gain Tax Applicable on Sale of Property? Yes. Profit arising from the transfer of a property that is held as a capital asset is generally taxable under the head “Capital Gains”, subject to applicable exemptions, deductions, exclusions and special […]
Read MoreIncome Tax Faceless Assessment Explained: Procedure, Notices, Rights & What Taxpayers Should Do What Is Income Tax Faceless Assessment? Income Tax Faceless Assessment is an electronic assessment process in which communication between the taxpayer and the Income Tax Department takes place primarily through the designated electronic system rather than through routine physical interaction with a […]
Read MoreIncome Tax Notice for High Value Transactions: What Should You Do? Receiving an Income Tax Notice for High Value Transactions does not automatically mean that the transaction is illegal or that tax evasion has been established. In many cases, the Income Tax Department seeks an explanation because information reported by a bank, financial institution, registrar, […]
Read MoreIncome Tax Notice for Cash Deposits: What Should You Do? Receiving an Income Tax notice for cash deposits does not automatically mean that the deposited amount is taxable income or that the taxpayer has committed an offence. The Department may seek an explanation because information relating to bank transactions can be available through reporting mechanisms […]
Read MoreNotice under Section 148 — What Every Taxpayer Should Do A notice under Section 148 of the Income-tax Act, 1961 is issued when the Assessing Officer seeks to assess, reassess or recompute income that is believed to have escaped assessment. A taxpayer should not ignore the notice. The first step is to verify the assessment […]
Read MoreIncome Tax Scrutiny Notice under Section 143(2): Complete Guide What is a Section 143(2) Notice? An Income Tax Notice under Section 143(2) of the Income-tax Act, 1961 is a scrutiny notice issued when the Income Tax Department wants to examine the correctness and completeness of a taxpayer’s return and supporting evidence. The notice requires the […]
Read MoreHow Long Does an Income Tax Appeal Take? An Income Tax appeal does not have one fixed timeline applicable to every case. The time required depends on which appellate authority is hearing the matter, the complexity of the dispute, the number of hearings, additional evidence or remand proceedings, departmental responses, and the workload of the […]
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