For Indian cryptocurrency investors, the Income Tax Appellate Tribunal's (ITAT) recent decision is a huge relief. Gains from bitcoin transactions completed before to FY 2022–2023 are exempt from the recently implemented 30% tax under Section 115BBH of the Income Tax Act, the ITAT clarified. Rather, depending on the nature and purpose of the transaction, these earnings will be taxed as either capital gains or business income under the current laws. This historic ruling guarantees that tax regulations cannot be enforced retroactively, eliminates uncertainty, and gives investors clarity. The decision emphasizes the significance of accurate record-keeping and helps taxpayers who still owe money on assessments from prior years.

By issuing Notification No. 127/2024, the Central Board of Direct Taxes (CBDT) has amended Section 10(23FE) of the Income-tax Act. The updated rules simplify compliance and increase the range of assets available to pension funds (PFs) and sovereign wealth funds (SWFs). In line with India's economic objectives, these adjustments are meant to draw in long-term investments in the social development and infrastructure sectors.

This blog explores Sections 54 and 54F of the Indian Income Tax Act and explains how they exempt individuals and HUFs from paying taxes on capital gains when they reinvest them in residential real estate. To ensure clarity for taxpayers, the essay also discusses frequent disagreements, court rulings, and helpful advice for claiming exemptions.

The tax system in India has undergone a radical change since the Goods and Services Tax (GST) was introduced in 2017. This thorough reference examines GST exemptions intended to assist vital industries, cut expenses, and advance public welfare. Learn about the various exemptions, their advantages, and how consumers and businesses may take use of them for everything from necessities like dairy and cereals to services in healthcare, education, and agriculture. Recognize the significant economic impact of these exclusions, learn to save more, and maintain compliance.

Under its new policy, the Central Government has promised significant income tax relief, exempting certain groups from paying taxes. Seniors over 75, farmers who make their living exclusively from farming, people with disabilities, and those whose incomes have recently increased are all benefited by this program. The government hopes to lessen economic disparities, increase financial stability, and make tax compliance easier via these exemptions. Find out more about this historic announcement's categories, advantages, and ramifications.

The Central Board of Direct Taxes (CBDT) has extended the deadline for trusts and charities to file their audit reports (Form 10B/10BB) until November 10, 2024. This extension provides relief to organizations struggling to meet the original deadline of October 31, 2023.

The Income Tax Act's Section 54C, which allows tax exemptions on long-term capital gains on the sale of residential property, is thoroughly explained in this blog. For taxpayers wishing to reinvest in newly constructed residential properties, it describes the qualifying standards, investment needs, and filing methods. The blog also offers helpful examples of how to compute the exemption and what paperwork is required in order to claim it.

Section 54D of the Income Tax Act gives firms significant tax breaks on capital gains resulting from the compulsory acquisition of industrial property or structures. This blog discusses the qualifying criteria, investment conditions, and processes for reinvesting compensation to benefit from the exemption. Learn how to use this helpful clause to minimize taxes while also ensuring business continuity.

Long-term capital gains are excluded from tax under Section 54F of the Income Tax Act if the profits are reinvested in residential real estate. This blog serves as a helpful resource for individuals and HUFs wishing to reduce their real estate investment taxes by outlining the exemption's goals, qualifying requirements, categories of assets covered, and the sequential application procedure.

By reinvested profits in government-backed capital gain bonds such as those issued by NHAI and REC, taxpayers can claim tax exemptions on long-term capital gains under Section 54EC of the Income Tax Act. These bonds provide a five-year lock-in duration, a safe investment alternative, and a maximum investment limit of Rs. 50 lakhs every fiscal year. This blog provides examples, answers to commonly asked questions, and an explanation of the requirements, advantages, and eligibility of Section 54EC.

The Indian GST structure saw substantial modifications as a consequence of the 54th GST Council Meeting, which was presided over by Union Finance Minister Nirmala Sitharaman on September 9, 2024. Important results included lower GST rates for medications used in cancer treatment, lower rates for certain foods, and a new GST rate for helicopter services. The introduction of e-invoicing for B2C transactions and the need for clarifications regarding input tax credit were also discussed at the discussion. The Council underlined the need of stakeholder engagement to guarantee that future changes are advantageous and sustainable for the economy, even though several decisions were postponed for more study.

This blog post offers a thorough explanation of tax allowances and deductions, including company and personal deductions, along with instructions on how to claim them in order to reduce your tax liability.